Hemp fiber is naturally durable and breathable, making it an ideal material for textiles. Products ranging from clothing and footwear to bedding and carpets are increasingly incorporating hemp fiber due to consumer demand for more sustainable fabrics. Hemp grows with high yields using less water and chemicals compared to cotton, while sequestering carbon from the atmosphere. The various uses of hemp fiber across the textile industry, coupled with its eco-friendly cultivation process, is expected to drive significant growth in the global hemp fiber market over the coming years.
The global hemp fiber market is estimated to be valued at US$ 5.76 Bn in 2024 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. Used predominantly for textiles including clothing, geotextiles, paper and even construction materials, hemp fiber products are gaining widespread acceptance due to favorable properties like durability, moisture absorption and breathability. Flexible by nature, hemp fibers enhance comfort when woven into textiles but are stiff enough for industrial applications as well.
Market Dynamics:
The growing textile industry and rising consumer preference for sustainable fabrics are expected to serve as the key drivers for the global hemp fiber market over the forecast period. As outlined earlier, hemp requires less water and chemicals to cultivate as compared to cotton, making it a more eco-friendly crop. Additionally, hemp is capable of removing contaminants from the soil and absorbing carbon dioxide from the atmosphere, thus acting as a carbon sink. Owing to these favorable cultivation characteristics along with high material strength and moisture absorption, hemp fiber incorporation is increasing rapidly across diversified textile applications ranging from clothing to carpets.
Segment Analysis
The hemp fiber market can be segmented based on source, product type and applications. Based on source, the market is divided into hurd and bast fiber. Hurd fiber accounts for the major share as it is the primary cellulose-based component of the hemp stalk. In terms of product type, the market is categorized into long, shredded, and spun. Long fibers dominate as they have high tensile strength and are used in textiles, composites and paper industries.
In terms of applications, the hemp fiber market is segmented into textiles, pulp and paper, composite materials, and others. Textiles account for the largest share as hemp fibers possess favorable properties like absorbency, moisture wicking, soft hand feel and durability. Agriculture applications and composite materials are gaining traction due to hemp fibers’ eco-friendly nature.
PEST Analysis
Political: Governments across regions are relaxing regulations regarding cannabis to boost economic development. They are implementing favorable policies for the production and processing of industrial hemp.
Economic: Rising industrial applications, adoption of natural fibers and development of bio-based composites are driving the market growth. However, high production costs and dependence on government subsidies continue to constrain the industry.
Social: Consumers prefer sustainable and natural products. This increasing awareness coupled with hemp’s low environmental impact is propelling the demand. Stringent safety and quality standards also impact purchases.
Technological: Agricultural technologies for high yields and advanced processing methods for value-added products are being developed. Nanotechnology and 3D printing offer new opportunities to leverage hemp’s versatile properties. However, lack of innovative machinery hampers large-scale farming.
Key Takeaways
The Global Hemp Fiber Market Size market is expected to witness high growth over the forecast period.
Regional Analysis: Asia Pacific currently dominates the market owing to major producers like China and increasing fiber demand from textiles, construction and automotive industries in the region. Countries like India and Vietnam are also emerging as high potential markets.
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 players are focused on adopting sustainable production practices and developing innovative applications to strengthen their market position.
