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 Overview:
Hemp fiber is used to make a variety of industrial and commercial products including rope, clothing, paper, construction and insulation materials. It is eco-friendly and more sustainable compared to wood fibers due to its rapid growth rate. It also has high tensile strength making it suitable for various material applications.
Market key trends:
The increasing enforcement of stringent government regulations on pollution across various industries is driving the demand for eco-friendly and sustainable materials like hemp fiber. Various industries are replacing non-degradable materials with hemp fiber to reduce their carbon footprint. Hemp fiber can be used to make paper, bioplastics, concrete blocks, automotive dashboards and door paneling. It is also being used in construction and insulation materials due to its ability to regulate temperature and moisture.
Segment Analysis
The hemp fiber market is segmented by product into long (bast) fibers and short (core) fibers. Long (bast) fibers account for the largest market share as they have higher tensile strength and are coarser than short fibers. Long fibers find extensive application in textiles, composites, and pulp & paper owing to their favorable properties such as high durability and tensile strength.
Key Takeaways
The Global Hemp Fiber Market Size is expected to witness high growth, exhibiting a CAGR of 22.% over the forecast period, due to increasing demand from industries such as textiles, automotive, construction and paper.
Regional analysis
Europe dominates the global hemp fiber market, accounting for over 30% of the total share. This is attributed to growing commercial cultivation of hemp and supportive regulations in countries like France, Germany, and Italy. North America is expected to be the fastest growing market due to strong potential in the U.S. supported by increasing legalization of hemp cultivation.
Key players
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. HempFlax and Cavac Biomateriaux dominate the European market while Canopy Growth and Tilray have a strong presence in North America.
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.
