DUBAI, UAE, Jan. 22, 2024 /PRNewswire/ -- As per the report published by Kings Research, the global Hemp Fiber Market revenue was recorded at USD 7.55 billion in 2022 and is anticipated to grow to USD 73.55 billion by 2030, exhibiting a 33.57% CAGR over the forecast period. The growth of the hemp fiber industry is backed by its growing utilization in both the pulp & paper industry and the textile sector. Additionally, the increasing inclination toward natural fibers as reinforcement further contributes to this trend. Hemp fiber stands out as a sustainable substitute for numerous conventional materials, gaining popularity across various products and applications owing to its remarkable elasticity and durability. Consequently, the hemp fiber market is experiencing rapid growth.
Hemp fiber is a type of fabric that is made from the fibers of the stalks of the Cannabis sativa plant. It is well-known for its exceptional strength and durability, which makes it suitable for various purposes. Hemp fiber is widely recognized as one of the strongest and most rigid natural fibers available, and thus, it is used as reinforcement in composite materials.
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Trending Now: Toyoshima Backs FyberX in Hemp Fiber Production
In March 2023, Toyoshima invested in FyberX, a prominent hemp fiber producer, through its venture capital fund, Fashion and Technology No.2 Investment Enterprise Partnership. FyberX is dedicated to providing regenerative hemp fiber that benefits farmers, improves soil health, revitalizes rural communities, and creates opportunities in the textile industry.
Competitive Landscape
Prominent players in the global hemp fiber market are focusing on strategic agreement and development to boost their competitiveness. For instance, in April 2023, Panda Biotech collaborated with the Southern Ute Growth Fund to advance sustainable hemp production in the United States. The joint effort was geared toward expanding production facilities with a focus on sustainable solutions for the future.
Key players profiled in the global hemp fiber market include:
- 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.
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Increasing Preference for Organic Hemp Fiber Sources to Aid Hemp Fiber Market Progress
Based on source, the market is bifurcated into conventional and organic sources.
The organic segment is poised to maintain its predominant position through the forecast period, depicting a staggering 36.91% CAGR, driven by the rising demand for organic products. The increasing preference for organic hemp fiber is propelling its displacement of conventional counterparts across diverse industries such as engineering, automobile, aerospace, and construction. This transition is predominantly influenced by the advantageous combination of lower costs and superior mechanical properties, specifically noteworthy in terms of tensile and flexural characteristics. Organic hemp fiber's growing popularity underscores its increasing adoption as a preferred choice in various sectors, thereby contributing to its sustained dominance in the market.
Inherent Hypoallergenic Nature of Hemp Fiber to Spur Its Application in Textile Settings
Based on application, the hemp fiber market is segmented into paper manufacturing, textiles, construction, biodegradable plastics, automotive, and others.
The textile segment is anticipated to accrue a significant valuation of USD 28.62 billion by 2030. This remarkable growth can be attributed to the inherent hypoallergenic nature of hemp fibers, which ensures that they do not irritate the skin. Notably, hemp possesses resistance to ultraviolet radiation, safeguarding it against degradation or fading in sunlight exposure. The exceptional properties of hemp fibers, including high absorbency, commendable thermal characteristics, and noteworthy electrical attributes, such as low static charge and superior heat absorption, contribute significantly to its advantages within the textile industry. These characteristics position hemp as a material of choice, driving segmental growth.
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Rising Preference for Natural Fibers and Ecological Concerns to Drive Hemp Fiber Market Growth
The increasing need for hemp fiber arises from a rising preference for natural fibers as reinforcement in composite materials. This demand is driven by ecological concerns, regulatory requirements, and technological advancements. Hemp fibers are becoming a global interest in industries like automotive, electrical, construction, and packaging due to their environmentally friendly, biodegradable, and renewable properties. They are emerging as a popular alternative to traditional textiles by replacing chemical-intensive and labor-intensive production methods. As sustainable textiles gain more traction, the demand for hemp fiber in the textile industry is expected to grow significantly in the coming years.
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Growing Demand for Sustainable and Eco-Friendly Products in APAC to Augment Hemp Fiber Market Revenue
Asia Pacific region led the global hemp fiber market and is foreseen to witness strong growth at 37.65% CAGR over the analysis period. This dominance is anticipated to continue over the review period due to a surge in the adoption of hemp fiber across diverse applications within the region, including textiles, clothing, paper, and construction materials. The growing interest in hemp fiber within the region is primarily attributed to surging environmental concerns and a growing demand for sustainable and eco-friendly products. The region has witnessed a palpable shift toward hemp fiber utilization, reflecting an increased consciousness of environmentally responsible practices.
Furthermore, the appeal of hemp fiber in the region is accentuated by its lightweight and breathable attributes, surpassing alternative materials in these aspects. The unique texture of hemp fiber has captured consumer attention, bolstering its desirability across various industries. A notable development in recent years is the rise of hemp concrete, a sustainable building material crafted from hemp fiber and lime. This eco-friendly alternative to conventional materials such as concrete and brick has gained popularity, contributing to the mounting uptake of hemp fiber in the construction sector.
The burgeoning interest from both consumers and producers in hemp fiber is further fueled by the establishment of additional processing plants and robust supply chains. These developments support the seamless integration of hemp fiber into various industries, indicative of a growing and sustainable market presence in the Asia-Pacific region.
Increased Adoption of Hemp Fiber in Europe for Textile Applications to Boost Market Development
The Europe hemp fiber market is projected to experience the fastest growth over the anticipated timeframe. This can be attributed to the increasing adoption of hemp fiber in various applications such as textiles, ropes, paper, and building materials. Hemp fibers are being preferred as a sustainable alternative to cotton due to their lower water and chemical requirements. As a result, they are gaining popularity among producers and consumers in Europe, in keeping with the region's focus on promoting sustainable materials.
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Key Points from TOC:
Chapter 1 Introduction of The Global Hemp Fiber Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Hemp Fiber Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Hemp Fiber Market, By Source
Chapter 7 Global Hemp Fiber Market, By Application
Chapter 8 Global Hemp Fiber Market, By Geography
Chapter 9North America
Chapter 10Europe
Chapter 11Asia Pacific
Chapter 12Middle East & Africa
Chapter 13Latin America
Chapter 14 Global Hemp Fiber Market Competitive Landscape
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
Chapter 15 Company Profiles
15.1 CanvaLoop Fibre Private Ltd.
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Product Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Cone Denim LLC
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Product Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 Delta Agriculture
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Product Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Dun Agro Hemp Group
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Product Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
15.5 Ecofibre Ltd.
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Product Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis
Continued…….
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