New York, United States , April 22, 2024 (GLOBE NEWSWIRE) -- The Global Hemp Fiber Market Size is to Grow from USD 5.62 Billion in 2023 to USD 41.36 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 22.09% during the projected period.
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Hemp fiber has evolved into a very versatile and sustainable substance made from hemp stalks. Its popularity has grown in recent years due to its environmental benefits and numerous applications. The need for sustainable products, combined with a wider understanding of hemp's multiple benefits, has pushed the hemp fiber market. The versatility of hemp fibre has led to its application in a wide range of industries, including textiles, construction, and vehicles. As customers become more conscious of the need for sustainable solutions, demand for hemp fibre is expected to climb further. Furthermore, as processing technologies and agricultural methods advance, the cost-effectiveness and quality of hemp fibre are likely to drive market expansion over the projection period. Hemp biomass can be converted into fuels, chemicals, and bioenergy. Hemp seeds have the potential to be utilized as meat and dairy alternatives. Such product development, together with technological advancements, will result in new and innovative uses, moving the sector forward. However, regulatory constraints, which include different hemp production rules and confusion between hemp and marijuana, pose a significant barrier to the hemp fibre market. These variations not only provide difficulties for manufacturers but also cause uncertainty among customers, restricting the industry's capacity for expansion and potentially limiting market growth.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Hemp Fiber Market Size, Share, and COVID-19 Impact Analysis, By Source (Conventional, Organic), By Application (Textiles, Paper Manufacturing, Automotive, Construction, Biodegradable Plastics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The conventional segment is expected to hold the largest share of the global hemp fiber market during the anticipation timeframe.
Based on the source, the global hemp fiber market is categorized into conventional, and organic. Among these, the conventional segment is expected to hold the largest share of the global hemp fiber market during the anticipation timeframe. Traditional/conventional hemp is spared from the same strict limits and regulations as certified organic hemp, which boosts product sales. Increased deployment in building and materials, biofuels, furniture, and bioplastics expands the product offering.
The textiles segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the application, the global hemp fiber market is categorized into textiles, paper manufacturing, automotive, construction, biodegradable plastics, and others. Among these, the textiles segment is expected to grow at the fastest CAGR during the anticipation timeframe. Buyers appreciate brands that use eco-friendly, sustainable products. Stringent regulatory restrictions addressing textile pollution and water scarcity issues are driving the global textile industry to adopt more sustainable and environmentally friendly manufacturing procedures.
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North America is projected to hold the largest share of the global hemp fiber market over the anticipation timeframe.
North America is projected to hold the largest share of the global hemp fiber market over the anticipation timeframe. Consumer awareness and demand for hemp-derived goods have increased, as has research into new applications in a variety of industries. The North American continent emerges as the greatest market region, with the United States and Canada at the forefront. The legalization of hemp in these countries has created a favourable market environment, resulting in a well-established infrastructure for cultivation, processing, and distribution. Consumer demand for hemp-based products in North America has grown since individuals want natural and organic solutions.
Asia Pacific is expected to grow at the fastest CAGR growth of the global hemp fiber market during the anticipation timeframe. Because of environmental concerns and the desire for sustainable and environmentally friendly products, there has been an increase in interest in the use of hemp fibre in Asia-Pacific in recent years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global hemp fiber market are Ecofibre Ltd., EnviroTextiles LLC, Canvaloop, Cone Denim LLC, Panda Biotech, LLC, Shanxi Greenland Textile Co. Ltd., Tiger Fiber, TOYOSHIMA & Co., Ltd., Delta Agriculture, Dun Agro Hemp Group, Konoplex LLC, and Others.
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Recent Developments
- In April 2023, Manitoba Harvest, a subsidiary of Tilray Brands, Inc., has introduced its first Regenerative Organic Certified Hemp Hearts exclusively in Whole Foods Markets in the US.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global hemp fiber market based on the below-mentioned segments:
Global Hemp Fiber Market, By Source
- Conventional
- Organic
Global Hemp Fiber Market, By Application
- Textiles
- Paper Manufacturing
- Automotive
- Construction
- Biodegradable Plastics
- Others
Global Hemp Fiber Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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