China’s Hemp Market
- With global demand for hemp surging, China’s sector is poised for years of dramatic growth.
- In 2017, Chinese hemp sales totaled $1.1 billion (USD), approaching 1/3 of the $3.1 billion global market, with sales forecasted to grow to $1.5 billion (up 36%) by 2020.
- In 2017, textiles accounted for about 3/4 of China’s overall sales of $823 million (USD).
- Hemp-derived CBD accounted for Chinese sales of $53 million (USD) in 2017 but is forecasted to more than quadruple (by 4.3x, to $228 million) by 2020.
- Demand for CBD products in both Japan and South Korea – countries with high relative spending for wellness and cosmetics – could further catalyze demand for China’s hemp-derived CBD.