by 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 Overview:
Hemp fiber is obtained from the stalks of the hemp plant. It is a natural fiber with high tensile strength, durability, and low density. It is used in producing textiles, papers, ropes, biocomposites, insulation and construction materials due to its great strength and durability. Hemp fiber is more sustainable than cotton or synthetics as it requires less pesticides, herbicides and water to grow. The fiber is renewable, recyclable and biodegradable. It provides thermal insulation and has great moisture wicking properties.
Market key trends:
One of the key trends in the hemp fiber market is the growing demand for sustainable textiles. Consumers are increasingly preferring clothing made from natural fibers like hemp over synthetics due to environmental concerns. The textile industry is also shifting focus towards adoption of natural fibers to meet sustainability goals. Hemp fiber is emerging as a viable alternative to cotton as it requires less pesticides and water for cultivation. Another trend is the increasing use of hemp composites in the automotive industry. Automakers are incorporating hemp-based biocomposites in interior trims, door panels and seats due to the fiber’s strength, light weight and insulation properties. This helps reduce vehicular weight and improve fuel efficiency.
Porter’s Analysis
Threat of new entrants: Low barriers to entry as capital requirements for hemp fiber production is low However, established brands have economies of scale
Bargaining power of buyers: High as buyers can switch between suppliers easily due to standardized nature of products
Bargaining power of suppliers: Moderate as production of hemp requires specialized machinery and techniques
Threat of new substitutes: Moderate threat from synthetic substitutes and other natural fibers like cotton and linen
Competitive rivalry: High as the market has numerous global and regional players competing on price and quality
Key Takeaways
The Global Hemp Fiber Market Size is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing demand from textiles and paper industries. Production of hemp requires less water as compared to cotton and yields more fiber per acre.
Regional analysis:
North America dominates the global hemp fiber market and is expected to continue its dominance, owing to the growing demand from the construction and automotive industries in the US. Europe is also a major market for hemp fiber owing to supportive regulatory environment in countries like France and the UK. Asia Pacific is expected to be the fastest growing market led by China due to low production cost and large availability of arable lands.
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, Tilray, Canopy Growth.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
