According to a report from HempToday, total planted U.S. hemp acreage in 2020 was around 200,000 acres, a 30% drop from 2019.
Sector analyst HempBenchmarks reported 400,000 acres were licensed for hemp in the U.S. as of late July; it was estimated that around half weren't planted, similarly to 2019. Around 580,000 acres were licensed in the U.S. for outdoor hemp production in 2019.
“Many of those who farmed hemp in 2019 are not doing so in 2020, but most of those who exited appear to have been replaced by first-time growers,” according to HempBenchmarks.
“Whether a contraction in supply will result in more favorable commodity prices for farmers remains to be seen,” Hemp Benchmarks said in its recent analysis, blaming “tough market conditions” and difficulties related to the COVID-19 pandemic as factors in the sector’s shrinkage.
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