Hemp Fiber Global Market Report 2024

The hemp fiber market size has grown exponentially in recent years. It will grow from $11.05 billion in 2023 to $15.15 billion in 2024 at a compound annual growth rate (CAGR) of 37.2%. The growth observed in the historical period can be attributed to a renewed interest in hemp cultivation, considerations for environmental sustainability, the demand from the textile and apparel industry, efforts towards diversification in agriculture, improvements in nutrient-rich soil, and increased awareness of sustainable textile choices.

The hemp fiber market size is expected to see exponential growth in the next few years. It will grow to $50.38 billion in 2028 at a compound annual growth rate (CAGR) of 35.0%. The anticipated growth in the forecast period can be attributed to legislation supporting hemp cultivation, the growth of the global population, a heightened focus on the circular economy, and the expansion of hemp-based textiles. Major trends expected in the forecast period include the use of hemp fiber in sustainable packaging, advancements in processing technologies, innovations in product development, adoption in the paper and pulp industry, and integration in the automotive and construction sectors.

The hemp fiber market is expected to grow with the increasing legalization of industrial hemp cultivation. Industrial hemp, sourced from the Cannabis sativa plant, is globally used to produce various industrial and consumer products, including hemp fiber. The US Department of Agriculture's announcement of final rules regulating hemp production in January 2021 implicitly legalized the cultivation and sale of industrial hemp. This legalization contributes to increased hemp fiber production, thereby driving the growth of the hemp fiber market.

The hemp fiber market is expected to grow due to the increasing expansion of the textile industry. The textile industry involves the production of fibers, fabrics, and finished textile products. Hemp fiber is utilized in the textile industry for various fabric types, contributing to the production of durable and breathable clothing and home textiles. Its strength and versatility make hemp fiber an attractive choice, promoting the development of sustainable and eco-friendly textiles. According to Textile World in June 2022, fiber, textile, and clothing exports totaled $28.4 billion in 2021, up from $25.3 billion in 2020. The increasing expansion of the textile industry is driving the growth of the hemp fiber market.

Major companies are striving for a competitive edge by introducing innovative products such as hemp-based period care items. Period-care products are essential for managing menstrual flow during a woman’s menstrual cycle. For instance, in April 2022, Regenerative International Female Inc., a US-based personal care products company, unveiled a hemp-based line of period care products. These eco-friendly alternatives in feminine hygiene include pads with varying absorbencies, featuring a blend of hemp and organic cotton fibers for the topsheet. The pads incorporate a tree pulp core without super absorbent polymers (SAP) and a fully biodegradable sugar-based plastic backsheet. Emphasizing hemp's antimicrobial properties, the company aims to enhance pad absorbency through collaboration with biotechnology partners, offering a sustainable and comfortable option for women seeking alternatives to synthetic materials.

Major companies in the hemp fiber market are forming partnerships to develop new products and strengthen their market positions. Partnerships and collaborations in the hemp fiber market drive innovation, optimize supply chains, and promote industry-wide growth by leveraging collective expertise and addressing regulatory challenges. For instance, in April 2021, Artistic Garment Industries, a Pakistan-based garments company, partnered with Panda Biotech LLC, a US-based industrial hemp company. This collaboration integrates AGI Denim's denim manufacturing technologies with Panda Biotech's US-grown industrial hemp processed at its state-of-the-art facility. The partnership aims to explore the use of sustainable hemp-based fibers in creating high-quality denim, ensuring transparency in the supply chain from raw materials to finished goods.

In June 2023, Latvia-based cosmetic products company iCotton SIA acquired key assets of Hempress Hygienics Inc. for an undisclosed amount. This acquisition strategically positions iCotton in the U.S. market, aligning with its goal to emerge as a leading supplier of hemp-based and natural fiber-based hygiene products in both the U.S. and Europe. Hempress Hygienics Inc., a US-based personal care products manufacturing company, focuses on producing menstrual products using hemp fiber and other natural ingredients.

Major companies operating in the hemp fiber market report are Shenyang, BaFa Holding BV, Plains Industrial Hemp Processing Ltd., Industrial Hemp Manufacturing LLC, Hemp Oil Canada Inc., Hemp Planet LLC, North American Hemp & Grain Co. Ltd., Konoplex, ForeverGreen International LLC, Kingdom Holdings Limited, Ecofibre Limited, GenCanna Global USA Inc., CanvaLoop Fibre Private Limited, HempFlax BV, Dunagro SRL, MH medical hemp Ltd., Envirotextiles LLC, Hempco Inc., Manitoba Harvest Hemp Foods, Hempfortex Industries Ltd., Parkland Industrial Hemp Growers Cooperative Ltd., Navitas LLC, Hemp Inc., Natural Fiber Technologies Inc., HempAge AG, Hempro Int. GmbH & Co. KG, Hempy’s, Shanxi Greenland Textile Co. Ltd., HemPoland Sp. z o.o., Hempline Inc.

Asia-Pacific was the largest region in the hemp fiber market in 2023. The regions covered in the hemp fiber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hemp fiber market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of hemp fiber are long (bast) fibers and short (core) fibers. Long (bast) hemp fiber refers to the soft woody fiber obtained from dicotyledonous plant stems, used for textiles and cordage. Different sources include organic and conventional, finding applications in food, beverages, personal care products, textiles, pharmaceuticals, and other industries.

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.

The hemp fiber consists of sales of hemp grain and hemp seed. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The market value includes the value of related goods sold by the service provider or included within the service offering.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.