Industry researchers at Research and Markets estimate that the global hemp fiber market will be worth $378.56 million dollars in 2024, and that it will increase in value to a projected $561.8 million by 2029.
“The global hemp fiber market is experiencing remarkable growth driven by increasing awareness of its environmental benefits and versatile applications. Derived from the sturdy stalks of the Cannabis sativa plant, hemp fibers have emerged as a sustainable alternative to traditional materials like cotton and synthetic fibers.” the researchers stated in a press release.
“The textile industry, a major consumer of natural fibers, is undergoing a transformative shift towards sustainable practices. Hemp fibers, with their durability and breathability, are becoming a preferred choice for environmentally conscious fashion brands. The demand for sustainable and ethically sourced textiles is a key driver in boosting the global hemp fiber market.” the researchers also stated.
A separate market analysis conducted by Kings Research projected a far more optimistic estimate for the global hemp fiber market, finding that “the global Hemp Fiber Market revenue was recorded at USD 7.55 billion in 2022 and is anticipated to grow to USD 73.55 billion by 2030, exhibiting a 33.57% CAGR over the forecast period.”
Kings Research determined that the Asia Pacific region leads the global hemp fiber market, “and is foreseen to witness strong growth at 37.65% CAGR over the analysis period.”
Technavio recently published an estimate for the overall global industrial hemp industry. Technavio is a global technology research and advisory company that “focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.”
“The global industrial hemp market size is estimated to grow by USD 6.87 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 17.1% during the forecast period.” Technavio stated in a press release.