Hemp Fiber Market
New York, November 2023: According to a new research study by Global Insight Services (GIS), the Hemp Fiber Market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 56.2 billion by 2032.
Hemp Fiber is a term used to describe natural, plant-based fibers produced from the stalks of the hemp plant (Cannabis sativa). Textiles, automobile components, building materials, paper manufacture, and other sectors and applications make use of these fibers. Hemp fiber is well known for its strength, durability, and eco-friendliness, making it an appealing alternative for sectors looking for sustainable and renewable raw materials. It is one of the most durable and adaptable natural fibers available. Hemp fiber is well known for its high strength, resilience to wear and tear, and eco-friendliness.
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Global Hemp Fiber Market: Market Drivers and Trends
Favorable Government Policies Encouraging Natural Fibers: Hemp fiber adoption is being driven by favorable government policies and activities encouraging the use of eco-friendly and biodegradable natural fibers in industries such as textiles and automobiles. Governments all across the globe are taking steps to lessen their reliance on nonrenewable resources and migrate to more sustainable alternatives. For example, the European Union’s policies and efforts, such as the European Green Deal, place a premium on a circular economy. Such regulations promote the use of hemp fiber as an alternative to synthetic fibers that are renewable, recyclable, and biodegradable.
Furthermore, legalization of Industrial Hemp Cultivation: In many countries, the legalization of industrial hemp cultivation is a primary driver of the hemp fiber business. Despite having relatively low THC levels, hemp remained illegal for decades owing to its association with marijuana. However, several nations, including the United States, Canada, and Europe, have authorized hemp production in recent years, recognizing its industrial potential. This has greatly expanded the availability of hemp fibers and made commercial production possible. The 2018 Farm Bill in the United States legally authorized hemp farming, giving American hemp industries a boost. Legalization has also resulted in product innovation, drawing investors to the industry.
Global Hemp Fiber Market: Market Restraints and Challenges
High Processing Costs: The high processing costs connected with hemp fiber impede speedier and more widespread adoption in the industry. Before fibers can be used in textiles and composites, hemp stalks go through a sophisticated, multi-step process that includes decortication, carding, and spinning. Establishing these capital-intensive facilities necessitates substantial investments, particularly for smaller firms. Supply bottlenecks are caused by a lack of processing facilities. Harvesting and processing require a lot of work, which raises the overall cost. Processing expenses can be reduced by mechanization and new technology.
Some Applications Have Performance Limitations: Hemp fiber has the benefits of sustainability, durability, and renewability. Its qualities, however, may not fulfill the performance criteria for some technological applications. In comparison to glass fibers, hemp fiber reinforcement has intermediate mechanical qualities. This may limit the use of hemp composites in automotive and construction applications requiring high strength and structural integrity. Hemp fiber qualities may be improved through breeding and production methods to make it more competitive.
Global Hemp Fiber Market Report Findings
The long (bast) fibers segment is likely to hold the major share of the market in 2022
Based on type, the Hemp Fiber Market is segmented into long (bast) fibers, and short (core) fibers. The commercial aircraft segment is expected to dominate the market during the forecast period. Increased usage of hemp fiber in textile, pulp, and paper applications has benefited the industry. Long (bast) fibers are in high demand in the hemp fiber business. This is due to the increasing popularity of ecologically friendly and sustainable products, as well as the flexibility and strength of hemp fibers utilized in textile items.
The textiles segment is likely to hold the major share of the market in 2022
By application, the market is classified into textiles, pulp & paper, and composite material. The textiles segment dominated the market in 2022 in terms of revenue and is expected to dominate the market during the forecast period. Because of its environmental benefits, resilience, and versatility, hemp fiber is becoming more popular in the textile industry. It is a more sustainable textile than cotton and synthetic fibers such as polyester since it requires less water and pesticides to manufacture and can be easily blended with other fibers to generate a variety of clothing. Furthermore, hemp fibers are strong and long lasting, making them ideal for clothing, home textiles, and industrial components.
The Asia Pacific region is accounted for the majority of market share in 2022
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific has the biggest market share in terms of Hemp Fiber Market value followed by North America. Owing to rising demand for ecologically friendly and sustainable things. Hemp fiber is a versatile material that may be found in textiles, houses, and automobiles. Growing awareness of the environmental benefits of hemp fiber, such as its biodegradability and minimal water consumption during manufacturing, is likely to fuel market expansion in the area. Furthermore, the rising popularity of hemp-based clothes, purses, and other fashion products is likely to drive market expansion. China is likely to lead the Asia Pacific hemp fiber market due to its large-scale hemp production and the presence of several textile and construction sectors. China and India are expected to have considerable market growth in the next years.
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The key players studied in the global Hemp Fiber Market are Ecofibre (Australia) , Hemp Inc. (U.S.), GenCanna (U.S.) , Constellium SE , HempFlax Group B.V. (Netherlands), Konoplex (Russia), Hemp Oil Canada (Canada), HemPoland (Poland), Dun Agro Hemp Group (Netherlands) , and Colorado Hemp Works, INC (U.S.) among others.
Global Hemp Fiber Market: Recent Developments
- In April 2023, Panda Biotech worked with the Southern Ute Growth Fund to encourage long-term hemp farming in the United States. The cooperation intends to develop production facilities to provide future-proof solutions.
- In March 2023, through its venture capital firm Fashion and Technology No.2 Investment Enterprise Partnership, Toyoshima invested in hemp fiber company FyberX. FyberX’s goal is to produce regenerative hemp fiber through a bioregional strategy that helps farmers, improves soil health, recovers rural communities, and expands opportunities in numerous industries, including the textile industry.
- In September 2022, Ananda Food has expanded its nutraceuticals product offering with the introduction of Ananda Hemp Extract Oral Spray. It is stated that the hemp extract spray might aid in stress management and workout recovery.
- In August 2022, Cone Denim’s collaboration with hemp processing pioneer Bast Core was expanded with the release of the duo’s American hemp collection. The partnership’s goal is to assist the company’s efforts to create new cooperation possibilities amongst like-minded individuals and to provide customers with sustainable denim goods.
- In March 2022, HempFusion established a relationship with earthday.org to promote the brand’s environmental sustainability regeneration effort.
- In August 2021, Levi Strauss & Co. was the first to use cottonseed hemp denim (2020). The brand supports the usage of organic cotton and cottonseed hemp while pioneering sustainable production practices in the fashion industry.
- In June 2021, Hempfusion Wellness expanded its tincture product range by introducing CBD 5:1 tinctures with a raspberry lemon taste. The new tincture contains full-spectrum CBD as well as CBG and CBN.
Global Hemp Fiber Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Hemp Fiber Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future global Hemp Fiber Market potential from 2022 to 2032 in terms of revenue ($ Million), and Volume (Units).
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global Hemp Fiber Market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Hemp Fiber Market industry.
Global Hemp Fiber Market Segmentation
- Long (bast) fibers
- Short (core) fibers
- Pulp & paper
- Composite material
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East
- Ecofibre (Australia)
- Hemp Inc. (U.S.)
- GenCanna (U.S.)
- Constellium SE
- HempFlax Group B.V. (Netherlands)
- Konoplex (Russia)
- Hemp Oil Canada (Canada)
- HemPoland (Poland)
- Dun Agro Hemp Group (Netherlands)
- Colorado Hemp Works, INC (U.S.)