The hemp seed production in Asia has shown significant volatility over the period from 2013 to 2023. The years 2014 and 2017 witnessed substantial growths of over 70%, whereas 2016 saw an astonishing increase of 173.82%. However, this growth was not consistent, with certain years like 2015, 2018, and 2019 experiencing considerable drops. Up to 2023, production stood at 99.7 thousand metric tons, marking a year-on-year increase of 3.74%. The average annual growth rate over the last five years, however, was a modest -1.29%.
Future forecasts suggest a relatively steady but slow growth in production, with a 5-year CAGR projected at 2.47% and an overall 5-year growth rate of 12.97%, reaching up to 116.61 thousand metric tons by 2028.
Future trends to watch for include:
- Market dynamics driven by regulatory changes around hemp production.
- Increasing global demand for hemp-based products.
- Advancements in agricultural technology and farming practices.
- Impact of climate change and environmental factors on crop yields.
- Expansion of processing and supply chain infrastructure in Asia.
