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Industrial Hemp Market to Hit $18.1 Billion in Five Years

Information collected in the “Global Hemp Market by Type” report from Research and Markets, which analyzed the numerous applications of hemp as a textile, food item, construction material, and more. The report projects that the next five years will see the industry’s compound annual growth rate (CAGR) of 21.6%, suggesting that this percentage will rise because many other countries have legalized industrial hemp, or will do so in the near future.

The report also cites examples of hemp successes seen throughout this year. In terms of application, hemp meal was recently covered as an alternate method of feeding livestock. “Hempseed

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