New York – The global hemp fiber market is expected to grow from $5.66 billion in 2021 to $7.91 billion in 2022 at a compound annual growth rate (CAGR) of 39.7%. The hemp fiber market is expected to reach $26.41 billion in 2026 at a CAGR of 35.2%.
The hemp fiber market consists of sales of hemp fiber by entities (organizations, sole traders, and partnerships) that are used in the manufacture of fiberboard, compost, and animal bedding.Hemp fiber refers to a natural plant fiber that comes from the stems of plants such as linen and bamboo.
This fiber is environmentally friendly and causes a less harmful environmental impact. These materials also have inherent mechanical, thermal, and acoustic properties.
The main types of hemp fiber are long (bast) fibers, and short (core) fibers.The long (bast) hemp fiber market refers to the soft woody fiber obtained from the stems of dicotyledonous plants and is used for textiles and cordage.
The different sources include organic and conventional, and are used in food, beverages, personal care products, textiles, pharmaceuticals, and other applications.
Asia Pacific was the largest region in the hemp fiber market in 2021. The regions covered in the hemp fiber report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The hemp fiber market research report is one of a series of new reports that provides hemp fiber market statistics, including hemp fiber industry global market size, regional shares, competitors with a hemp fiber market share, detailed hemp fiber market segments, market trends and opportunities, and any further data you may need to thrive in the hemp fiber industry. This hemp fiber market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Increasing legalization to cultivate industrial hemp is expected to propel the growth of the hemp fiber market going forward.Industrial hemp is obtained from the plant species Cannabis sativa and has been used globally to produce a variety of industrial and consumer products.
Industrial hemp is grown for its fiber and seeds, which are used for the manufacture of hemp fiber.As a result, increasing legalization of industrial hemp helps to increase the production of hemp fiber.
For instance, in January 2021, the US Department of Agriculture announced the final rule regulating the production of hemp in the United States.The rules are issued under Section 10113 of the law.
This has implicitly legalized the manufacturing and selling of Delta-8 THC, which contains minor psychoactive substances similar to the legally banned Delta-9 (marijuana). Therefore, the increasing legalization of cultivating industrial hemp is driving the growth of the hemp fiber market.
New product innovations have emerged as the key trend gaining popularity in the hemp fiber market.Major companies operating in the hemp fiber sector are focused on introducing product innovations to sustain their position.
For instance, in June 2020, Precision Extraction, a US-based manufacturer of hemp extraction equipment, launched the CRS 2000 (CryoMass Refinement System), which is a solvent-free harvesting and refining system.It is used for both drying and purifying biomass from cannabis and hemp plants at a rate of up to 600,000 grams per hour.
CRS 2000 drastically increases solvent-based cannabis and hemp, which helps to increase extraction volume by up to 400%.
In August 2019, Aurora Cannabis, a Canada-based cannabis producer, acquired Hempco Food and Fiber for an undisclosed amount.With this acquisition of Hempco, they have assembled a world-class portfolio of high-quality hemp assets that together form the basis of a strong new operating division that is developing cannabidiol (CBD)-from-hemp around the world.
Hempco Food and Fiber is a Canada-based innovator and provider of hemp-based foods, hemp fiber, and hemp nutraceuticals.
(This information is primarily sourced from ReportLinker. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).