The Hemp Business Journal estimates that retail sales of hemp food and beverage products, personal care products, supplements, car parts, and more, will grow to $1.9 billion by the year 2022.
The U.S. hemp market continues to see strong sales growth, according to new data from hemp market data provider Hemp Business Journal. In 2017, U.S. retail sales for hemp food and beverage products, personal care products, supplements, car parts, and more, reached $820 million, the journal says. It also estimates that the U.S. hemp market will grow to $1.9 billion by the year 2022.
Of the total $820 million U.S. hemp market, Hemp Business Journal estimates that hemp foods accounted for 17% ($137 million); personal care products for 22% ($181 million); textiles for 13% ($105 million); supplements for 5% ($45 million); hemp-derived cannabidiol (CBD) for 23% ($190 million); textiles for 13% ($105 million); industrial applications for 18% ($144 million); and other consumer products including paper and construction materials for 2% ($16 million) of the market.
Eric Steenstra, president of Vote Hemp, a grassroots hemp advocacy organization, said in a press release that this data reflects growing consumer interest in hemp products. “As the U.S. hemp market continues to grow at a double-digit pace annually, American consumers continue to demonstrate their strong interest in hemp products,” he said. “We expect the rate of growth of the market to increase. Few other industries can so clearly prove the market demand for their products, whereas the hemp market has essentially tripled in the last five years as hemp farming advocates have made advancements in legalizing the crop at the state and federal levels.”
Yesterday, the Senate passed the U.S. hemp Farm Bill in an 86-11 vote, legalizing the growing of hemp on U.S. soil. Hemp will also now be classified as an agricultural crop and will be removed from Schedule I Controlled Substances Act. The bill also covers the hemp phytocannabinoid CBD, an increasingly popular ingredient in the dietary supplements space. Hemp’s new agricultural status means that farmers can apply for research grants and assistance from USDA and other federal entities.
According to Vote Hemp, approximately 25,712 acres of hemp crops were planted in 19 states during 2017, 32 universities conducted research on hemp cultivation, and 1,456 state hemp licenses were issued across the country. Now, with the passage of the Farm Bill, these numbers are sure to continue to grow.