Hemp Fiber Market Is Estimated To Witness High Growth Owing To Legalization And Increased Awareness About Health Benefits Of Hemp

HEMP FIBER MARKET
Hemp Fiber Market
The 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 stems and stalks of hemp plants. It has high tensile strength and durability. Hemp fibers find wide application in textiles, paper, construction, and composites. Hemp fibers provide breathability and absorb moisture. Their natural wicking properties keep the user dry and comfortable. The growing awareness about eco-friendly and sustainable fibers is boosting the demand for hemp fiber globally.

Market key trends:


Industrial hemp cultivation and processing are gaining traction due to the legalization of low-THC industrial hemp in many countries. Hemp fiber is legally categorized as an agricultural commodity in the U.S. under the 2018 Farm Bill. This has opened new opportunities for hemp fiber producers. Increasing consumer awareness about the health benefits and sustainability of natural fibers is also driving the hemp fiber market. Hemp fiber is breathable, moisture-wicking, durable, and offers UV protection. It is increasingly used in textiles, paper, composite materials, insulation, and construction. Rising awareness about the eco-friendly attributes of hemp is propelling the demand for hemp-based products.

Porter's Analysis

Threat of new entrants: The hemp fiber market requires large capital investments in processing facilities which poses a barrier for new companies. Bargaining power of buyers: Large buyers in industries such as textiles, automotive and construction have significant bargaining power giving them leverage over pricing. Bargaining power of suppliers: The market has a concentration of raw hemp material suppliers giving them collective bargaining power over buyers. Threat of new substitutes: New innovative synthetic fibers pose a threat to hemp fibers though hemp based products are gaining preference due to sustainability. Competitive rivalry: Being an emerging market, companies are introducing new advanced processing technologies and innovative applications to gain market share.

SWOT Analysis

Strengths: Hemp fibers are renewable, biodegradable and more sustainable than synthetic fibers. Growing demand for eco-friendly materials is driving the market. Weaknesses: Regulatory hurdles and lack of standardized cultivation practices hinders large scale farming. High dependence on weather conditions for yield. Opportunities: Potential in textiles, automotive, construction and medical industries due to lightweight and high tensile strength properties. Lifecycle emissions are lower than glass, plastic and cotton. Threats: Stable supply and quality concerns due to dependence on climate. Substitutes from synthetic or other natural fibers may emerge.

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 consumer preference for sustainable materials. Asia Pacific region currently dominates the market and is expected to maintain its leading position throughout the forecast period owing to China being the largest producer and consumer of hemp fibers. Europe is anticipated to experience significant growth owing to stringent regulatory norms favoring hemp cultivation.

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. These leading players are focusing on adoptinng advanced technologies to improve processing efficiency and launch innovative application development.

Read  More : https://www.newswirestats.com/hemp-textiles-are-the-largest-segment-driving-the-growth-of-hemp-fiber-market/

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