Industry Background:
Hemp is one of the most ecologically friendly. Hemp fibre is longer, stronger, more absorbent, more mildew resistant and more insulative than cotton fibre. There are thirty varieties of Hemp fibre. Hemp Fibre is used in a number of consumer goods, including clothing, shoes, accessories and homewares. High adoption of hemp fibre due to increased demand for developing biodegradable, sustainable, and recyclable materials. In Europe and China, hemp fibres have been used in prototype quantities to strengthen concrete, and in other composite materials for many construction and manufacturing applications. In Europe, more than 100,000 citizens profit already from CBD, dozens of companies show double-digit growth. Hemp, grown under license mostly in Canada, is the most publicized “new” crop in North America. Until very recently the prohibition against drug forms of the plant prevented consideration of cultivation of fibre and oilseed cultivars in Canada. It’s estimated that more than 50,000 products can be made from hemp.
Attributes | Details |
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Study Period | 201-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | HempFlax BV (The Netherlands), Cavac Biomatériaux (France), Bafa Neu GmbHH (Germany), Dunagro (Netherlands), American Hemp (United States), Hempro International GmbH & Co. KG (Germany), Hemp Inc. (United States), Shanxi Greenland Textile Co., Ltd.(China), IHEMPFARMS (Bulgaria) and InterChanvre (France) |
According to AMA, the market for Hemp Fibre is expected to register a CAGR of 14.0% during the forecast period to 2030. This growth is primarily driven by Consumer Changing Preferences towards Eco-friendly products and Growing Textile Industry Worldwide.
Globally, a noticeable market trend is evident Huge Demand due to Replacement of Plastics Bags to Hemp Bags
The Consumer Goods sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as HempFlax BV (The Netherlands), Cavac Biomatériaux (France), Bafa Neu GmbHH (Germany), Dunagro (Netherlands), American Hemp (United States), Hempro International GmbH & Co. KG (Germany), Hemp Inc. (United States), Shanxi Greenland Textile Co., Ltd.(China), IHEMPFARMS (Bulgaria) and InterChanvre (France), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing on production technologies, efficiency enhancement, and product life. This market has various growth opportunities that leading players capture via tracking the ongoing process enhancement and huge investment in market growth strategies.
Key Developments in the Market:
On February 22, 2023, Agronomics, a leading industrial hemp company, announced the acquisition of Ananda Hemp, a prominent North American hemp processor. This merger strengthens Agronomics' position in the North American hemp market.
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.
Regulatory Insights:
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.
Influencing Trend:
Huge Demand due to Replacement of Plastics Bags to Hemp Bags and Increasing growth and Penetration of E-commerce
Market Growth Drivers:
Consumer Changing Preferences towards Eco-friendly products and Growing Textile Industry Worldwide
Challenges:
Stringent And Regulatory Policies
Opportunities:
Rising Usage In Industrial And Medicinal Applications and Growing Demand from Emerging Economies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Hemp Fibre Market
- Analysis about New Entrants in Hemp Fibre Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Hemp Fibre Study Sheds Light on
The Hemp Fibre Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Hemp Fibre industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Hemp Fibre industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.