The hemp fibre market is set for robust growth with increasing interest in hemp-based textiles globally. China leads production, and applications extend beyond textiles.
While hemp production saw tremendous rise over the recent past after the 2018 Farm Bill legislation (the US), most of it was directed straightaway to cannabidiol (CBD) production. Hemp fibre that currently accounts for roughly 3% of this scenario is however set for a rosy future trail, shows research. A new ongoing study of Fairfield Market Research suggests that global hemp fibre market will benefit on the back of a constant fear of oversupply in hovering over CBD. Through 2021, hemp fibre market has been exhibiting strong signs of shaping up on account of its excellent endurance, environmentally sustainable nature, skin-friendly and breathable attributes, and UV resistance. The commercial application possibility looks promising, which points to a healthy growth outlook for hemp fibre market through 2025.
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Market Set for an Uptrend as Potential Application Base Extends beyond Textiles
With synthetic fibres experiencing a constant threat due to sustainability concerns growing around them, natural fibre alternatives are making their headway in textile industry. Cotton, undoubtedly the leader, however, continues to be challenged by a highly uncertain pricing scenario. Here is when hemp steps in as a potentially promising, and economically viable natural fibre crop alternative. Innovations in hemp processing technology are quire recent and dramatically transform the raw look of the fibre to make it a desirable textile with high wearability quotient. This is likely to push the entry of this super fibre to mainstream textile markets, including clothing, fashion apparel, and nonwovens.
Besides, hemp fibre has recently been emerging as a potential green building material owing to its superior sustainability quotient. Other potential categories that are likely to embrace hemp fibre include paper, footwear, automobiles, insulation, bioplastics, bedding material, absorbents, furniture, agriculture, and even biofuels.
China Remains in the Limelight for All Good Reasons
China, and Canada will remain at the forefront of hemp production. Other prominent producer countries include Thailand, Australia, South Korea, Egypt, and Chile. Among all the key producers, China is expected to top the list in terms of hemp fibre production, and export, specifically targeting textile industry, followed by biocomposites. The country had been nurturing the world’s largest hemp fibre acreages over the past decade and has set an exceptionally well-planned investment structure for the same. On the other hand, the US will continue to represent the top importer of raw hemp fibre as several clothing and fashion apparel brands in the US have been recently showcasing their growing affliction for sustainable textile alternatives. These companies are expected to enlarge investments in this sector, emphasise creation of a dependable efficient supply chain network, and adopt the necessary processing infrastructure for hemp fibre.
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Key Participants in Global Hemp Fibre Market
American Hemp LLC, HempFlax BV, Forever Green, HempAge AG, The Natural Fiber Company, Hempfortex, Shaanxi Greenland, Kingdom Holdings, HMI Group, CanvaLoop Fibre Private Limited, Hempco, Hemp Inc., Hempco, GenCanna, and Global Hemp Solutions constitute some of the active entities participating in the various segments of the hemp fibre market.
Foreseeing exceptional market prospects of hemp fibre-based productions in the near future, global biggies like Patagonia, Georgia-Pacific, Nike, Inc., and Levi Strauss & Co. have stepped into the hemp consumer space. Some of the prominent manufacturing companies have made announcements regarding new establishments, and expansion of existing processing facilities eyeing the opportunity in growing interest around hemp-based textile products from around the world. The market holds a wealth of opportunity, and the competition is fresh.
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The article discusses the growth outlook of the global hemp fibre market, especially in textiles.
Hemp fibre is sustainable, durable, and has diverse applications, making it a promising alternative to synthetic fibres.
China and Canada are at the forefront of hemp production, with China leading in exports.
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