New Frontier Data Publish Hemp Asia Pacific Report
Here’s the blurb
With global demand for hemp surging, China’s sector is poised for years of dramatic growth.
In 2017, Chinese hemp sales totaled $1.1 billion (USD), approaching 1/3 of the $3.1 billion global market, with sales forecasted to grow to $1.5 billion (up 36%) by 2020.
In 2017, textiles accounted for about 3/4 of China’s overall sales of $823 million (USD).
Hemp-derived CBD accounted for Chinese sales of $53 million (USD) in 2017 but is forecasted to more than quadruple (by 4.3x, to $228 million) by 2020.
Demand for CBD products in both Japan and South Korea – countries with high relative spending for wellness and cosmetics – could further catalyze demand for China’s hemp-derived CBD.