With the hemp-derived fiber market experiencing exponential growth, The Business Research Company, a renowned global market research and consulting firm with a widespread presence, has updated its reports with the most recent data on hemp fiber spanning from 2024 to projections extending up to 2033, revealing promising outlooks.
Published on March 8, The Business Research Company’s “Hemp Fiber Global Market Report 2024” offers a comprehensive overview of the market landscape. According to the report’s forecasts, the hemp fiber market is anticipated to surge to $50.38 billion by 2028, boasting a compound annual growth rate (CAGR) of 35.0%.
This remarkable growth trajectory is attributed to the increasing legalization of industrial hemp cultivation. Forecasts indicate that the Asia-Pacific region is poised to dominate the hemp fiber market share. Key players in this burgeoning market segment include Shenyang Beijiang, BaFa Holding BV, Plains Industrial Hemp Processing Ltd., Industrial Hemp Manufacturing LLC, and Hemp Oil Canada Inc.
Describing hemp fiber as one of the robust natural fibers derived from the cannabis plant family, the report delineates the process of extracting these fibers from the hemp plant’s stem through a technique known as retting. These fibers are then spun together to form a continuous thread, which finds applications in textiles.
The report also distinguishes between the two main types of hemp fiber: long (bast) fibers and short (core) fibers. Long fibers, sourced from the stems of dicotyledonous plants, are prized for their versatility in textiles and cordage. Additionally, the report highlights the various applications of hemp fiber across industries such as food, beverages, personal care products, textiles, pharmaceuticals, and more.
Further segmentation of the hemp fiber market is conducted based on type (long fibers vs. short fibers), source (organic vs. conventional), application, and geography, covering regions including North America, South America, Asia-Pacific, Eastern Europe, Western Europe, and the Middle East and Africa.
The comprehensive market report encompasses a range of topics, including market characteristics, trends and strategies, macroeconomic scenarios, growth prospects, competitor landscapes, company profiles, key mergers and acquisitions, and more.
As the hemp fiber market continues to burgeon, propelled by regulatory shifts and increasing consumer demand for sustainable materials, stakeholders are poised to capitalize on the vast opportunities presented by this burgeoning sector.
Photo by: Textile Exchange
