Global Hemp Oil Market Size, Trends, Share, Forecast 2030

The Hemp Fiber Global Market Report 2023 by The Business Research Company, provides hemp fiber market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Hemp Fiber Global Market Report 2023, the global hemp fiber market size will grow from $7.94 billion in 2022 to $10.94 billion in 2023 at a compound annual growth rate (CAGR) of 37.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hemp fiber market size is expected to grow to $36.21 billion in 2027 at a CAGR of 34.9%.

Increasing legalization to cultivate industrial hemp is expected to propel the growth of the hemp fiber market going forward. Industrial hemp is obtained from the plant species Cannabis sativa and has been used globally to produce a variety of industrial and consumer products. Industrial hemp is grown for its fiber and seeds, which are used for the manufacture of hemp fiber. As a result, increasing legalization of industrial hemp helps to increase the production of hemp fiber.

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The hemp fiber market is segmented:

1) By Type: Long (bast) Fibers, Short (core) Fibers

2) By Source: Organic, Conventional

3) By Application: Food, Beverages, Personal Care Products, Textiles, Pharmaceuticals, Other Applications

New product innovations have emerged as the key trend gaining popularity in the hemp fiber market. Major companies operating in the hemp fiber sector are focused on introducing product innovations to sustain their position. For instance, in June 2020, Precision Extraction, a US-based manufacturer of hemp extraction equipment, launched the CRS 2000 (CryoMass Refinement System), which is a solvent-free harvesting and refining system. It is used for both drying and purifying biomass from cannabis and hemp plants at a rate of up to 600,000 grams per hour. CRS 2000 drastically increases solvent-based cannabis and hemp, which helps to increase extraction volume by up to 400%.

The hemp fiber market report table of contents includes: