According to Euromonitor International, the global industrial hemp industry will reach 15 billion US dollars (about 100.6 billion Yuan) by 2023 with the expansion of industrial hemp application scenarios. As more and more countries liberalize their industrial hemp policies, some countries and regions (such as the United States and the European Union) are reintroducing the production of industrial hemp to cope with the shortage of industrial hemp. Cannabinoid CBD demand is on the rise, and the growth rate is expected to be close to 80% in the next two years. Foreign giant enterprises that took the lead in the layout of industrial hemp field have been born one after another. 

Industrial hemp is in short supply, and the industrial scale will exceed 100 billion Yuan in 2025.

According to the Food and Agriculture Organization of the United Nations, the total area of industrial hemp cultivation in the world in 2017 was about 200,000 hectares (about 3 million mu). The planting area of industrial hemp is growing rapidly. For example, the planting area of industrial hemp in the United States was less than 10,000 mu in 2015, while it was nearly 200,000 mu in 2018. The planting area of industrial hemp in the United States keeps growing, while that of tobacco keeps decreasing.

As far as raw hemp is concerned, the largest producer is France, which accounts for 70% of the total global hemp production. The second largest is China, accounting for 25% of the total production of industrial hemp in the world. South Korea and Russia are also the major industrial hemp production regions in the world. Industrial hemp is in short supply, exceeding $100 billion by 2023. 

As more and more countries liberalize their industrial hemp policies, some countries and regions (such as the United States and the European Union) are reintroducing industrial hemp production. According to Euromonitor International, the global industrial hemp industry will reach 15 billion US dollars (about 100.6 billion Yuan) by 2023 with the expansion of industrial hemp application scenarios. As of January 2019, 41 countries around the world have declared medical marijuana legal, and more than 50 countries have declared CBD legal.

Policy liberalization will become the main driving force for the development of the industry. In the United States, for example, the Agriculture Improvement Act of 2018 was signed into law on December 20, 2018. The law removes industrial hemp from the U.S. Controlled Substances Act, meaning it will no longer be an illegal substance under federal law. The law will allow Americans to grow, process and sell industrial hemp.

Relevant institutions expect that the legalization process in the United States will promote the continuous expansion of the market size of industrial hemp. Assuming that CBD drugs are approved in the United States in 2024, the market size of related industries in the United States is expected to reach about $50 billion.

CBD products enter circulation channel, and output growth in the next two years will be close to 80% 

Medical effect has been recognized, enabling CBD products to enter more channels. Previously, CBD products were sold in Cannabis shops, and some doctors recommend that patients buy them to treat certain diseases. CBD’s medical effect has been recognized, and its legalization is driving the growth of industry scale. PMMI predicts that by 2021, every state in the United States will have legalized medical marijuana, and sales of medical marijuana will reach $15 billion. At the same time, in 2017 and 2018, CBD products began to appear in natural food stores, beauty shops, coffee shops, doctors' offices and other channels, and some major retailers began to develop CBD-related business plans.

Application scenarios are expanded to facilitate scale growth. As an important cannabinoid, CBD has been gradually recognized by consumers due to its health effects, and has been applied in food health, cosmetics and medical care products. Bright field Group estimates that CBD output will reach about $5.7 billion in 2019 and $18.1 billion in 2021, representing an annual growth rate of about 78 percent.