Hemp – market recovery prospects

13.07.2016

Probably, there is no other agricultural crop which has ever experienced such a biased attitude as hemp. In 1930s the share of Soviet Union in world production of hemp reached about 80%. It was used for production of oil, ropes, fabrics and medicines. Since the beginning of 1960s the role of hemp in agriculture has been declining.

Despite the fact that Ukrainian varieties of hemp do not contain Tetrahydrocannabinol (THC – a component causing psychoactive effect), its cultivation is strictly regulated and controlled at national level.

Currently the economic situation in Ukraine is quite difficult, which forces farmers to search for new profitable crops or resume cultivation of old ones. A special attention is focused on export-oriented commodities. In this context, hemp market development prospects look very promising.

Since 2012, a gradual recovery of hemp cultivation has been observed in Ukraine. Industrial hemp acreage increases year over year. There are several companies engaged in hemp processing, and their number is constantly growing. The market has high development potential, in view of increased domestic and export demand.

More information about the latest trends in hemp market can be found in the UkrAgroConsult’s review "Hemp – market recovery prospects".

 

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