“Hemp is an amazing plant. It uses a fraction of the water needed to grow cotton, every part is useful and it absorbs more carbon dioxide per hectare than other crops and most trees.

Cultivated for thousands of years, the eco-friendly plant can be used in food products, biofuels, textiles and even building materials.

As awareness rises of hemp’s benefits, the global market could hit $18.6 billion by 2027 – almost four times the amount in 2020, a new UNCTAD report says.

“The growing hemp market offers significant economic opportunities that all countries can capitalize on,” says Marco Fugazza, an UNCTAD economist and one of the report’s authors.

“As a renewable product, the opportunities are sustainable. This is extremely important as countries try to boost their economies while protecting the environment,” he says.

The report, “Commodities at a glance: Special issue on industrial hemp”, highlights the untapped trade potential.

About 40 countries produced some 275,000 tonnes of raw or semi-processed industrial hemp in 2019, according to the latest available statistics. But just four countries account for more than half of global output. China leads the pack, followed by France, Canada and the United States.”