Hemp fiber possesses several advantages over other natural fibers like cotton due to its high tensile strength, durability, and breathability. It is increasingly being utilized to manufacture textiles, paper, insulation, construction materials, and composites. The global hemp fiber market provides an environmentally friendly alternative to consumers seeking sustainable products. 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 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Hemp fiber or hemp fibre is a long, strong and durable bast fiber that is extracted from the bark of the hemp plant. Hemp fibers have high tensile strength, are hypoallergenic, antimicrobial and breathable. They are widely utilized in manufacturing textiles, paper, insulation, construction materials, ropes, canvas fabric, carpet backing etc. Hemp fibers offer all the benefits of other natural fibers but with enhanced durability and strength. The demand for hemp fabrics and textiles is increasing owing to their eco-friendly production process which requires minimal use of chemicals, low carbon footprint and biodegradability.
Market key trends:
The increased demand for sustainable and eco-friendly products is a key trend driving growth in the global hemp fiber market. Hemp fiber production is more sustainable than other natural fibers as hemp plants absorb carbon dioxide at a high rate and do not require pesticides for growth. In agriculture, hemp cultivation helps improve soil fertility due to nitrogen fixation. There is also a growing awareness among consumers regarding the environmental benefits of hemp over other resources. This is fueling the adoption of hemp fibers in various end-use industries like textiles, automotive and construction. Additionally, advances in hemp processing and spinning technologies have improved the quality and versatility of hemp fibers, widening their applications.
Segment Analysis
The global hemp fiber market is dominated by textiles sub-segment. Hemp fiber is majorly used in textiles owing to its superior quality over other natural fibers such as cotton. Hemp fiber has high tensile strength, is resistent to mold and mildew. It also has wicking ability to absorb moisture away from the body. These properties make hemp fiber highly suitable for textiles and clothing. Other emerging application areas include composites, pulp and paper but textiles captures over 70% of market share currently.
Key Takeaways
The Global Hemp Fiber Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America currently holds the major market share due to increasing legalization of hemp cultivation. However, Asia Pacific region is poised to grow at the fastest pace led by countries like China, India and Vietnam. In China, production of hemp is a large industry due to supportive government policies and availability of arable land.
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.
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https://www.newswirestats.com/hemp-fiber-market-size-share-growth-outlook-2023/
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