Hemp Fiber Market Is Estimated To Witness High Growth Owing To...

Hemp Fiber Market Is Estimated To Witness High Growth Owing To Increasing Demand For Sustainable Textiles

Posted 2023-12-21 12:30:56

Hemp fiber is obtained from the hemp plant (Cannabis Sativa) and is used to make textiles, ropes, paper and several other products. Hemp fibers are highly sustainable and durable, with properties similar to cotton and flax. Hemp textiles and other hemp-based products are gaining increasing popularity due to their eco-friendly nature and minimal environmental impact. Hemp requires less water, land and fertilizers to cultivate compared to other natural fibers.

The global Hemp Fiber Market is estimated to be valued at US$ 5.76 Bn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics: The hemp fiber market is expected to exhibit high growth driven by increasing demand for sustainable textiles worldwide. As highlighted earlier, one of the key drivers for the market growth is the rising demand for eco-friendly and sustainable textiles. Hemp fiber is increasingly being adopted by textile and apparel manufacturers owing to its low environmental footprint during production. Additionally, hemp acreage has been increasing globally to meet the growing demand from industries. For instance, according to Vote Hemp, a US-based lobbying group, the total hemp cultivated area in the US jumped from 543 acres in 2018 to 78,176 acres in 2021. Countries including the US, Canada, China, France and others are contributing to the increasing global hemp cultivation which is subsequently fueling the demand for hemp fibers.

SWOT Analysis
Strength:
- Hemp fiber is more durable and resistant to moisture damage than cotton. It has high tensile strength and is able to be spun into a fine, soft yarn. It can also be blended with other natural fibers like linen or silk for a variety of textiles.
- Hemp fiber is naturally antibacterial, mold-resistant, and provides excellent UV protection. Textiles made from hemp are long-lasting and require little maintenance or cleaning.

Weakness:
- Hemp requires more land and resources compared to synthetic fibers in order to grow the crop and process the fibers. This adds to production costs.
- Hemp farming and processing has a learning curve since it is not as widely commercially grown as cotton or other synthetic fibers. Startup costs can be higher until economies of scale are reached.

Opportunity:
- Consumer demand for sustainable, eco-friendly products made from natural fibers is growing. Hemp offers a durable, low-impact alternative to petroleum-based synthetics like polyester and nylon. This increasing "green" orientation in the textiles market presents an opportunity.
- Regulations around industrial hemp have loosened in many countries and states in recent years. With more land available to farm hemp, production capacity for hemp fiber can expand to meet demand.

Threats:
- Price fluctuations and availability of substitute fibers like cotton or synthetic blends impact the competitiveness and margins of hemp fiber products.
- Strict regulations still exist in some regions which can impede the transportation of hemp fibers across borders or the development of an international supply chain.

Key Takeaways

The global Hemp Fiber Market Share is expected to witness high growth over the forecast period of 2023 to 2030, expanding at a CAGR of 22% . North America currently dominates the market due to growing acres harvested in Canada and the United States each year. Production is becoming more efficient as farming techniques and processing methods improve.

Regional analysis:
North America is the largest and fastest growing regional market for hemp fibers. Canada and the US have ideal climates for hemp cultivation and both countries have seen harvest acreage increase significantly in recent years. In 2021, Canada cultivated over 66,000 acres of hemp. The US is becoming a major producer as well with over 400,000 acres grown according to estimates.

Key players:
Key players operating in the hemp fiber market are HempFlax, Cavac Biomateriaux, BaFa, Hemp Planet, Dunagro, American Hemp, Hempline, Hemp Inc, Ecofibre, GenCanna, Hemp Oil Canada, Hemp Poland, Plains Industrial Hemp Processing, Colorado Hemp Works, MH Medical Hemp, Hempco, Hempfield Farms, Hemp Tech.