The Global Hemp Fiber Market is estimated to exhibit a CAGR of 6.90% during the forecast period of 2021-2028 and is expected to reach USD 0.51 billion by 2028. Rising awareness about the benefits of hemp will drive the growth of the market. However, complex regulatory structure for the use of hemp products and lack of viable availability of seeds will restrict the scope of growth for the market.
According to Data Bridge Market Research, the hemp fiber market will exhibit a significant rise in its market value. Rising in inclination towards natural organic products over pharmaceuticals among customers across the globe and increase in demand for hemp fibers in various industries such as automotive, construction, food and beverage, personal care and textile especially in emerging regions are major factors driving the growth of hemp fiber market. growing awareness about the therapeutic properties of hemp and rise in legalization in the cultivation of hemp are other important market growth determinants.
Currently, North America and Europe dominate the global hemp fiber market in terms of market share and market revenue owing to the development of varieties of industrial hemp, legalized utilization of cannabis for medicinal and recreational applications and high awareness among consumers.
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The global hemp fiber market is segmented on the basis of countries into U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
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Key Market Competitors Covered in Hemp Fiber Market report
Above are the key players covered in the report, to know about more and exhaustive list of hemp fiber market companies contact us, https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-hemp-fiber-market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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Global Hemp Fiber Market – Industry Trends and Forecast to 2028