AgriFutures Australia has unveiled a A$2.5 million research initiative aimed at strengthening industrial hemp production and positioning Australian companies to benefit from a global market forecast to reach $18.6bn by 2027.
The funding will be distributed across five years, targeting four core areas: hemp seeds and varieties, primary production, hemp products, and sustainability.
The Australian Industrial Hemp Program of Research will be led by Southern Cross University, with participation from a number of additional research organisations and industry partners.
Lead researcher Professor Tobias Kretzschmar said: "The focus areas include securing a steady supply of well-characterised varieties, developing value-add processing methods, investigating the safe and beneficial use of hemp products in livestock and animal feed and generating information and tools for growers to understand the sustainability credentials of industrial hemp."
AgriFutures Australia emerging industries senior manager Dr Olivia Reynolds said hemp had enormous potential to boost the country's agricultural productivity.
She added: "The Australian industrial hemp industry is in its infancy but is rapidly growing, and the timing is perfect to plan and implement a pathway for growth."