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US: A look at 2024's hemp market

The USDA has released a new report on the 2024 hemp space, highlighting the different aspects that characterized this sector over the last year.

In 2024, the value of hemp production in the open and under protection for the United States totaled $445 million, up 40 percent from 2023.

Planted area for the Nation in 2024 for all utilizations totaled 45,294 acres, up 64 percent from 2023. The value of hemp production in the open for the United States totaled $417 million, up 46 percent from last year. Area harvested for all purposes in the open totaled 32,694 acres, up 55 percent from 2023.

United States floral hemp production grown in the open for 2024 was estimated at 20.8 million pounds, up 159 percent from 2023. Area harvested for floral hemp in the open in the United States was estimated at 11,827 acres, up 60 percent from last season. The average yield for 2024 floral hemp in the open was estimated at 1,757 pounds per acre, up 669 pounds from last year. The value of floral hemp grown in the open totaled $386 million, up 43 percent from 2023.

National production of hemp grown in the open for grain in 2024 totaled 3.41 million pounds, up 10 percent from 2023. Area harvested for hemp grown in the open for grain in the United States was estimated at 4,863 acres, up 22 percent from last season. The average yield for 2024 hemp grown in the open for grain was estimated at 702 pounds per acre, down 77 pounds from last year. The value of hemp grown in the open for grain totaled $2.62 million, up 13 percent from 2023.

In 2024, production of hemp grown in the open for fiber was estimated at 60.4 million pounds, up 23 percent from 2023. Area harvested for hemp grown in the open for fiber in the United States was estimated at 18,855 acres, up 56 percent from last season. The average yield for 2024 hemp grown in the open for fiber was estimated at 3,205 pounds per acre, down 848 pounds from last year. The value of hemp grown in the open for fiber totaled $11.2 million, down 3 percent from 2023.

Production of hemp grown in the open for seed in 2024 was estimated at 697,000 pounds, down 7 percent from 2023. Area harvested for hemp grown in the open for seed in the United States was estimated at 2,160 acres, up 61 percent from last season. The average yield for 2024 hemp grown in the open for seed was estimated at 323 pounds per acre, down 236 pounds from last year. The value of hemp grown in the open for seed totaled $16.9 million, up 482 percent from 2023.

In 2024, hemp growers used 3.52 million square feet under protection for production, up 9 percent from 2023. The 2024 value of hemp production under protection in the United States totaled $28.7 million, down 13 percent from last year.

Hemp clones and transplants grown under protection in the Nation for 2024 totaled 356,000 plants, down 62 percent from 2023. The value of hemp clones and transplants grown under protection totaled $446,000, down 49 percent from last year. United States production of floral hemp grown under protection was estimated at 49,420 pounds, down 35 percent from 2023. The value of floral hemp grown under protection totaled $18.0 million, down 30 percent from last year. Hemp grown under protection for seed totaled 2,364 pounds, up 91 percent from 2023. The value of hemp grown under protection for seed totaled $10.3 million, up 64 percent from last year.

Source: United States Department of Agriculture