Press release
Global Hemp Fiber Market Projected to Grow at 35.6% CAGR, Reaching $70.93 Billion by 2029
Hemp Fiber
What Will the Hemp Fiber Industry Market Size Be by 2025?
The market size for hemp fiber has experienced substantial growth over the past few years. It is projected to expand from $15.18 billion in 2024 to $20.96 billion in 2025, growing at a compound annual growth rate (CAGR) of 38.0%. The significant growth during the historic period is due to a resurgence in the cultivation of hemp, commitment to environmental sustainability, demand from the textile and apparel industries, agricultural diversification, improvement of soil rich in nutrients, and increased awareness towards sustainable textile options.
What's the Long-Term Growth Forecast for the Hemp Fiber Market Size Through 2029?
The size of the hemp fiber market is predicted to expand significantly in the coming years, reaching a value of $70.93 billion by 2029 and showing a compound annual growth rate (CAGR) of 35.6%. Factors contributing to this growth during the forecast period include laws favoring hemp farming, worldwide population increase, the emphasis on a circular economy, and the spread of hemp-derived textiles. Key trends to watch during this forecast period include sustainable packaging using hemp fiber, progress in processing methods, pioneering product developments, its application in the paper and pulp sector, and its involvement in the automotive and construction industries.
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What Are the Key Growth Drivers Fueling the Hemp Fiber Market Expansion?
The hemp fiber market is projected to grow as cultivation of industrial hemp becomes increasingly legal. Derived from the plant species sativa, industrial hemp is utilized around the world for a host of industrial and consumer goods. The growth and use of hemp for its fibers and seeds, required in the manufacture of hemp fiber, is bolstered by progressive hemp legislation. In a remarkable turn of events, support for legalization reached 45% in February 2024 according to the Australian Institute of Health and Welfare-an Australian government entity. This was the first instance when advocates for legalization outnumbered the 39% who supported stronger penalties for selling or supplying . As such, the rising trend of industrial hemp legalization is fueling the expansion of the hemp fiber market.
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What Are the Key Trends Driving Hemp Fiber Market Growth?
Leading organizations in the hemp fiber market are innovating and introducing products like hemp-based menstrual hygiene items to establish a competitive presence in the market. Menstrual hygiene products pertain to personal care items used to control menstrual flow during a woman's menstrual cycle. For example, in April 2022, Regenerative International Female Inc., a company based in the US that specializes in personal care products, introduced a hemp-based range of menstrual hygiene products, presenting an environmentally friendly choice in the female hygiene industry. The pads, which come in three different absorbency levels, are made with a combination of hemp and organic cotton fibers for the top layer, a core made from tree pulp without using super absorbent polymers (SAPs), and a completely biodegradable backsheat made from sugar-based plastic. The firm highlights the antimicrobial nature of hemp, and plans to improve pad absorbency by partnering with biotech companies, thereby providing a more sustainable and comfortable alternative for women looking for non-synthetic choices in feminine hygiene.
How Is the Hemp Fiber Market Segmented?
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
Subsegments:
1) By Long (Bast) Fibers: Used In Textiles, Ropes, And Composite Materials, Known For Strength And Durability, Applications Include Apparel, Upholstery, And Industrial Textiles
2) By Short (Core) Fibers: Used In Insulation, Paper, And Biodegradable Plastics, Softer And Less Strong Compared To Long Fibers, Applications Include Animal Bedding, Insulation Materials, And Biocomposites
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Which Companies Are Leading the Charge in Hemp Fiber Market Innovation?
Major companies operating in the hemp fiber market include 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, 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.
Which Regions Are Leading the Global Hemp Fiber Market in Revenue?
Asia-Pacific was the largest region in the hemp fiber market in 2024. The regions covered in the hemp fiber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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