Acres licensed for CBD hemp will fall to just 2.78% of total U.S. fields while hemp grown for seed production will be the dominant output one decade from now, according to estimates in a report from the National Industrial Hemp Council (NIHC).
With CBD this year having been grown on 82% of total licensed U.S. hemp acres, NIHC expects seed production will rise to 65.8% of total acreage while that dedicated to processing of the hemp stalk will reach 31.4% by 2030.
Those totals will come as hemp expands robustly in the United States to meet growing demand, and becomes a major commodity with farm-gate sales surpassing $10 billion a year by 2025, NIHC projects in the report, released last week.
“Export Market Development: U.S. Industrial Hemp’s United Front” looks at the U.S. hemp industry in the context of global markets, estimating that U.S. exports of hemp and hemp derivative products exceeded $1.8 billion in 2020, up from $310 million in 2019.
“Despite the challenges of the pandemic and regulatory uncertainty in both the U.S and abroad, demand for hemp fibers, grain and oil continues its dramatic rise,” the report notes. “Given the proper regulatory framework and market support, industrial hemp will provide U.S. farmers with another sustainable and profitable crop for the long-term.”