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The Global Hemp Textiles Market is expected to grow with a high CAGR value over the forecast period. (2021-2028).
Global Hemp Textile Market.
Hemp Fiber or Cannabis Sativa is noted be one of the most versatile natural fiber in the industry. These are flexible, durable, and anti-bacterial which makes them suitable for the textile industry. Increase in demand for sustainable resource products along with rising hemp fiber commercialization in various countries has aroused industry growth.
The hemp fiber has some additional benefits as well, such as less water requirement and non-dependency on herbicides and pesticides make the plant more economical and toxin safe in nature. Due to product alignment with the green building concept, the heavy demand from the construction industry has influenced hemp fiber penetration. European countries are predicted to invest heavily in the industry to obtain eco-friendly building materials in the market.
The major reason to replace cotton with hemp in the coming years is Economical, lesser toxin, and high cultivation. Consumer choices along with increasing awareness about product quality and properties are the reason for a change in the textile industry. In recent years, studies have shown a positive aspect of the cannabis sativa fabrics over cotton, which has resulted in a change in the apparel industry. Also, while opting for better substitutes, reducing dependency on single-source fabric has been kept in consideration.
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The regional segment has been dominated by Asia Pacific and it continues to hold its dominance in the coming years. China is expected to hold the maximum share due to its high production and commercialization of cannabis sativa. China not only reckons for more than 50% of the world's production but also holds the maximum number of patents internationally on commercialization.
The regional industrial growth will be influenced by the construction and textile industry expansion owing to change in income demographics in China, India, South Korea, and Japan.
Key Companies and Market Shares insight
There is a high push in the market as a number of application industries are adopting the use of hemp products due to its benefits. The key industry participants are -
Forever Green, Natural Fiber, HempConsult GmbH, Hanf & Natur, Hempro Int. GmbH & Co. KG, Parkland Industrial Hemp Growers Cooperative Ltd. (PIHG), Hive Mind Development, CBD Biotechnology, Botanical Genetics, LLC, HempMeds Brasil, Marijuana Company of America Inc., Terra Tech Corp, American Cannabis Company, HempFlax B.V., Hemp, Inc., Boring Hemp Company, and American Hemp.
In 2020, the global industrial hemp market size was valued at USD 3.61 billion. It is expected to grow at a compound annual growth rate (CAGR) of 16.2% from 2021 to 2028.
Market Segmentation: Analysis
The Global Hemp Textiles Market is segmented on the basis of product, application and region.
Seeds, Fiber, Shives.
Animal Care, Textiles, Automotive, Furniture, Food and Beverages, Paper, Construction Materials, Personal Care, Others.
and, 5. Middle East and Africa.
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