Categories: Market Research

Hemp Fiber Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Hemp Fiber Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hemp Fiber Global Market Report 2024, The hemp fiber market size has grown exponentially in recent years. It will grow from $11.05 billion in 2023 to $15.15 billion in 2024 at a compound annual growth rate (CAGR) of 37.2%. The growth in the historic period can be attributed to renewed interest in hemp cultivation, environmental sustainability, textile and apparel industry demand, diversification in agriculture, nutrient-rich soil improvement, awareness of sustainable textile choices.

The hemp fiber market size is expected to see exponential growth in the next few years. It will grow to $50.38 billion in 2028 at a compound annual growth rate (CAGR) of 35.0%. The growth in the forecast period can be attributed to legislation supporting hemp cultivation, global population growth, focus on circular economy, expansion of hemp-based textiles. Major trends in the forecast period include hemp fiber-based sustainable packaging, advancements in processing technologies, innovations in product development, adoption in paper and pulp industry, integration in automotive and construction.

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. For instance, in January 2021, the US Department of Agriculture announced the final rule regulating the production of hemp in the United States. The rules are issued under Section 10113 of the law. This has implicitly legalized the manufacturing and selling of Delta-8 THC, which contains minor psychoactive substances like the legally banned Delta-9 (marijuana). Therefore, the increasing legalization of cultivating industrial hemp is driving the growth of the hemp fiber market.

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The hemp fiber market covered in this report 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

Major companies operating in the hemp fiber market are forming partnerships to develop new products and strengthen their positions in the market. Partnerships and collaborations in the hemp fiber market drive innovation, optimize supply chains, and foster industry-wide growth by leveraging collective expertise, addressing regulatory challenges, and expanding market reach. For instance, in April 2021, Artistic Garment Industries, a Pakistan-based garments company, partnered with Panda Biotech LLC, a US-based industrial hemp company, to integrate AGI Denim’s denim manufacturing technologies with Panda Biotech’s US-grown industrial hemp processed at its state-of-the-art facility. This collaboration aims to explore the use of sustainable hemp-based fibers in creating high-quality denim while providing transparency in the supply chain, from raw materials to finished goods.

The hemp fiber market report table of contents includes: