$253.5m
$XX.Xm
37,993
8,971
$XXX.Xm
As an almost brand-new industry, industrial hemp production is currently in a period of explosive growth. Industrial hemp, which has become synonymous with the simplified term hemp, is a variety of cannabis with only trace amounts of tetrahydrocannabinol (THC).
Industry revenue has grown at a CAGR of 12.7 % over the past five years, to reach an estimated $253.5m in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
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2023 | Profit ($short_0)
2023 | Profit Margin (%)
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There are no companies that hold a large enough market share in the Industrial Hemp Production in the US industry for IBISWorld to include in this product.
Industry revenue is measured across several distinct product and services lines, including Food products , Hemp-based CBD and Supplements. Food products is the largest segment of the Industrial Hemp Production in the US.
CBD-based products fuel the market for hemp
Companies in this industry grow and harvest cannabis plants with a tetrahyrdocannabidinol (THC) content of less than 0.3% by weight.
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NAICS 313110 - Industrial Hemp Production in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Hemp legalization led to massive growth. The market for hemp has already been established during trials, so the new industry had minimal growing pains.
Learn about an industry's products and services, markets and trends in international trade.
CBD products fuel demand for hemp. Consumers have recently discovered the relaxing effects of CBD, creating massive demand for hemp.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The Plains region provides ideal space and weather. Hemp plants need ample space and warm weather for optimal growth.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Pharmaceuticals and marijuana threaten CBD products. CBD is used to treat anxiety, depression and other mental health symptoms.
Learn about the performance of the top companies in the industry.
No major companies have emerged in the Hemp Production Industry. As a new industry, no companies have had the chance to claim significant market share.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Hemp was federally legalized in 2018. Though farming of hemp has been permitted for a few years now, many states continue to consider hemp a controlled substance.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Automation has yet to lower labor costs. Hemp-growing technology has yet to advance enough to replace workers.
Including values and annual change:
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Key data sources in the US include:
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The market size of the Industrial Hemp Production in the US industry in United States is $253.5m in 2024.
There are 8,971 businesses in the Industrial Hemp Production in the US industry in United States, which has grown at a CAGR of 25.4 % between 2019 and 2024.
The market size of the Industrial Hemp Production in the US industry in United States has been growing at a CAGR of 12.7 % between 2019 and 2024.
Over the next five years, the Industrial Hemp Production in the US industry in United States is expected to grow.
Planting hemp seedlings and Growing hemp plants are part of the Industrial Hemp Production in the US industry.
The level of competition is high and increasing in the Industrial Hemp Production in the US industry in United States.