Hemp Fiber Market to Grow with a CAGR of 7.00% through 2028
Technological
advancements in processing and rising demand for sustainable materials is
expected to drive the Global Hemp Fiber Market growth in the forecast period,
2024-2028.
According to
TechSci Research report, “Hemp Fiber Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Hemp
Fiber Market stood at USD 378.56 million in 2022 and is anticipated to grow
with a CAGR of 7.00% in the forecast period, 2024-2028. This can be attributed
to consumer awareness and education. Increased awareness of hemp's
environmental benefits and its distinction from marijuana has played a crucial
role in driving market growth. Consumer education campaigns have helped dispel
myths and misconceptions, fostering greater acceptance of hemp-based products.
Furthermore,
with the increasing demand for hemp fiber products, there is a growing emphasis
on standardization and certification. Establishing clear quality standards and
certification processes will enhance consumer confidence in hemp fiber
products. This trend reflects the industry's commitment to transparency and
quality assurance.
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"Global Hemp Fiber Market.”
The surge in
demand for hemp fibers across various sectors, including automotive,
construction, food and beverage, personal care, and textiles, particularly in
emerging regions, coupled with increased investments in hemp-based product
manufacturing, is driving accelerated growth in the global hemp fiber market.
The growing awareness among consumers regarding the therapeutic properties of
hemp, combined with the affordability of hemp cultivation, is motivating
farmers to diversify their crops, further impacting the global hemp fiber
market. Additionally, the expanding use of hemp in various food applications,
the increasing legalization of hemp cultivation, a rising consumer trend
influenced by social media influencers promoting the product's benefits, the prevalence
of chronic diseases, and the occurrence of mergers and acquisitions among key
industry players are all contributing factors positively influencing the global
hemp fiber market.
The Global Hemp
Fiber Market is segmented into source, application, regional distribution, and company.
Based on its source,
Organic hemp fiber is poised to dominate the global market for several
compelling reasons. Firstly, the increasing global emphasis on sustainability
and eco-friendly practices has led consumers and businesses alike to prioritize
organic and environmentally conscious products. Organic hemp cultivation aligns
with these values, as it involves minimal use of synthetic pesticides and
fertilizers, reducing the environmental impact compared to conventional farming
methods. Secondly, the growing awareness of health and wellness benefits
associated with organic products has driven demand for organic hemp fiber.
Consumers are increasingly seeking products free from chemical residues, making
organic hemp an attractive choice. Thirdly, the textile industry's shift towards
sustainable and biodegradable materials has positioned organic hemp fiber as a
frontrunner, offering a renewable resource that requires less water and land
compared to traditional crops. As regulatory frameworks worldwide evolve to
support sustainable practices, businesses investing in organic hemp are likely
to gain a competitive edge in the burgeoning global hemp fiber market.
Based on application,
Food is anticipated to dominate as a primary application in the global hemp
fiber market for various compelling reasons. Firstly, the nutritional profile
of hemp fibers is gaining recognition, with rich sources of essential fatty
acids, proteins, and other vital nutrients. As consumer awareness of the health
benefits associated with hemp-derived food products increases, the demand for
hemp fiber in the food industry is expected to surge. Additionally, the
versatility of hemp fibers allows for their incorporation into a wide range of
food products, including snacks, cereals, and beverages, providing
manufacturers with an innovative and sustainable ingredient. Furthermore, the
rising trend of plant-based diets and the demand for alternative protein
sources align seamlessly with hemp fibers, positioning them as a key player in
the food industry's pursuit of sustainable and nutritious solutions. As
regulatory environments evolve to accommodate hemp-based food products,
businesses investing in the integration of hemp fibers are likely to capitalize
on the growing consumer preference for healthy and sustainable food options on
a global scale.
Major companies
operating in Global Hemp Fiber Market are:
- Hempco Food & Fiber Inc
- CBD Biotechnology Co Ltd
- Ecofibre Ltd
- Hemp Inc
- GenCanna
- HempFlax BV
- Hemp Oil Canada Inc
- HemPoland Sp. z o.o.
- Dun Agro Hemp Group
- Colorado Hemp Works, LLC
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“The global hemp
fiber market is on the cusp of a transformative era marked by innovation,
diversification, and sustainability. The upcoming trends signal a promising
future for hemp fibers as they gain prominence in mainstream industries and
consumer markets. As stakeholders collaborate, technologies advance, and
awareness spreads, the global hemp fiber market is poised to flourish in the
years to come,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Hemp Fiber Market By Source
(Organic, Conventional), By Application (Food, Beverages, Personal Care Products,
Textiles, Pharmaceuticals, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Hemp Fiber Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Hemp Fiber Market.
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