Hemp Fiber Market to Grow with a CAGR of 7.00% Globally through 2029
Surge in research and development activities is expected to drive the Global Hemp Fiber Market growth in the forecast period, 2025-2029.
According to
TechSci Research report, “Hemp Fiber Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2019-2029F”, the Global Hemp
Fiber Market stood at USD 378.56 million in 2023 and is anticipated to grow
with a CAGR of 7.00% in the forecast period, 2025-2029. Initiatives taken by government to promote the adoption of hemp fiber are propelling the growth of market in forecast period. Governments are actively involved in fostering
international collaboration and trade agreements to streamline the export and
import processes for hemp fiber and its associated products. This comprehensive
approach encompasses various actions, including the negotiation of trade
agreements tailored to hemp-related trade, the alignment of regulatory
frameworks to ensure consistency across borders, and active participation in
global forums and working groups dedicated to the hemp fiber industry.
These
efforts aim to create a conducive environment for the smooth flow of hemp fiber
and related goods across international markets, facilitating trade and
promoting the growth of the global hemp industry. Additionally, by engaging in
international cooperation and dialogue, governments seek to address regulatory
barriers, promote standardization, and seize opportunities for market
expansion, thereby fostering a thriving and interconnected global hemp
marketplace.
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Hemp Fiber Market”
In the realm of research and development, considerable
attention is being devoted to the cultivation of high-yield hemp varieties that
boast favorable fiber attributes, including augmented tensile strength and
heightened resilience against pests and diseases. This strategic focus
underscores a concerted effort to enhance the genetic makeup of hemp strains,
thereby ensuring their viability and productivity in commercial settings. By
prioritizing the development of cultivars with these sought-after
characteristics, stakeholders aim to fortify the hemp fiber supply chain,
bolstering its capacity to meet evolving market demands while mitigating
potential agricultural challenges.
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. The organic certification plays a pivotal role as a
strategic marketing instrument, empowering producers to distinguish their
offerings within a fiercely competitive marketplace. Through the designation of
their hemp fiber as organic, producers strategically cater to discerning
consumers who prioritize products aligning with their ethical and environmental
values. This labeling not only appeals to conscientious consumers but also signifies
a commitment to sustainable and environmentally friendly practices.
Consequently, this strategic differentiation fosters a competitive advantage
for organic hemp fiber amidst the global market landscape. This distinction
reinforces consumer trust, cultivates brand loyalty, and contributes to the
sustained dominance of organic hemp fiber in the marketplace.
Based on region, North America is anticipated to dominate the global hemp
fiber market during forecast period.
Considerable capital has been allocated towards the
development of infrastructure to facilitate hemp cultivation, processing, and
the advancement of related products across North America. This strategic
investment encompasses the establishment and enhancement of processing
facilities, research laboratories, and logistical networks. These investments
aim to fortify the foundation necessary for the expansion and sustainability of
the burgeoning hemp industry in the region. Additionally, funding has been
allocated towards the implementation of state-of-the-art technologies and
equipment, as well as the training of skilled personnel, to ensure optimal
efficiency and quality throughout the hemp supply chain. Such infrastructure
development initiatives underscore the commitment of stakeholders to foster
innovation, competitiveness, and long-term viability within North America's
hemp sector.
Major companies
operating in Global Hemp Fiber Market are:
- Hempco Food & Fiber Inc
- CBD Biotechnology Co Ltd
- Ecofibre Ltd
- Hemp Inc
- GenCanna Global, Inc.
- HempFlax BV
- Hemp Oil Canada Inc
- HemPoland Sp. z o.o.
- Dun Agro BV
- Colorado Hemp Works, LLC
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“Hemp fibers are progressively finding their way into
sports and outdoor equipment, such as clothing, shoes, and gear, owing to their
durability, moisture-wicking capabilities, and environmentally friendly
qualities. Athletes and outdoor enthusiasts are gravitating towards
hemp-infused products for their superior performance features and
sustainability credentials, fueling the demand for inventive solutions in the
sports and outdoor sector. This pattern underscores the adaptability of hemp
fibers and their capacity to revolutionize established markets by offering
eco-conscious alternatives.” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Global Hemp Fiber Market By Source
(Organic, Conventional), By Application (Food, Beverages, Personal Care
Products, Textiles, Pharmaceuticals, Others), By
Region, By Competition Forecast & Opportunities, 2019-2029F”,
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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