The hemp fiber market is expected to witness market growth at a rate of approximately 6.90% in the forecast period of 2021 to 2028 and is expected to reach USD 0.51 billion by 2028.
Data Bridge Market Research report on hemp fiber market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rise in the awareness regarding the benefits of hemp is escalating the growth of hemp fiber market.
The product is utilized in the processing and manufacturing of various products such as paper, textile, insulation and construction material, personal care products, nutraceutical, bio-plastics and bio-fuel. It is mostly grown food and beverage and non-food based products with no use of toxic chemicals, pesticides, fertilizers and herbicides.
The rise in inclination towards natural organic products over pharmaceuticals among customers across the globe acts as one of the major factors driving the growth of hemp fiber market.
The increase in demand for hemp fibers in various industries such as automotive, construction, food and beverage, personal care and textile especially in emerging regions and rise in the investment for the production of hemp-based products accelerate the hemp fiber market growth.
The growth in awareness among population regarding the therapeutic properties of the product and the low prices of hemp encouraging farmers to diversify their crop options further influences the hemp fiber market.