North America’s Nationwide Industrial Hemp Council (NIHC) estimates U.S. exports of hemp and hemp-derived merchandise topped $1.8 billion in 2020, up from $310 million in 2019.
It was a fairly stable outcome given pandemic associated challenges, decreased acreage and a few ongoing regulatory uncertainty. The organisation estimates international commerce in industrial hemp and derived merchandise was value over $8.1 billion in 2020 – so the USA had a major chunk of the pie.
NIHC Chief Economist Beau Whitney says licensed acreage within the USA totalled 495,787 acres in 2020; down from 511,442 acres in 2019 – however this was nonetheless practically 4 occasions the acres licensed in 2018. Whereas licensed acreage was down, the variety of licensed growers exceeded 21,000; up greater than 27% from 16,877 licensed growers in 2019.
Industrial hemp for seed (grain) manufacturing appears to be like set to see main development. Presently accounting for roughly 15 p.c of acreage, the organisation says trade forecasts are that seed demand will proceed to strengthen and can signify 65 p.c of manufacturing acreage by 2030.
As for hemp for cannabidiol and different cannabinoids, that’s put at 82% of acreage as ultimately yr and forecast to plummet to only 2.8% in 2030. By way of hemp fiber, 2020’s acreage allocation was estimated at 5% and can develop to 31.4% in 2030.
So, it seems cannabidiol/cannabinoids will go from being the star attraction to bit participant in a fairly brief area of time.
As for the export outlook, NIHC predicts U.S. exports of commercial hemp merchandise might be value greater than $21 billion by 2026.
Nonetheless, there are points that would get in the best way of reaching this.
“Export alternatives rely upon regulatory certainty and the U.S. faces regulatory challenges on this space,” says NIHC. “One problem is the delayed steering from U.S. FDA on how CBD is handled within the meals, complement and nutraceutical markets; this regardless of NIHC’s ongoing discussions with FDA concerning the significance of regulatory certainty.”
The Nationwide Industrial Hemp Council is a nationwide commerce affiliation representing the U.S. industrial hemp trade provide chain – from farmers to processors to manufacturers and retailers, and finish customers/customers.
Extra from the NIHC’s replace can be viewed here.
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