Hemp Fiber Market Projected to Exceed $50 Billion by 2028: Latest Report

The hemp fiber market is experiencing remarkable growth, with projections indicating substantial expansion in the coming years. Updated reports from The Business Research Company (TBRC), a global market research and consulting firm, highlight the significant potential of hemp fiber, with forecasts extending up to 2033.

The latest release, titled “Hemp Fiber Global Market Report 2024,” provides a comprehensive analysis of the market landscape, offering insights into key trends, drivers, and challenges. According to TBRC’s forecast, the hemp fiber market is poised to reach a valuation of $50.38 billion by 2028, demonstrating a robust compound annual growth rate (CAGR) of 35.0%.

One of the primary drivers of this growth is the increasing legalization of industrial hemp cultivation, particularly in the Asia-Pacific region. Major players in the market include industry leaders such as Shenyang beijiang, BaFa Holding BV, Plains Industrial Hemp Processing Ltd., Industrial Hemp Manufacturing LLC, and Hemp Oil Canada Inc.

Hemp fiber, derived from the stems of the cannabis plant, is renowned for its strength and versatility. These fibers are extracted through a process called retting and can be spun into continuous threads for use in various applications, including textiles and cordage.

The market report categorizes hemp fiber based on different parameters, including type (long bast fibers, short core fibers), source (organic, conventional), and application (food, beverages, personal care products, textiles, pharmaceuticals, and others). Geographically, the global hemp fiber market is segmented into regions such as North America, South America, Asia-Pacific, Eastern Europe, Western Europe, and the Middle East and Africa.

In addition to market forecasts, TBRC’s report covers a wide range of topics, including market trends, strategies, macroeconomic scenarios, competitor landscapes, company profiles, mergers and acquisitions, and more.

The versatility of industrial hemp extends beyond fiber production, with innovative applications emerging in various industries. For instance, hempcrete, a carbon-negative building material made from hemp shiv and lime powder, is gaining traction as a sustainable alternative to traditional construction materials.

Furthermore, advancements in hemp technology have led to the development of hemp-based batteries, offering a renewable alternative to conventional battery materials. Wisconsin Battery Co. (WinBat), a hemp battery manufacturer based in Portage, Wisconsin, recently announced plans to expand its operations, highlighting the growing interest in hemp-based innovations.

The approval of genetically modified hemp plants by the United States Department of Agriculture (USDA) further underscores the potential of hemp in various sectors. These developments signify a promising future for the hemp industry, with ongoing research and innovation driving growth and sustainability.