Hemp production in China has seen significant fluctuations over the past decade, showing periods of rapid growth and occasional declines. Actual production stood at 14.28 ten thousand metric tons in 2023. The year-on-year variation for 2023 was 4.85%, suggesting a moderate growth pace compared to earlier years. The compound annual growth rate (CAGR) over the last five years (2019-2023) is 6.09%, indicating a consistent upward trend, albeit at a reduced rate compared to earlier periods. Future projections forecast a slower, yet steady growth with an expected CAGR of 3.12% from 2024 to 2028, reaching 17.4 ten thousand metric tons by 2028.
Future trends to watch for include:
- Continued expansion in industrial applications and growing consumer awareness about hemp.
- Regulatory changes and their impact on production levels and market competitiveness.
- Technological advancements in cultivation and processing which could optimize yield and quality.
- Shifts in global demand and China's positioning in the international hemp market.
