These days, at least 70 countries cultivate hemp for commercial or research purposes. The largest producers of hemp are currently China, USA, Canada, France and Chile. Hemp acreage in North America and the European Union countries totaled about 115,000 acres and 135,000 acres respectively, which put global acreage at about 510,000 acres. Cannabis Retail Business

Production in EU was centered in France (44,232 acres), Germany (13,250 acres), Lithuania (13,097 acres), Estonia (12,753 acres), the Netherlands (9,467 acres), Romania (8,398 acres), Poland (7,410 acres), Italy (4,000 acres) and Austria (3,910 acres). Many EU countries lifted their bans on hemp production in the 1990s and, until recently, also subsidized the production of “flax and hemp” under the EU’s Common Agricultural Policy. Most EU production is of hurds, seeds, fibers, and pharmaceuticals.

China – the world’s largest hemp fiber and seed producer – planted more than 160,000 acres of hemp.

FAS data also report hemp production in Columbia, Ecuador, Chile, Iran, Japan, South and North Korea, Pakistan, Russia, Syria, and Turkey. Other countries with active hemp grower and/or consumer markets are New Zealand, India, Egypt, South Africa, Thailand, Malawi, and Uruguay.

According to marketing analysis reports by Grand View Research, the global hemp market size was valued at $4.13 billion in 2021 up from $3.61 billion in 2020, and is expected to grow at a compound annual growth rate of 16.2% to $12.01 billion by 2028. Cannabis business pro forma

Cannabidiol (CBD) is one of the numerous compounds found in the cannabis plant. CBD oil can be obtained from two different species of cannabinoids: marijuana and hemp, which come from the same plant species called Cannabis sativa. Hemp-based CBD oil products have a lower delta-9 tetrahydrocannabinol (THC) concentration, while marijuana-derived CBD oil products have a relatively high concentration of THC.

The global CBD industry is projected to accelerate from $2.8 billion in 2020 to about $13 billion at a CAGR of over 20% from 2021 to 2028, according to Grand View Analysis.