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LONDON, GREATER LONDON, UNITED KINGDOM, November 12, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The hemp fiber market has experienced exponential growth in recent years. It is projected to rise from $11.05 billion in 2023 to $15.15 billion in 2024, with a compound annual growth rate (CAGR) of 37.2%. The growth during the historical period can be attributed to a resurgence in interest in hemp cultivation, a focus on environmental sustainability, demand from the textile and apparel industry, diversification in agricultural practices, improvements in nutrient-rich soil, and increased awareness of sustainable textile options.
What Are the Market Size Estimates for the Global Hemp Fiber Market and Its Expected Growth Rate?
The hemp fiber market is expected to experience exponential growth in the coming years, projected to reach $50.38 billion by 2028, with a compound annual growth rate (CAGR) of 35.0%. This anticipated growth during the forecast period can be linked to legislation promoting hemp cultivation, global population increase, a focus on a circular economy, and the expansion of hemp-based textiles.
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What Are The Primary Growth Drivers Of The Hemp Fiber Market?
The growing legalization of industrial hemp cultivation is anticipated to drive the growth of the hemp fiber market in the future. Industrial hemp, derived from the Cannabis sativa plant species, has been utilized worldwide to produce a wide range of industrial and consumer products. It is cultivated for its fiber and seeds, which are essential for manufacturing hemp fiber. Consequently, the increasing legalization of industrial hemp is expected to boost hemp fiber production.
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Who Are The Top Market Players Contributing To The Growth Of The Hemp Fiber Market?
Key players in the hemp fiber market include Shenyang beijiang, BaFa Holding BV, Plains Industrial Hemp Processing Ltd, Industrial Hemp Manufacturing LLC, Hemp Oil Canada Inc., Hemp Planet LLC, North American Hemp & Grain Co. Ltd., Konoplex, ForeverGreen International LLC, Kingdom Holdings Limited, Ecofibre Limited, GenCanna Global USA Inc., CanvaLoop Fibre Private Limited, HempFlax BV, Dunagro SRL, MH medical hemp Ltd., Envirotextiles LLC, Hempco Inc., Manitoba Harvest Hemp Foods, Hempfortex Industries Ltd, Parkland Industrial Hemp Growers Cooperative Ltd,
What Emerging Trends Are Affecting The Size Of The Hemp Fiber Market?
Leading companies in the hemp fiber market are creating new products, including hemp-based period care items, to enhance their competitive advantage. Period care products encompass a range of personal hygiene items designed to manage menstrual flow throughout a woman's menstrual cycle.
How Is the Global Hemp Fiber Market 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
Geographical Analysis: Asia-Pacific Emerges as the Hemp Fiber Market Leader
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition And Overview Of The Hemp Fiber Market?
Hemp fiber is one of the durable members of the strong natural fiber family, derived from the hemp plant of the cannabis family. The long strands from the plant's stem are utilized to create hemp fabric. These fibers are extracted from the bark using a process known as retting, after which they are spun together to produce a continuous thread suitable for weaving into textiles.
The Hemp Fiber Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Hemp Fiber Market Report: Trends, Opportunities, Strategies, and More
The Hemp Fiber Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into hemp fiber market size, hemp fiber market drivers and trends, hemp fiber competitors' revenues, and hemp fiber market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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