New Report Emphasizes Massive Growth Across the Industry
October 2, 2019 - Chicago, Illinois - In their recent report, Brightfield Group, a leading consumer and market intelligence firm for the legal CBD and cannabis industries, provides deep insight into the hemp cultivation landscape across the United States and key international players. 87% of hemp grown in the US is expected to be used for CBD processing in 2019, estimating that 285,000 acres of industrial hemp were planted in the US in 2019, up from 78,000 acres in 2018.
Key highlights from the report:
- Less than a year since 2018 Farm Bill was passed and the US has already established itself as the global leader in hemp, overtaking China, the previous leader
- Hemp is expected to grow at an annual growth rate of 75% per year through 2023, yielding up to 2.7 million acres.
- If farmers are willing to take the risk on challenges from preventing "hot crops" to managing pollen drift, hemp can be very beneficial for them. On average, hemp cultivation could command revenues of over $40,000 per acre planted, depending on quality and yield.
- After the US and China, top international hemp players include Canada, Korea, France, Mongolia, and Romania.
“The 2018 Farm Bill seems to be one of the only bipartisan bills that has been successful in what it set out to accomplish: creating a very profitable crop and providing opportunities for farmers that have had challenges due to declining demand or pricing in traditional crops,” Brightfield Managing Director, Bethany Gomez, explains.
The findings in this new report suggest that U.S. hemp farmers are well-positioned to meet rapidly growing demand for CBD from consumers and retailers alike. The report is also reassuring to MSOs and manufacturers who are considering investing more into hemp cultivation and processing facilities.
About Brightfield: Brightfield Group is a predictive consumer and market intelligence firm focused on the legal CBD and Cannabis industries. Their analytic solutions leverage data from millions of sources, enabling customers to get the most holistic view possible while drilling down into the fine details. They provide comprehensive, up-to-date, and actionable market and consumer insights that transform the best of technology and research into long-term business growth.