HEMP FIBER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Hemp Fiber Market, By Source (Conventional, Organic, and Others), By Product Type (Fibers, Shivs, Seeds, Stalks, and Others), By Application (Textiles, Pulp & Paper, Composite Materials, Insulation, Animal Bedding, and Others), By End-use Industry (Automotive, Construction, Animal Care, Textiles, Furniture, Food & Beverages, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Hemp Fiber Market Regional Insights:

North America is expected to be the largest market for hemp fibers during the forecast period, accounting for over 38% of the market share in 2023. The growth of the market in North America is attributed to the legalization of industrial hemp cultivation and rising hemp-based product launches.
Asia Pacific is expected to be the fastest growing market for hemp fibers, accounting for over 22% of the market share in 2023. The growth of the market in is attributed to low farming costs, rising demand from the textile industry, and increasing legal cultivation.
Europe is expected to be the second largest-growing market for hemp fibers, growing at a CAGR of over 24% during the forecast period. The growth of the market in Europe is attributed to favorable government policies, rising demand from automotive industry, and demand for hemp fiber in construction industries.

Figure 1. Global Hemp Fiber Market Share (%), by Region, 2023

Geographies covered:

North America: U.S. and Canada
Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
Middle East & Africa: GCC Countries, Israel, South Africa, North Africa, and Central Africa and Rest of Middle East