The value of U.S. industrial hemp production reached $445 million in 2024, representing a 40 percent increase from the previous year, according to National Hemp Report data released Thursday by the USDA's National Agricultural Statistics Service.
Total planted area for hemp jumped to 45,294 acres, up 64 percent from 2023, with harvested area increasing 55 percent to 32,694 acres.
Floral hemp emerged as the industry's driving force, with production more than doubling to 20.8 million pounds—a 159 percent increase over 2023. Both acreage and yield contributed to this growth, with harvested area up 60 percent and per-acre yields climbing by 669 pounds to reach 1,757 pounds per acre.
"Floral hemp production accounted for 87 percent of the total value of hemp grown in the open," the report noted.
Seed hemp showed the most dramatic value increase, surging 482 percent to $16.9 million despite a 7 percent decline in total production. This reflects significantly higher market prices for hemp seed compared to the previous year.
Fiber hemp production increased 23 percent by volume but saw a 3 percent decline in value, suggesting continued price pressure in that segment.
Hemp production under protection, which includes greenhouse operations, moved in the opposite direction from field production, with value declining 13 percent to $28.7 million despite increased growing area.
