The Agricultural Act of 2014 provided that certain research institutions and state departments of agriculture may grow industrial hemp, as part of an agricultural pilot program, if allowed under state laws where the institution or state department of agriculture is located.

The article cited AMA's "Global Hemp Fibre Market Study" explored substantial growth in North America and CAGR of 14.0%. According to the report, Huge Demand due to Replacement of Plastics Bags to Hemp Bags is one of the primary growth factors for the market. Consumer Changing Preferences towards Eco-friendly products is also expected to contribute significantly to the Hemp Fibre market. Overall, Textiles [Technical Textiles, Non-Technical textiles] applications of Hemp Fibre, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Distribution Channel, such as Online Distribution, is boosting the Hemp Fibre market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.

New technologies and major shifts in the industry will be game-changing factors that all players have to react now in order to maintain strong positions in the future. As many industry experts agree that significant changes are ahead. AMA’s Analyst on the Global Hemp Fibre market identified that the demand is rising in many different parts of the world as "Rising Usage In Industrial And Medicinal Applications ". Furthermore, some recent industry insights like "On April 5, 2023, HempFlax, a European hemp producer, launched its new line of bio-composite materials made from hemp fibers and bioresins. These products offer a sustainable alternative to traditional composites used in various industries, including automotive and construction." which is constantly making the industry very dynamic.

The report provides an in-depth analysis and forecast about the industry covering the following key features:
o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies
o Analyses the Global Hemp Fibre market according to Type, Application, and regions
o Analyzes the top 10 players in terms of market reach, business strategy, and business focus
o Provides stakeholders’ insights and key drivers & trends of the market

**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2023 currency rates.

Market Size Estimation
In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Hemp Fibre market and other related sub-markets covered in the study.

o Key & emerging players in the market have been observed through secondary research.
o The industry’s supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes.
o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation
The overall Hemp Fibre market size is calculated using market estimation process, the Hemp Fibre market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Hemp Fibre market size has been validated using both top-down and bottom-up approaches.