American hemp production value reaches $445 million in 2024

U.S. hemp production surged in 2024, according to a recent USDA report released by the National Agricultural Statistics Service (NASS).

The annual value of U.S. industrial hemp production grew to $445 million in 2024, representing a 40% increase from 2023.

📈 Key Drivers of Growth

• Outdoor ("open field") production led the way, with planted acreage rising 64% (45,294 acres in 2024) and harvested acreage up 55% (32,694 acres) year-over-year.
• Floral hemp (mostly CBD and hemp-derived THC feedstock) grew 159% to 20.8 million pounds, with average yields climbing to 1,757 lb/acre. The sector's total outdoor value reached $386 million, up 43%.
• Grain hemp production grew moderately by 10% (3.41 million lbs), with value rising 13% to $2.62 million—though yields declined.
• Fiber hemp production increased 23%, but its value slipped 3% to $11.2 million amid lower prices.
• Hempseed production acreage rose 61%, but output fell 7%. Despite this, value surged 482% to $16.9 million, reflecting strong price volatility.

🌱 Hemp Grown Under Protection (Greenhouses, Hoop Houses)

• Protected production area increased 9%, to 3.52 million sq ft.
• However, the total value fell 13% to $28.7 million, due to higher input costs and oversupply.
• Floral hemp output declined 35%, with value down 30% (~$18 million).
• In contrast, protected seed hemp output rose 91%, with associated value climbing 64% to $10.3 million.