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Hemp Fiber Market 2024-2033: Latest Trends, Recent Developments, Growth Strategy And Major Players
Hemp Fiber Market Share
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Major companies operating in the hemp fiber market are developing new products such as hemp-based period care products to gain a competitive edge in the market. Period-care products refer to a category of personal hygiene items designed to manage menstrual flow during a woman's menstrual cycle. For instance, in April 2022, Regenerative International Female Inc., a US-based personal care products company, launched a hemp-based line of period care products, offering an eco-friendly alternative in the feminine hygiene sector. The pads, available in three absorbencies, feature a blend of hemp and organic cotton fibers for the topsheet, a tree pulp core without super absorbent polymers (SAP), and a fully biodegradable sugar-based plastic backsheet. The company emphasizes the antimicrobial properties of hemp, and it aims to enhance pad absorbency through collaboration with biotechnology partners, contributing to a more sustainable and comfortable option for women seeking alternatives to synthetic materials in feminine care.
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Major Key Players of the Market:
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.
Hemp Fiber Market 2024 Key Insights:
• 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%.
• Rising Legalization Initiatives Propel Growth In The Hemp Fiber Market
• Product Innovations Transforming The Hemp Fiber Market
• Asia-Pacific was the largest region in the hemp fiber market in 2023
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