Global Hemp Fiber Market is expected to reach USD 73.55 billion by 2030
As per the report published by Kings Research, the global Hemp Fiber Market was valued at USD 7.55 billion in 2022 and is projected to reach USD 73.55 billion by 2030, growing at a CAGR of 33.57% from 2023 to 2030.
The natural properties of hemp fibers, including their increased absorbency to reactive dyes, barrel dyes, and sulfur dyes, as well as their superior UV ray resistance, contribute to hemp fabric being less prone to fading when compared to cotton fabrics. The hemp fiber market is growing at a rapid pace owing to the increasing number of production facilities to accelerate its market expansion in textiles and high-end products such as paper and composites. Although the high cost of production restricts the market growth. The remarkable expansion of the market is propelled by the diverse environmental advantages associated with hemp cultivation, including CO2 absorption, enhanced soil quality, and increased biodiversity. These benefits play a crucial role in mitigating climate change and rejuvenating ecosystems. Additionally, the versatility of hemp, which can be utilized in various applications, including waste reduction in industrial processes, further contributes to its market growth.
- Based on the source, the conventional segment is expected to hold the largest market share of 68.53% by 2030
- Based on application, the textile segment generated the highest market value of USD 3.20 billion in 2022
- On the basis of region, Asia Pacific accounted largest market share of 45.63% in 2022
Schweitzer-Mauduit International, Inc. Launched Botani to Provide Innovative Product in the Market
January 2020: Schweitzer-Mauduit International, Inc. launched Botani, a premium hemp and botanical solutions company offering innovative hemp wrappers, fillers, and rolling/raw materials. Botani Hemp Wraps are self-adhesive for dull use and moisture optimized for slow-burning, safe storage, and longer shelf life and offer fully customizable rolls and prerolls to differentiate the hemp and natural fiber experience.
EnviroTextiles is Focusing on Expansion Strategy To Expand their Production Facilities
January 2023: EnviroTextiles expanded its hemp fabrics to customers in more than 74 countries from production facilities in Eastern Europe and China. The company is building natural fiber products that are produced sustainably through supply chain standardization.
Increasing Number of Research and Development Activities is Augmenting the Market Growth
Over the past few years, the hemp fiber market has expanded its market potential owing to its use to make clothing, rope, and paper. The significant innovations have accelerated its usability with the help of several research and development activities which are underway to exploit the full potential of this versatile material. Market innovators are developing new processing methods that make hemp fibers softer and more comfortable, and new applications are being created for the material, such as eco-friendly denim. As research and development continue, it is likely that more innovative applications will emerge for hemp fiber, making it an increasingly important material in many industries.
Limited Availability of Standardized Regulations Pose a Challenge for the Market
The hemp fiber market has grown significantly in recent years, fueled by the growing demand for sustainable and environmentally friendly products. Despite the growth potential of the hemp fiber market, there are still several challenges that need to be addressed. One of the biggest obstacles is the lack of infrastructure for hemp fiber processing. Processing hemp fiber for commercial use requires special equipment, which is a significant capital expenditure. Developing hemp fiber infrastructure is a challenge in many countries, and quality assurance is a major challenge for small businesses. Regulations regarding the cultivation and production of cannabis vary greatly from country to country, which can make it difficult for companies to navigate the market. As the industry continues to expand, challenges such as infrastructure, regulation, and supply chain must be addressed to reach the full potential of the market.
Europe is Expected to Grow at a CAGR of 32.4% over the Projection Period
The proliferating use of hemp for a variety of commercial and industrial products such as textiles, rope, paper, biodegradable plastics, biofuels, insulation, animal feed, and food. Hemp fiber is the main product of the hemp plant and many efforts are being made in Europe to improve it and increase its use. In recent years, the trend has shifted towards the use of economical and environmentally friendly products, which has led to the revival of the hemp fiber industry in Europe. With an increasing demand for the market, countries such as France, Bulgaria, and the Netherlands have developed a regulatory framework for hemp cultivation, with more countries following suit. European manufacturers and traders are increasingly using hemp fibers in their products, which is a positive step towards creating a sustainable textile industry.
Asia-Pacific region is the Most Dominating Region in Hemp Fiber with a Valuation of USD 3.44 billion in 2022
The growing demand for ecological products and the growing interest in sustainable textiles. Asia Pacific is the fastest-growing region owing to the dietary benefits of its oil, and rising demand from the cosmetics, and personal care industries is expected to drive market expansion. The introduction of encouraging regulation relevant to the cultivation and convention of hemp-based products in the United States and Canada is expected to influence the market over the forecast period.
China is the most significant producer of hemp globally and the government has encouraged the development of the hemp industry to create new economic opportunities and promote sustainable development. As a result, the country has invested heavily in research and development, infrastructure, and the regulatory framework supporting the sector. India is also emerging as a major producer of hemp fiber in the Asia-Pacific region. Several countries in the region, such as Japan and the Philippines, also have a long history of using hemp fibers in textiles, it is likely that the region's industry will continue to expand and innovate over the forecast period.
Key Players in the Market are Launching and Expanding their Poduct Potfolio to Expand their Business Operations
The global hemp fiber industry is fragmented in nature with major such as Canvaloop, Cone Denim LLC, Delta Agriculture, Dun Agro Hemp Group, Ecofibre Ltd., EnviroTextiles LLC, Konoplex LLC, Panda Biotech, LLC, Shanxi Greenland Textile Co. Ltd., Tiger Fiber, TOYOSHIMA & Co., Ltd. The key players are concentrating on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions.