These days, at least 70 countries cultivate hemp for commercial or research purposes. The largest producers of hemp are currently China, France, Canada, USA and Chile. In 2022, hemp acreage in North America and the European Union countries totaled about 75,000 acres and 135,000 acres respectively, China – the world’s largest hemp fiber and seed producer – planted more than 175,000 acres of hemp, which put global acreage at about 550,000 acres. According to marketing analysis reports by Technavio, the global industrial hemp market size is set to reach $6.47 billion by 2026 with a CAGR of 17.7%.
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. Therefor, marijuana-based CBD products can be used only when they are prescribed by doctors while hemp-based CBD oils do not normally require a prescription. Proficient Market Insights projects the global hemp-derived CBD oil market size to reach $3.15 billion by 2028, exhibiting a CAGR of 28.3%.
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