North America Hemp Fiber Consumption Market, By Type (Long (Bast) Fibers, Short (Core) Fibers), Application (Composite Materials, Textiles, Pulp and Paper, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Over the recent years, the legalization of industrial hemp has exploded in popularity across the globe. In addition, greater research into the benefits of hemp, as well as increased clothing invention and creativity by manufacturers, have boosted hemp fiber consumption significantly in recent years. These aspects are also expected to help the market gain traction over the anticipated timeframe.
North America Hemp Fiber Consumption Market was valued at USD 2120 million in 2021 and is expected to reach USD 12636.18 million by 2029, registering a CAGR of 25.0% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Market Definition
Hemp fiber is the most resilient and strongest of all natural fibers since it is a cellulose fiber. The fibers that grow outside the plant's stalk are known as bast in the hemp plant. The plant produces two types of fibers: long (bast) fibers and short (core) fibers. Many properties of the fiber, including as strength, durability, and absorbency, make it suitable for a wide range of applications, including textiles, ropes, pulp and paper, and building materials.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Type (Long (Bast) Fibers, Short (Core) Fibers), Application (Composite Materials, Textiles, Pulp and Paper, Others)
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Countries Covered
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U.S., Canada, Mexico
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Market Players Covered
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Bast Fiber LLC (U.S.), Natural Textile Solutions (U.S.), Legacy Hemp (U.S.), Bamboo Textiles (UK), Ecofibre (Australia), Eartheasy (Canada), GenCanna (U.S.), HempFlax Group B.V (Netherlands), Konoplex (Russia), Toad&Co (U.S.), Its Hemp (India) and hempfabriclab (India), Bastcore (U.S.), Western States Hemp (U.S.), NHempco (India), Ecofibre (Australia), Hemp Inc. (U.S.), GenCanna (U.S.), HempFlax Group B.V. (Netherlands), Hemp Oil Canada (Canada), HemPoland (Poland), Dun Agro Hemp Group (Netherlands), Colorado Hemp Works, Inc. (U.S.)
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Market Opportunities
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Hemp fiber consumption Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Beneficial Properties of Hemp Fiber
Hemp fiber is UV resistant and hypoallergenic. It also offers properties such as strength, durability, and absorbency that make it suitable for a wide range of items such as textiles, ropes, pulp and paper, and construction materials. These qualities will aid the market growth over forecasted period.
- Environmental- Friendly
The hemp fiber also offers various environmental benefits as it does not require the use of chemical pesticides or fertilizers, and is a readily renewable resource. Furthermore, nothing goes to waste during the hemp manufacturing process as the seeds are utilized to manufacture oil and dietary supplements, while the stalks are used to make fiber. The carbon dioxide absorbed by industrial hemp plants is higher than that absorbed by trees. These factors will further propel the growth rate of hemp fiber market.
- Increased Hemp Fibre Requirement
The increased demand for hemp fiber from various industrial applications is another factor that is propelling the market forward. Hemp output is steadily increasing in North America, thanks to the legalization of its cultivation. The number of industries producing hemp fiber products is steadily increasing, which serves as a driving force for the market to expand.
In addition to this, the hemp also produces more fiber per acre than trees, and can be renewed two to three times per year, which will further propelled the growth rate of hemp fiber consumption market. The rapid urbanization along with the growing research activities regarding the benefits of hemp are projected to bolster the growth of the market.
Opportunities
- Emerging Consumer Trend And Research And Development
Furthermore, the emerging consumer trend because of the surge in number of social media influencers promoting the benefits of the product, extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the research and development activities and product development will further expand the future growth of the hemp fiber consumption market.
Restraints/Challenges
- Regulatory Structure
The complex regulatory structure for the use of hemp products will create hindrances for the growth of the hemp fiber consumption market.
- Lack of Resources
Also, the dearth of processing facilities and planting and harvesting equipment are anticipated as a demerit for the hemp fiber consumption market. Therefore, this factor will challenge the hemp fiber consumption market growth rate.
Moreover, the lack of viable availability of seeds for the cultivation of industrial hemp are also expected to hamper growth of the global hemp fiber consumption market.
This hemp fiber consumption market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the hemp fiber consumption market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Hemp Fiber Consumption Market
The recent outbreak of coronavirus had a negative impact on the hemp fiber consumption market. The severe disruptions in various manufacturing as well as the supply-chain operations due to the various precautionary lockdowns imposed by governments to curb the spread of disease resulted in huge financial setback for the market. Additionally, the lesser workforce led to halt of manufacturing activities too, which resulted in huge financial setback for the market. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, the aforementioned determinants will weigh on the market's revenue trajectory.
On the brighter side, following COVID-19, there will be some exciting potential for online hemp fiber sales. Additionally, the market is estimated to revive as individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand.
North America Hemp Fiber Consumption Market Scope
The hemp fiber consumption market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Long (Bast) Fibers
- Short (Core) Fibers
Application
- Composite Materials
- Textiles
- Pulp and Paper
- Others
Hemp fiber consumption Market Regional Analysis/Insights
The hemp fiber consumption market is analyzed and market size insights and trends are provided by country, type and application as referenced above.
The countries covered in the hemp fiber consumption market report are U.S., Canada and Mexico in North America.
U.S. leads the North America region because of the because of the development of industrial hemp types, the legalization of cannabis for medicinal and recreational purposes and consumer awareness.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Hemp Fiber Consumption Market Share Analysis
The hemp fiber consumption market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hemp fiber consumption market.
Some of the major players operating in the hemp fiber consumption market are
- Bast Fiber LLC (U.S.)
- Natural Textile Solutions (U.S.)
- Legacy Hemp (U.S.)
- Bamboo Textiles (UK)
- Ecofibre (Australia)
- Eartheasy (Canada)
- GenCanna (U.S.)
- HempFlax Group B.V (Netherlands)
- Konoplex (Russia)
- Toad&Co (U.S.)
- Its Hemp (India)
- hempfabriclab (India)
- Bastcore (U.S.)
- Western States Hemp (U.S.)
- NHempco (India)
- Ecofibre (Australia)
- Hemp Inc. (U.S.)
- GenCanna (U.S.)
- HempFlax Group B.V. (Netherlands)
- Hemp Oil Canada (Canada)
- HemPoland (Poland)
- Dun Agro Hemp Group (Netherlands)
- Colorado Hemp Works, Inc. (U.S.)
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