Hemp Prices

Hemp Prices December 2023

In the fourth quarter of 2023, the price of hemp in the United States reached 3601 USD/MT by December. Similarly, in China, the hemp prices hit 1207 USD/MT in the same month. Germany also saw hemp prices reaching 3043 USD/MT during Q4 2023.

Hemp Price Trend, Market Analysis, and News

IMARC's latest publication, “Hemp Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” presents a detailed examination of the hemp market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of hemp at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed hemp price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting hemp pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Hemp Market Analysis

The global Hemp market size reached US$ 5.4 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 19.7 Billion, at a projected CAGR of 15.10% during 2023-2032.

The hemp market is experiencing significant growth driven by the rising demand for cannabidiol (CBD) products. CBD, a non-psychoactive compound found in hemp, has gained popularity for its potential therapeutic benefits, including pain relief, anxiety reduction, and anti-inflammatory properties. This has led to a surge in consumer interest and an expanding market for CBD-infused products such as oils, edibles, topicals, and beverages. In February, 2024, Ukrainian Government signed a medical cannabis bill into law, establishing the legal framework for Europe's newest medical cannabis market. The legislation outlines the need to define product types, prescribing qualifications, qualifying conditions, and permissible usage methods. Medical cannabis will be distributed through pharmacies to patients with specific conditions and a physician's prescription, aligning Ukraine's market closely with pharma-focused European regulatory models

Another factor propelling the hemp market growth is the growing acceptance and legalization of hemp cultivation and production in many countries. The 2018 Farm Bill in the United States, for example, legalized the cultivation of hemp with a THC content of less than 0.3%, paving the way for extensive commercial hemp farming. This regulatory shift has encouraged farmers to diversify their crops and explore hemp as a profitable alternative, contributing to the market's expansion.

The sustainability aspect of hemp is also acting as a significant driver. Hemp is known for its environmental benefits, such as its ability to grow rapidly with minimal pesticides and herbicides, improve soil health, and sequester carbon dioxide. Greek researchers have discovered that hemp is effective for cleaning up copper-contaminated soil and that copper can actually benefit the hemp plant. Scientists from the University of Thessaly and Aristotle University found that hemp absorbs copper from polluted soils, boosting CBD levels in the plant’s flowers. The study, published in Waste and Biomass Valorization, revealed that hemp grows well in soils with various copper concentrations, improving the plant's growth and photosynthetic ability. This makes hemp promising for Mediterranean soils, enhancing CBD production and remediating polluted soils. The research showed copper primarily accumulates in roots and lower stems, leaving metal-free stalks suitable for industrial use. This positions hemp as an ideal candidate for phytoremediation due to its rapid biomass production. Additionally, Italian researchers in 2021 confirmed that even hemp stems with heavy metals can be used in products like hempcrete and energy pellets, with metals extracted from ashes for re-use. These attributes make hemp an attractive crop in the context of increasing environmental awareness and the push towards sustainable agriculture practices.

The use of hemp in producing eco-friendly products, including biodegradable plastics, textiles, and construction materials, aligns with the global trend toward sustainability and circular economy. According to a new survey-based report by the U.S. Department of Agriculture (USDA), U.S. farmers produced $824 million worth of industrial hemp in 2021. Farmers planted 54,152 acres (21,915 hectares) of hemp and harvested 33,480 acres last year. Colorado led with 10,100 acres planted and 3,100 acres harvested, followed by Montana with 7,900 acres planted and 4,500 acres harvested.

Additionally, the nutritional value of hemp seeds and hemp oil is driving the demand in the food and beverage industry. Hemp seeds are rich in protein, omega-3 and omega-6 fatty acids, and other essential nutrients, making them a popular ingredient in health foods, dietary supplements, and beverages. As consumers become more health-conscious and seek out nutrient-dense foods, the incorporation of hemp-based ingredients into mainstream food products is likely to increase. In January 2022, CV Sciences, Inc., a leading supplier and manufacturer of hemp cannabidiol (CBD) products, announced a significant new distribution agreement with GNC, a Pittsburgh-based health and wellness retailer. As a result of this agreement, consumers will be able to purchase the company’s best-selling ingestible products under the +PlusCBD™ brand at 770 GNC locations.

The versatility of hemp extends to industrial applications as well. Hemp fibers are used in the production of textiles, paper, and bio-composites for automotive and aerospace industries. The growing interest in sustainable and durable materials is driving innovation in these sectors, further boosting the hemp market. For instance, in April 2024, Virgocoop, a French cooperative, opened a hemp fiber processing center in the Occitanie region, producing ecological and ethical fibers for the textile and construction industries. Located in Caylus, Tarn-et-Garonne, the center aims to expand the local hemp production chain, implementing traceability schemes and labeling standards while encouraging organic farming. In 2023, Virgocoop cultivated 200 hectares of hemp and processed 1,500 tons of straw, representing 10% of France's total production. The initiative, funded with €75,000 from the Occitanie regional government, supports hemp yarn production and construction insulation, with 25 production lines that can combine hemp with materials like wool or linen.

Hemp News

The report covers the latest developments, updates, and trends impacting the price of hemp, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the hemp price trend.

Latest developments in the hemp industry:

• In May 2024, Curaleaf Holdings enhanced its international footprint by acquiring Northern Green Canada, a licensed cannabis producer. This strategic acquisition offers the New York-based multistate operator a supply-chain advantage in key growth markets such as Germany, Poland, and the United Kingdom. Additionally, following its recent purchase of Polish medical cannabis operator Can4Med, the deal also extends Curaleaf’s presence to Australia and New Zealand.
• In March 2024, Nova Scotia medical cannabis cultivator and processor Aqualitas announced that it is entering into a definitive merger agreement with Cannaray Limited, a European medical marijuana company based in London. The companies stated that the merger positions them to capitalize on growth during a crucial time in the European medical cannabis sector, with countries like Germany expected to experience significant expansion in the coming years.

Product Description

Hemp is a versatile and hardy plant belonging to the Cannabis sativa species, cultivated for its industrial and medicinal uses. Unlike its relative marijuana, hemp contains very low levels of the psychoactive compound THC (tetrahydrocannabinol), making it non-intoxicating. Its fibers are used in producing textiles, ropes, and biodegradable plastics, while its seeds are valued for their nutritional content, including high levels of protein, omega-3 and omega-6 fatty acids, and essential amino acids. Hemp is also utilized in construction materials, biofuel, and paper products. Recently, the plant has gained attention for its potential in phytoremediation and as a source of CBD (cannabidiol), a compound with various therapeutic benefits. Hemp's rapid growth and minimal need for pesticides make it an environmentally friendly crop.

Regional Coverage

The report provides a detailed analysis of the market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of FOB and CIF prices, as well as the key factors influencing the hemp price trend.

Global Hemp Price

The report offers a holistic view of the global hemp pricing trends in the form of hemp price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price levels but also provides insights into historical price of hemp, enabling stakeholders to understand past fluctuations and their underlying causes. The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed hemp demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Hemp Price

European hemp prices are examined, highlighting the market-specific influences in the region, such as stringent environmental regulations, the competitive landscape, and import-export imbalances that significantly affect pricing structures.

Detailed price information for hemp can also be provided for an extensive list of European countries.

North America Hemp Price

The analysis of hemp prices in North America delves into the regional industry dynamics, encompassing the impact of local production and the trade flows between North America and other significant global markets.

Specific hemp historical data within the United States and Canada can also be provided.

Middle East and Africa Hemp Price

The report explores the hemp pricing trends in the Middle East and Africa, considering factors like the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Hemp Price

The hemp pricing trends in the Asia Pacific are examined, reflecting the role of the region as a major global producer and consumer of agricultural products, with price dynamics heavily influenced by supply chain efficiencies, regional demand surges, and policy shifts in major economies.

This hemp price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Hemp Price

The analysis of hemp prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, agricultural output, and trade frameworks.

This comprehensive review can be extended to include specific countries within Latin America.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of hemp pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
• The study examines factors affecting hemp price trend, including input costs, supply-demand shifts, and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The hemp price charts ensure our clients remain at the forefront of the industry.