U.S. Hemp Market Grows 40% in 2024, Reaches $445 Million
Outdoor floral hemp and consumer demand for sustainable goods drive industry rebound.
The 2024 U.S. hemp market value rose to $445 million, a 40% increase from 2023, according to federal data. Gains came from outdoor floral hemp production and expanding applications in food, textiles, and construction.
Washington, D.C., December 2024 — The U.S. hemp industry recorded a sharp rebound in 2024, with the market’s total value reaching $445 million, a 40% jump compared to the previous year, according to the USDA’s latest hemp production survey.
The report attributed much of the growth to stronger outdoor floral hemp cultivation, alongside a steady rise in consumer demand for eco-friendly materials across industries such as food, beverages, personal care, construction, and textiles.
Segment highlights from 2024 include:
- Hemp fiber dominated global share, widely used in textiles, paper, and automotive parts.
- Hemp seeds captured 30.3% of the market, fueled by rising demand in health and wellness foods.
- Conventional hemp farming accounted for 65.3% of production, praised for its scalability.
- The food and beverage sector remained the leading application area, with hemp-based snacks, beverages, and supplements performing strongly.
Analysts said the growth confirms hemp’s potential as a mainstream commodity crop but noted ongoing hurdles: regulatory inconsistencies between states, limited processing infrastructure, and lingering stigma tied to marijuana.
Reference
https://www.nass.usda.gov/Surveys/Guide_to_NASS_Surveys/Hemp/index.php
https://mjbizdaily.com/american-hemp-production-value-reaches-445-million-in-2024/
