 of 20.12% from 2025-2033, according to){kind=link}
According to Astute Analytica, the global hemp market is projected to grow to $30.13 billion in 2033 with a CAGR of 20.12% between 2025-2033.
According to global data on hemp for 2021-2024 the report predicts convergence of key factors that will spur the market. This includes growing industrial demand for composites and breakthroughs in technology. The authors point out that the growing demand for lightweight, bio-based materials in the construction and automotive sectors, as well as the abundance of funds for research and development for new hemp fiber processing technologies, are driving forces for this industry.
In the report, it is noted that hemp fibre production has increased in more than sixty countries by 2024. Global hemp production reached 200,000 tons in 2021 according to a report.
China is the largest producer of hemp fiber in the world, with a production level estimated at 73,000 tons. This figure will rise to 117,000 tons by 2025.
In Europe, France is “[maintained] The Netherlands is a powerhouse in Europe, but the country has emerged in recent years as “a rapidly growing player on the European market for hemp fibers” with an annual growth of 74% in 2023-2024.