The worldwide marketplace for hemp fiber is predicted to achieve $30.13 billion by 2033, with a compound annual progress fee (CAGR) of 20.12% from 2025-2033, based on an evaluation by Astute Analytica.

Primarily based on world hemp information from 2021-2024, the report anticipates the convergence of a number of key elements to spur the market, together with rising “industrial demand for sustainable composites” and technological breakthroughs in hemp processing. Particularly, the authors spotlight rising curiosity from the automotive and building sectors for “light-weight, bio-based composite supplies” and an abundance of funding for the analysis and growth of recent hemp fiber processing strategies as driving elements for the ballooning trade.

The report highlights vital hemp fiber market expansions throughout North America, Europe, and Asia, and notes that as of 2024, greater than 60 international locations have began hemp fiber manufacturing. The worldwide hemp market noticed roughly 200,000 tons of fiber manufacturing in 2021, the report stated.

Whereas the U.S. hemp market skilled “vital transformations” in 2024, together with vital manufacturing will increase regardless of “dramatic value corrections” for hemp fiber crops, China stays the world’s largest hemp fiber producer with an output of 73,000 metric tons in 2024, which is predicted to surge to 117,000 metric tons in 2025.

In the meantime, in Europe, France “[maintained] its place because the continental powerhouse,” however based on the report, the Netherlands has additionally emerged as a “quickly rising participant within the European hemp fiber market” with a year-over-year progress in hemp manufacturing of practically 74% from 2023 to 2024.