Hemp is a unique plant with over 25,000 diverse and derivative uses, intersecting more markets and industries worldwide than any other crop in the agricultural economy.
New Frontier Data’s latest report, Global State of Hemp: 2019 Industry Outlook, tracks the global market across the United States, Australia, Canada, China, the European Union, South and Central America, and Africa/Other.
In 2018, the global hemp market reached $3.74 billion in retail sales, with an annual growth rate of 15%.
Growth in 2019 and 2020 should be driven by the 2018 Farm Bill in the U.S., Epidiolex sales in the U.S. and Europe, Canadian entry to the international hemp market, and the Chinese hemp-CBD nutraceutical and supplement market.
By 2020, off a 4-year CAGR of 20%, the global market projects to $5.73 billion.
Commercialization of hemp’s industrial applications will present significant long-term growth opportunities as more countries approve the plant’s cultivation.