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Despite the challenges of 2020, the hemp industry remains poised for strong growth in 2021 and the years ahead, as cannabinoids continue to gain widespread acceptance among consumers, and as non-cannabinoid applications continue to develop into mainstream products.
Leveraging data drawn across all areas of the cannabis industry, this report includes insight and analysis from a wide range of sources, including operator interviews, government agencies, and consumer surveys.
Key Findings:
- Cannabinoids: Total U.S. consumer spending on CBD was estimated to have reached $3.83 billion in 2020, and is projected to reach $6.26 billion by 2025, a 5-year compound annual growth rate (CAGR) of 12.16%.
- Grain: The U.S. is the largest consumer of hempseed used primarily for human consumption; retail sales for hemp food products are estimated to have reached $67.1 million in 2020, and is projected to reach $144.1 million by 2025, at a CAGR of 16.5%.
- Fiber: With more than 25,000 potential uses, hemp fiber is considered one of the world’s most versatile crops; the wholesale market for processed hemp fiber reached $47.1 million dollars in 2020 and is estimated to reach $82.2 million by 2025, a CAGR of 10.53%.
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