LONDON, Aug. 25, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the hemp fiber market, 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).
The global hemp fiber market size 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 global hemp fiber industry growth is expected to reach $26.41 billion in 2026 at a CAGR of 35.2%.
New product innovations are gaining popularity in the hemp fiber market trends. 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%.
Major players in the hemp fiber market are Hempco, Ecofibre, Hemp Inc, GenCanna, HempFlax BV, Natural Fiber, Forever Green, HempAge AG, Hempro Int. GmbH & Co. KG, Hempy’s, Parkland Industrial Hemp Growers Cooperative Ltd., Shanxi Greenland Textile, BaFa, Dunagro, Shenyangbeijiang, Hempfortex, Kingdom Holdings, CanvaLoop Fibre Private Limited, Plains Industrial Hemp Processing Ltd, MH medical hemp, Industrial Hemp Manufacturing LLC, Konoplex, Hemp Oil Canada, and HemPoland.
The global hemp fiber market segmentation is categorized by type into long (bast) fibers, short (core) fibers; by source into organic, conventional; by application into food, beverages, personal care products, textiles, pharmaceuticals, others.
Asia-Pacific was the largest region in the hemp fiber market in 2021. The regions covered in the global hemp fiber market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Hemp Fiber Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide hemp fiber market overviews, analyze and forecast market size and growth for the whole market, hemp fiber market segments and geographies, hemp fiber market trends, hemp fiber market drivers, hemp fiber market restraints, hemp fiber market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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