The total sales for the U.S. Hemp Industry in 2017 were $820mm. $190mm were for Hemp-Derived CBD products, $181mm were for personal care products and $137mm were for hemp food products. Food sales were led by the Snack Food category and Industrial Product sales were led by the Automotive category.
The U.S. hemp industry grew 16% in 2017 amidst continued domestic legal and regulatory challenges. The hemp industry was bolstered by explosive growth in the hemp-derived CBD category that grew from a market category that did not exist five years ago to $190mm in sales in 2017. The U.S. hemp industry is poised to reach a $1 billion dollar market in 2018 led by hemp-derived CBD, food, personal care and industrial products.
As legal and regulatory barriers are removed and consumer education spreads, Hemp Business Journal estimates the U.S. hemp industry will grow to a $1.9 billion dollar market by 2022 with an estimated 5-year CAGR of 14.4% (2018-2022).
The data above are the high-level numbers from the State of Hemp 2018 market report. The full report will be published soon. Pre-Order your State of Hemp report today and be the first to receive all the market data, intelligence and strategic business insight in the full report.