Hemp fiber being a renewable resource is used in the production of daily use products such as paper, textiles, fuel, and construction materials and the growing demand for eco-friendly products will significantly contribute to the growth of the hemp industrial market. Breathability, antibacterial, and sustainability are key properties involved in the production of hemp fiber products. hemp cbd business plansample
The hemp fiber segment dominated the global hemp industrial market on the basis of type and with the largest market share at 20.9% in 2020 while the personal care products segment dominated the market on the basis of application with 24.5%. hemp cultivation business plan
The Asia-Pacific region is expected to dominate the industry over the next five years, with China, the main producer, leading in terms of share of the country. China alone is responsible for 50% of hemp production and has around 600 international patents. Government support for the industrial use of hemp, along with favorable environmental and agricultural conditions, has promoted to the country’s contribution to the industry.
The European market will witness significant growth and demand will be heavily influenced by ongoing research on green building solutions in the UK, Spain and France. Other factors, such as the increase in the number of hemp growers since the start of industrial use, have prompted hemp fiber to be used in other industries.
North America is expected to forecast the largest gains by 2026. Strong commercialization with mass production will affect the industrial growth of the region. CBDoil extraction lab business plan
New Frontier Data projects the U.S. hemp fiber market to grow at a compound annual growth rate (CAGR) of 10.5% over the next five years, to reach $77.7 million by 2025.
PanXchange, a leading benchmark price provider in the U.S. hemp industry, found hemp fiber varieties accounted for about 7% of total planted acreage in 2020 and estimates that hemp acreage planted for fiber in 2021 could be more than three times the 17,000 acres planted in 2020.
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