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The hemp fiber market share is expected to increase by USD 4.28 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 15.32%.
This hemp fiber market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the hemp fiber market segmentation by application (textiles, personal care, food and beverages, and others) and geography (APAC, Europe, North America, the Middle East and Africa, and South America). The hemp fiber market report also offers information on several market vendors, including CanvaLoop Fibre Private Ltd., Dun Agro Hemp Group, Ecofibre Ltd., Forever Green, Hemp Fortex Industries Ltd., Hemp Inc., Hemp Oil Canada, HempAge AG, HempFlax Group BV, HemPoland Sp z.o.o., Hempro Int. GmbH, HempSense Inc., Hempys, Ind Hemp LLC, Kingdom Holdings Ltd., Konoplex LLC, Margaret River HempCo., Marijuana Co. of America Inc., Naturalus Pluostas UAB, and Shanxi Greenland Textile Co. Ltd. among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global hemp fiber market. During the COVID-19 pandemic, the demand for the hemp fiber market has been impacted significantly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.
Key Hemp Fiber Market Driver
The increasing use of hemp fibers in the textile industry is one of the key factors driving the global hemp fiber market's growth. Since the early Middle Ages, hemp has been used as a natural fiber source for textiles and fabrics. Hemp grows quickly as it is a weed, unlike cotton, which requires a lot of water, chemical fertilizers, and insecticides to flourish. It expands quickly and neatly and naturally repels insects. Hemp fiber is more durable than cotton or synthetic fibers, making it resilient and long-lasting when used in clothing. The original pair of jeans that Levi Strauss created was made of hemp-based fabric. Hemp fiber is produced in a variety of ways and blended with other complementary yarns. Compared to synthetic fibers, it is lighter in weight and has high insulation qualities. Chemical modifications will also provide hemp fiber with waterproof and windproof qualities, increasing its versatility. Owing to its features, such as ultraviolet (UV) and mold resistance, hemp is also highly suitable for outdoor wear. Also, hemp is blended with other fibers to endow various qualities to a garment. Thus, the increasing use of hemp fiber in the clothing industry will spur the growth of the global hemp fiber market during the forecast period.
Key Hemp Fiber Market Trend
The increasing demand from the paper and pulp industry will fuel the global hemp fiber market growth. Nowadays, hemp fiber is increasingly used in the paper and pulp industry. To create paper and cardboard, wood pulp is often extracted from trees (such as pine, eucalyptus, and spruce). The forest land and cover worldwide have declined due to the high demand for paper pulp, particularly in developing nations, and this might seriously deplete this natural resource. The chemical composition of hemp hurds is similar to that of wood, making hemp a good choice as a raw material for manufacturing paper. Paper and cardboard can be made using hemp as an alternative to wood pulp. Bast and hurd fibers are used in combination to create hemp paper.;90% of the hemp-based paper produced in Europe is used for making cigarettes. Books, tea bags, money, and laboratory filter papers are a few more uses of hemp fiber-based paper. Hemp has a lower lignin level than wood; it has a lignin content of 5%-24% while wood has a lignin content of 20%-35%. Such factors will boost the growth of the global hemp fiber market during the forecast period.
Key Hemp Fiber Market Challenge
The challenges associated with the production of hemp are the major challenge to the global hemp fiber market growth. Although hemp is increasingly consumed in a wide range of applications, its production has been a challenge for farmers globally. Hemp production requires specific climatic conditions, such as a mild climate, a humid atmosphere, a rainfall of a minimum of 25-30 inches annually, well-drained loam soils, and compact soils. Also, as there are very few genetic differences between hemp and marijuana, hemp farming faces regulatory challenges as marijuana is classified as a dangerous drug by the Federal government in the US. Hemp contains 0.3% of tetrahydrocannabinol (THC), while marijuana contains 3%-15% of THC by weight. Also, the THC content in hemp and marijuana defines the legal standards for each plant. The production of marijuana is illegal in several countries, including the US, due to its high THC content. As different components of hemp and marijuana are not clear among farmers, the production of hemp poses a major challenge. Such factors are expected to hamper the growth of the global hemp fiber market during the forecast period.
This hemp fiber market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global hemp fiber market as a part of the global agricultural products market under the global food products market of the global food, beverage, and tobacco market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hemp fiber market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the hemp fiber market encompasses successful business strategies deployed by the key vendors. The hemp fiber market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report on the hemp fiber market contains comprehensive market knowledge and an in-depth vendor landscape added to an analysis of the key vendors.
Our In-house experts produce extensive information on the value chain and parent market of the hemp fiber market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
The value chain of the global food products market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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