U.S. industrial hemp production experienced substantial growth in 2024, with the total crop value reaching $445 million, marking a 40% increase from 2023, according to the latest National Hemp Report.
The area planted with hemp expanded to nearly 45,300 acres, an increase of 64% compared to the previous year. Harvested acreage also saw a significant rise, climbing 60% to just under 32,700 acres. This growth was driven by both increased planting and improved yields, which jumped from 669 pounds per acre in 2023 to 1,757 pounds per acre in 2024.
The most notable contributor to this increase was floral hemp, whose production more than doubled to 20.8 million pounds, reflecting a staggering 159% rise year over year. Floral hemp accounted for 87% of the total value of hemp produced, underscoring its role as the leading segment in the industry.
Seed hemp also showed remarkable growth, with its value skyrocketing by nearly 500% to $16.9 million, the highest percentage increase among all hemp categories.
This report indicates a revitalized momentum in the hemp industry, which has faced various market fluctuations since the legalization of hemp under the 2018 Farm Bill. The sharp increase in production value and acreage suggests that farmers are increasingly recognizing the economic potential of hemp cultivation.
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