The market for hemp in the United States was worth $688 million in 2016.

Hemp Business Journal and Vote Hemp have released a report detailing the total retail value of hemp products sold in the U.S. in 2016. For the year, there was $688 million in hemp and hemp items sold; this includes items such as hemp soap, hemp seeds, hemp oil, hemp protein powders, hemp shampoo, hemp cereals, etc.. According to the report, sales of hemp CBD products boosted the industry to a five year 22% CAGR (compound annual growth rate).

Of the $688 million market, the report analyzed seven primary product categories: (1) Food (2) Personal care (3) Textiles, (4) Supplements, (5) Hemp derived Cannabidiol (CBD), (6) Industrial Applications such as car parts, and (7) Other Consumer Products such as paper and construction materials. The growth of Hemp CBD — a category with $130 million in sales and growing at a 53% AGR — contributed significantly to the $688 million in total sales.

Hemp Business Journal estimates the total retail value of all hemp products sold in the U.S. to be at least $688 million for 2016″, said Sean Murphy, the Founder and Publisher of Hemp Business Journal. “We estimate the hemp industry will grow to $1.8 billion in sales by 2020, led by hemp food, body care, and CBD-based products. The data demonstrates the hemp industry is growing quickly at 22% five year CAGR and being led by food and body care products, with Hemp CBD products showing a 53% AGR,”

Eric Steenstra, President of Vote Hemp continued, “To date, 31 states have passed legislation that allows hemp farming per provisions set forth in the 2014 Farm Bill, and the U.S. remains the largest consumer market for hemp products worldwide. We need Congress to pass federal legislation to allow commercial hemp farming nationally, to let our farmers and American business take advantage of the robust economic opportunity hemp provides.”

Hemp data charts, research and market intelligence are available on HempBizJournal.com and will be published in Hemp Business Journal’s comprehensive annual market report, The State of Hemp 2017. The market report is currently available for pre-order on Hemp Business Journal’s website.

Hemp Market Research: https://www.hempbizjournal.com/market-reports/

About Anthony Martinelli

Anthony, co-founder and Editor-in-Chief of TheJointBlog, has worked closely with numerous elected officials who support cannabis law reform, including as the former Campaign Manager for Washington State Representative Dave Upthegrove. He has also been published by multiple media outlets, including the Seattle Times. He can be reached at TheJointBlog@TheJointBlog.com.

Source: joint