02 billion by 2031, growing at a compound annual growth rate (CAGR) of 27.1% Allied Market Research analysts explained the factors that make hemp an attractive investment in 2024, besides being a breathable and durable fiber. “Hemp fabric requires less water, chemical fertilisers, pesticides, and herbicides than other fabrics,” the report reads. “It has a lower carbon footprint than many other crops because it is effective at removing carbon dioxide from the environment. In a growing season, one acre of hemp will absorb 10 to 15 tonnes of CO2, which is equal to the typical annual CO2 output of one person.

” There are more reasons hemp is more eco-friendly than alternative textiles, which includes the beneficial uses of hemp seed as well. “Hemp is up there on the list of eco-friendly textiles and fibres with jute, organic cotton, flax (linen), and bamboo,” the report continues. “Animal bedding and insulation can be made out of hemp fibre from the stem and hemp seed, respectively. Hemp is also good for the soil. If hemp was originally planted in a field, the production of maize from that field will be higher.

Following the harvest of hemp, it’s also a good idea to sow wheat and barley. Some producers are trying to get hemp and cannabis growing certified as organic because of all the potential environmental advantages.” “According to studies on consumer behaviour, between 2000 and 2014, the average customer purchased 60% more clothing, yet they only maintained each item for half as long,” the report continues. “The sobering facts showing the amount of pollution and harm to our rivers, oceans, and atmosphere the fashion industry is responsible for have been in the spotlight.

An estimated truckload of used clothing is burned or dumped every second. Many residents are worried, yet the cost and time commitment of the present sustainable fashion solutions are substantial.” Allied Market Research was founded in 2013, offering high-quality syndicated and customized market research reports, consulting services, and insights into leading market players, startups, investors, and stakeholders. The numbers overlap, and are similar to predictions about the hemp fiber industry overall.

The Business Research Company’s “Hemp Fiber Global Market Report 2024” was published on March 8 and provides a comprehensive source of information that covers every facet of the market. According to the TBRC’s market forecast, the hemp fiber market size is predicted to reach $50.38 billion in 2028 at a CAGR of 35.0%. The growth in the hemp fiber market is due to increasing legalization to cultivate industrial hemp. Asia-Pacific region is expected to hold the largest hemp fiber market share.

Major players in the hemp fiber market include Shenyang beijiang, BaFa Holding BV, Plains Industrial Hemp Processing Ltd., Industrial Hemp Manufacturing LLC, Hemp Oil Canada Inc. The hemp fabric industry was alive and well centuries ago, and came in waves. Textile World called hemp “one of the original textile outputs,” where it flourished for centuries. Hemp fabric gained popularity as early as 4,000 BC (or earlier) in Asia. And then it was a staple clothing textile until being dethroned by Indian cotton around the 13th century.

Hemp—despite having no psychoactive effects—got lumped with marijuana as the plant was demonized in the U.S. throughout the past, particularly in the 1930s. Industrial hemp saw a resurgence when it was formally relegalized in the United States with the signing of the 2018 Farm Bill. The bill removed industrial hemp from the list of banned substances in the Controlled Substances Act (CSA). The effort to legalize hemp kicked off in 2014 with several bipartisan legislators initiating a push for the legalization of industrial hemp with a series of legislative efforts.

  Section 7606 was included in the original 2014 Farm Bill, which allowed the creation of state-led pilot programs and sanctioned the investigation of hemp for varied commercial and industrial applications. Kentucky was the first state to institute a hemp pilot program under this new legislation. The 2018 Farm Bill formally made commercial production of hemp legal.  Hemp as a fiber presents a safer investment versus hemp-derived cannabinoids, which are facing a series of legal challenges state by state, as legal loopholes in the Farm Bill paved the way. Read less