June 15, 2024
Hemp Fiber Market

Hemp Fiber Market Propelled By Growing Adoption In Textile Industry

Hemp fiber is obtained from the hemp plant and is known for its toughness and durability. It is used in manufacturing textiles, papers, construction materials, insulation materials, bio-composites and more. Hemp fiber provides superior tensile strength and durability as compared to cotton fibers at lower costs. It is extremely breathable, antimicrobial and helps regulate temperature. The global growing demand for sustainable and eco-friendly products from industries like textiles, automotive and construction has propelled the adoption of hemp fibers.

The global Hemp Fiber Market is estimated to be valued at US$ 6.64 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major market trends driving the growth of the Global Hemp Fiber Market Size is the growing adoption of hemp fibers in the textile industry. Hemp fibers provide four times more durability than cotton and are known to be softer and smoother than cotton. With consumers increasingly demanding sustainable fabrics, textile manufacturers are adopting hemp fibers on a large scale. Hemp fabrics regulate temperature, have antibacterial properties and are extremely breathable. The superior attributes of hemp fibers over cotton and other synthetic fibers have boosted their use in clothing, home textiles and other textile applications accounting for over 60% of total hemp fiber demand.

SWOT Analysis

Strength: Hemp fiber has high tensile strength and durability making it suitable for various industrial applications. It is also more sustainable and environment friendly as compared to other fibers.
Weakness: Regulatory constraints and legalization issues in some countries limit the growth of hemp fiber market. Complex harvesting and extraction process increases the production cost.
Opportunity: Increasing consumer awareness about sustainable products and growing demand for natural fibers in textiles offer opportunities for hemp fiber market. Expanding applications in automotive and construction industries also support the market growth.
Threats: Availability of low-cost synthetic substitutes like nylon and polyethylene poses threats. Stringent farming regulations in some regions act as a barrier.

Key Takeaways

The global hemp fiber market is expected to witness high growth. The market size is forecasted to reach US$ 6.64 Billion in 2024 and expected to grow at a CAGR of 9.4% during the forecast period of 2024 to 2031.

Regional analysis: Europe dominates the global hemp fiber market currently holding around 45% of the total market share. Countries like France, Germany, and the U.K. are the major contributors to the European hemp fiber market. The Asia Pacific region is expected to be the fastest growing market over the forecast period owing to the increasing industrialization and infrastructure development activities in emerging economies of China and India.

Key players: 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. These companies are focusing on new product launches, partnerships, and acquisitions to strengthen their market position and capitalize on lucrative growth opportunities in various regional markets.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it