According to a new report from the US Department of Agriculture, the industrial hemp market experienced a sharp increase in 2024, with the total value of production reaching $445 million—a 40% increase from 2023.
Driven largely by outdoor floral hemp production, the value of hemp grown in the open rose to $417 million, up 46% from the previous year. The USDA’s National Agricultural Statistics Service reports that outdoor floral hemp alone accounted for $386 million, with production reaching 20.8 million pounds, a 159% increase year-over-year.
Planted acreage for all types of outdoor hemp rose 64% to 45,294 acres, with 32,694 acres harvested, a 55% increase. Floral hemp made up the bulk of this activity, with 11,827 acres harvested and yields averaging 1,757 pounds per acre—up 669 pounds from 2023.
Other categories showed mixed results. Hemp grown in the open for grain was valued at $2.62 million, a modest 13% rise from 2023, with production totaling 3.41 million pounds. Fiber hemp saw increased production but decreased value, dropping 3% to $11.2 million despite a 23% rise in output. Meanwhile, hemp grown for seed saw a dramatic 482% surge in value, reaching $16.9 million, even as production dropped 7% from the prior year.
Hemp produced under protection, such as greenhouses, declined in value to $28.7 million, down 13% from 2023. This included a 30% drop in the value of floral hemp grown under protection and a 49% drop in the value of hemp clones and transplants.
Despite some setbacks in protected environments, the industry’s overall expansion suggests growing demand and increased confidence among cultivators. The strong growth in floral hemp production, in particular, points to a market increasingly driven by consumer-facing products such as CBD extracts and smokable hemp flower.
For the full 37-page report, click here.
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