North America hemp fiber consumption market is expected to reach USD 79,822.15 million by 2026 from USD 3,730.00 million in 2018, at a CAGR of 47.2% in the forecast period of 2019 to 2026. The years considered for study are as mentioned below.
The North America hemp fiber consumption market is a highly concentrated market which includes key players and local players. The market has witnessed increased various strategic developments owing to favourable market scenario. The market has a prominent growth in upcoming years due to less requirements during production of hemp fiber, growing demand of hemp fiber from different industrial applications, and its hypo-allergenic and UV Resistant characteristics.
The market has witness developments in terms of merger and acquisitions, partnerships or product launches to enhance the product portfolio to meet the rising demand of innovative technology. In May 2018, Sunstrand LLC opened a new biomaterial manufacturing operations in Florence County. This investment will help them in building the major processing facility. Now, the company will produce materials in bulk quantity.
Hemp Inc. dominated the North America hemp fiber market and accounts for the highest market share in 2018 which is followed by the Hempco Inc., And Blue Sky Hemp Ventures. The other key players existing in the market includes Bast Fiber LLC, Natural Textile Solutions, Legacy Hemp, Bamboo Textiles, Bastcore, SHANXI GREENLAND TEXTILE CO., LTD., Sunstrand LLC and Western States Hemp.
Hemp Inc. headquartered in Nevada, U.S. was founded in 2008. The company is engaged in manufacturing healthy and ecofriendly hemp products for the variety of industrial purposes. The company is dealing in two types of product such as Drill Wall and Spill be gone and in which Spill be gone is the market focused category. The company has the revenue of USD 1.96 Million which is much higher as compared to the previous year i.e., USD 0.11 Million. The operating expenses of the company increased from USD 11.52 Million to USD 16.02 Million. In May 2016, Hemp Inc. announced its partnership with Ironside Hemp Company for providing additional opportunities to the farmers involved in the cultivation and processing of hemp products. The partnership is based on the mission to help farmers beginning the CBD hemp farming. Hemp Inc. will be providing a 10 percent discount on bulk clone purchases, whereas, all the ongoing resources will be provided by Ironside to the farmers.
It has its networks through subsidiaries in the Americas such as VOIPNetX, Inc. (U.S.), Scrubnuts, Inc. (U.S.), The Industrial Hemp and Medical Marijuana Consulting Company, Inc. (U.S.)
The Hempco Inc. Company headquartered in Vancouver, Canada was founded in 2007. The company is engaged in the manufacturing and selling hemp food products for human and animal consumption including shelled hemp seed nuts, hemp protein powders etc. The company operates through different product categories which include bulk, consumer packaged goods and fibre. The market focused category of the company is fiber. The production capacity of the company is 3.5 Million kg/year. The revenue of the company is USD 1,708.10 Million which shows the huge decline as compared to the previous year by 65.57% due to the acquisition which is done by the aurora cannabis in the year 2019.
It has its networks in North America. It operates through its subsidiaries such as UAB Borela/ UAB Agropro (Lithuania).
Blue Sky Hemp Ventures
Blue Sky Hemp Ventures is headquartered in Saskatoon, Saskatchewan, Canada founded in 2017. The company is engaged in providing a range of sustainable, high quality and exceptional value hemp processing industry and provides a range of hemp products. The company operates in different categories such as Hemp, Food, Fibre and CBD. The company opened a 15,000 square foot processing facility which will produce 5,500 tonnes/year of hemp seed. It will help them to increase their market presence and will able to meet the customer requirements. In 2019, the company produces 1,225.03 tons of hemp fiber with USD 0.23/kg.
North America Hemp Fiber Consumption Market – Industry Trends and Forecast to 2026