Hemp Fiber Market Set for Exponential Growth

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Hemp Fiber Market Set for Exponential Growth
Hemp fiber is derived from the stalks of the hemp plant and finds application in industries such as textiles, paper, construction, automotive and insulation due to its desirable properties.

It provides an eco-friendly alternative to glass fibers and is known to be longer and stronger than cotton fibers. The global hemp fiber market is estimated to be valued at US$ 6.64 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growth in the Global Hemp Fiber Market Size is being driven by rising demand from the textile industry. Hemp fibers are being increasingly used in the production of fabrics, yarns and denim due to properties such as moisture absorption, temperature control, breathability and durability. According to the European Industrial Hemp Association, the global production of hemp textiles increased from 25,000 tonnes in 2016 to 35,000 tonnes in 2020. The market for hemp fabrics is expected to witness double digit growth over the forecast period with rising popularity of sustainable fabrics. Growth in end use industries such as automotive and construction will further support the demand for hemp fibers leading to a positive outlook of the market during the forecast period.

Segment Analysis

The global hemp fiber market is segmented by source into hemp stalk fiber and hemp hurd fiber. The hemp stalk fiber segment dominated the market in 2021 and is anticipated to continue its dominance over the forecast period. Hemp stalk fibers are more flexible, finer and softer than hemp hurd fibers, they are widely used in various applications like textiles, paper products and construction materials.

Key Takeaways

The global hemp fiber market is expected to witness high growth. The market size is projected to reach US$ 16.28 Bn by 2031 from US$ 6.64 Bn in 2024, expanding at a CAGR of 9.4% during the forecast period.

Regional analysis: Europe dominated the global hemp fiber market in 2021 with a share of over 30%, followed by Asia Pacific. Countries like France, the Netherlands and the United Kingdom are the major cultivators and consumers of hemp fiber in Europe. Rising use of hemp fiber in construction materials, textiles and animal bedding is propelling the market growth in the region. Asia Pacific is anticipated to witness the fastest growth during the forecast period, driven by growing adoption of hemp fiber in China, India, South Korea and other Southeast Asian countries.

Key players operating in the hemp fiber market are Agrovet, Indian Immunologicals Ltd., MSD Animal Health, Vallee SA, Bayer HealthCare, Brilliant Bio Pharma Ltd., Intervet, Biovet, Merial, China Animal Husbandry Co., Ltd., Biogénesis-BagÃ3 S.A, Vetal Animal Health Products S.A.VETAL Animal Health Products, and Vecol S.A. Agrovet dominates the Indian market while Vallee SA and MSD Animal Health are the leaders in Europe and North America respectively. Players are investing in research & development to widen the application scope of hemp fiber and improve production techniques.

Get More Insights On This Topic: https://www.pressreleasebulletin.com/hemp-fiber-market-size-share-analysis-2023-2030/

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