Press release
Hemp Fiber Market is Expected to Grow $50.38 Billion in 2028 at a CAGR of 35.0% within Forecast Period 2024-2033 | Key Players: Shenyang beijiang, BaFa Holding BV, Plains Industrial Hemp Processing Ltd, Industrial Hemp Manufacturing LLC, Hemp Oil Canada I
Hemp Fiber Market Report
The Business Research Company offers in-depth market insights through Hemp Fiber Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The hemp fiber market size has grown exponentially in recent years. It will grow from $11.05 billion in 2023 to $15.15 billion in 2024 at a compound annual growth rate (CAGR) of 37.2%. The growth in the historic period can be attributed to renewed interest in hemp cultivation, environmental sustainability, textile and apparel industry demand, diversification in agriculture, nutrient-rich soil improvement, awareness of sustainable textile choices.
The hemp fiber market size is expected to see exponential growth in the next few years. It will grow to $50.38 billion in 2028 at a compound annual growth rate (CAGR) of 35.0%. The growth in the forecast period can be attributed to legislation supporting hemp cultivation, global population growth, focus on circular economy, expansion of hemp-based textiles. Major trends in the forecast period include hemp fiber-based sustainable packaging, advancements in processing technologies, innovations in product development, adoption in paper and pulp industry, integration in automotive and construction.
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Market Segmentation:
The hemp fiber market covered in this report is segmented -
1) By Type: Long (bast) Fibers, Short (core) Fibers
2) By Source: Organic, Conventional
3) By Application: Food, Beverages, Personal Care Products, Textiles, Pharmaceuticals, Other Applications
Major Driver - Rising Legalization Initiatives Propel Growth In The Hemp Fiber Market
Increasing legalization to cultivate industrial hemp is expected to propel the growth of the hemp fiber market going forward. Industrial hemp is obtained from the plant species sativa and has been used globally to produce a variety of industrial and consumer products. Industrial hemp is grown for its fiber and seeds, which are used for the manufacture of hemp fiber. As a result, increasing legalization of industrial hemp helps to increase the production of hemp fiber. For instance, in January 2021, the US Department of Agriculture announced the final rule regulating the production of hemp in the United States. The rules are issued under Section 10113 of the law. This has implicitly legalized the manufacturing and selling of Delta-8 which contains minor psychoactive substances like the legally banned Delta-9 (marijuana). Therefore, the increasing legalization of cultivating industrial hemp is driving the growth of the hemp fiber market.
Competitive Landscape:
Major companies operating in the hemp fiber market report are Shenyang beijiang, BaFa Holding BV, Plains Industrial Hemp Processing Ltd, Industrial Hemp Manufacturing LLC, Hemp Oil Canada Inc., Hemp Planet LLC, North American Hemp & Grain Co. Ltd., Konoplex, ForeverGreen International LLC, Kingdom Holdings Limited, Ecofibre Limited, GenCanna Global USA Inc., CanvaLoop Fibre Private Limited, HempFlax BV, Dunagro SRL, MH medical hemp Ltd., Envirotextiles LLC, Hempco Inc., Manitoba Harvest Hemp Foods, Hempfortex Industries Ltd, Parkland Industrial Hemp Growers Cooperative Ltd, Navitas LLC, Hemp Inc., Natural Fiber Technologies Inc., HempAge AG, Hempro Int. GmbH & Co. KG, Hempy's, Shanxi Greenland Textile Co. Ltd., HemPoland Sp. z o.o., Hempline Inc.
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Top Trend - Strategic Partnerships Reshaping The Hemp Fiber Market
Major companies operating in the hemp fiber market are forming partnerships to develop new products and strengthen their positions in the market. Partnerships and collaborations in the hemp fiber market drive innovation, optimize supply chains, and foster industry-wide growth by leveraging collective expertise, addressing regulatory challenges, and expanding market reach. For instance, in April 2021, Artistic Garment Industries, a Pakistan-based garments company, partnered with Panda Biotech LLC, a US-based industrial hemp company, to integrate AGI Denim's denim manufacturing technologies with Panda Biotech's US-grown industrial hemp processed at its state-of-the-art facility. This collaboration aims to explore the use of sustainable hemp-based fibers in creating high-quality denim while providing transparency in the supply chain, from raw materials to finished goods.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hemp Fiber Market Characteristics
3. Hemp Fiber Market Trends And Strategies
4. Hemp Fiber Market - Macro Economic Scenario
5. Hemp Fiber Market Size And Growth
…..
27. Hemp Fiber Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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