Hemp fiber has gained significant traction in various end-use industries owing to its properties such as high tensile strength, low weight, hypoallergenic qualities, moisture wicking, and sustainable production. Hemp fiber can be used to produce durable fabrics and textiles for clothing, footwear, industrial textiles for home furnishings, ropes, canvas, paper.
The global Hemp Fiber Market is estimated to be valued at US$ 5.76 Bn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of hemp fiber as a sustainable alternative to other natural fibers such as cotton and synthetic fibers such as polyester and nylon has been a key factor driving the growth of hemp fiber market. Hemp fiber production requires less water and no pesticides as compared to cotton. Moreover, hemp grows faster than cotton and produces higher yields. With growing awareness about the harmful environmental impact of synthetic fibers, consumers are shifting towards more eco-friendly natural alternatives like hemp which is boosting the demand for hemp fiber.
Segment Analysis
The global hemp fiber market is dominated by the textiles segment. Hemp fibers have high tensile strength and are more durable than cotton fibers. They provide moisture wicking and UV protection properties. These superior qualities have increased their use in textiles like denim, outerwear, sportswear, bed sheets, etc. The automotive composites segment is expected to witness strong growth during the forecast period. Growing usage of lightweight, sturdy and eco-friendly natural fibers in automotive interiors and components will drive this segment.
Key Takeaways
The global Hemp Fiber Market Share is expected to witness high growth. North America currently dominates the market due to early adoption and a supportive regulatory environment in the US and Canada. Both countries have legalized hemp farming and production, fueling market growth. The Asia Pacific region is projected to be the fastest growing market during the forecast period. Abundant low-cost raw material availability and government initiatives to promote natural fibers in countries like China and India are driving the regional market.
Key players operating in the hemp fiber market are HempFlax, Cavac Biomateriaux, BaFa, Hemp Planet, Dunagro, American Hemp, Hempline, Hemp Inc, Ecofibre, GenCanna, Hemp Oil Canada, Hemp Poland, Plains Industrial Hemp Processing, Colorado Hemp Works, MH Medical Hemp, Hempco, Hempfield Farms, Hemp Tech, Tilray, Canopy Growth. Major players are focusing on expanding their production capacities and global footprint to leverage growth opportunities. Strategic partnerships for technology and knowledge transfer are also being established to strengthen supply networks.
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The global Hemp Fiber Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the hemp fiber market include HempFlax, Cavac Biomat?riaux, BaFa, Hemp Planet, Dunagro, American Hemp, Hempline, Hemp Inc, CaVVaS, Others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Hemp Fiber Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/hemp-fiber-market/download-sampleMarket DynamicsThe key advantages offered by hemp fiber in the form of strength and cost will make it an excellent alternative candidate for several end-user markets.
The various characteristics of hemp fiber like elasticity, ease of processing, and recycling have caused a renaissance in the industrial hemp market.
The modern processing technologies have boosted the market for hemp textiles that are much softer and exhibit anti-microbial and hypoallergenic properties.
