Ag Outlook 11-17-2020

USDA’s Market Access Program is channeling $200,000 to the National Industrial Hemp Council to support export market development. NIHC is responsible for implementing marketing efforts. Senior Vice President for Trade and Marketing Kevin Latner says initial programs will focus on Europe and China with special attention given to market research, trade policy as well as trade facilitation. The worldwide industrial hemp and products market garnered $11.1 billion in retail sales last year and has an annual growth rate of 52 percent. In five years the global market is forecast to be worth $89 billion. It is being driven by strength in textiles, food and hemp-derived CBD.