Hemp Clothing Market to Hit $23B by 2031, Report Predicts

Hemp clothing is making a comeback, marking the recent resurgence of the hemp textile industry in the clothing sector. Researchers say this surge is due to hemp’s sustainable and environmentally friendly characteristics and its return on investment.

According to a report on March 26th, press releaseAccording to Allied Market Research, the hemp clothing industry is on track to exhibit steady growth over the next decade. The global hemp clothing market size was valued at $2.29 billion in 2021 and is projected to reach $23.02 billion by 2031, growing at a compound annual growth rate (CAGR) of 27.1%. It is expected.

Related market research Analysts explained the factors that make hemp an attractive investment in 2024, in addition to being a breathable and durable fiber.

“Linen fabrics require less water, fertilizers, pesticides, and herbicides than other fabrics,” the report says. “It is effective at removing carbon dioxide from the environment, so it has a lower carbon footprint than many other crops. During the growing season, one acre of hemp absorbs 10 to 15 tons of CO2. This is equivalent to one person’s typical annual CO2 emissions.

There are other reasons why hemp is more environmentally friendly than alternative fibers, including the beneficial uses of hemp seeds.

“Hemp is on the list of eco-friendly fibers and fibers, along with jute, organic cotton, flax (linen) and bamboo,” the report continues. “Animal bedding and insulation can be made from hemp fibers from stalks and seeds, respectively. Hemp is also good for the soil. If hemp was originally planted in a field, corn production from that field Following the hemp harvest, it is also a good idea to sow wheat or barley. We are trying to get it certified as organic.”

“Research on consumer behavior shows that between 2000 and 2014, the average customer bought 60% more clothing items, but kept each item only half as long.” continues the report. “The sobering facts of the amount of pollution and damage the fashion industry causes to our rivers, oceans and air are in the spotlight. An estimated truckload of used clothing is incinerated or dumped every second. residents are concerned, but current sustainable fashion solutions are costly and time-consuming.”

Founded in 2013, Allied Market Research provides high-quality syndicated and customized market research reports, consulting services, and insights on key market players, startups, investors, and stakeholders.

This number is overlapping and similar to projections for the hemp fiber industry as a whole.business research company “Hemp Fiber World Market Report 2024” was published on March 8 and provides a comprehensive source of information covering all aspects of the market. According to TBRC’s market forecast, Hemp fiber market size It is projected to reach $50.38 billion in 2028 at a CAGR of 35.0%.

Growth of hemp fiber market This is due to the increasing legalization of industrial hemp cultivation.Expected to be the largest event in the Asia-Pacific region Hemp fiber market share. Key players in the hemp fiber market include Shenyang beijiang, BaFa Holding BV, Plains Industrial Hemp Processing Ltd., Industrial Hemp Manufacturing LLC, and Hemp Oil Canada Inc.

The linen textile industry is nothing new.

The linen textile industry has been booming for centuries and has come in waves. textile world called hemp “One of the original textile products” A place that has flourished for centuries. Linen became popular in Asia as early as 4,000 BC (or earlier). It remained the staple textile for clothing until it was overtaken by Indian cotton around the 13th century.

Hemp has been lumped together with marijuana throughout the past, especially as the plant was demonized in the United States in the 1930s, despite having no psychoactive effects.

Industrial hemp has made a comeback since it was officially re-legalized in the United States with the signing of the 2018 Farm Bill. This bill removed industrial hemp from the list of prohibited substances under the Controlled Substances Act (CSA). Efforts to legalize hemp began in 2014, when several bipartisan lawmakers began pushing for the legalization of industrial hemp through a series of legislative efforts.

Section 7606, originally included in the 2014 Farm Bill, authorized the creation of state-led pilot programs and authorized the exploration of hemp for a variety of commercial and industrial uses. Kentucky was the first state to implement a hemp testing program under this new law. The 2018 Farm Bill officially legalized commercial production of hemp.

Hemp as a fiber is a safer investment compared to hemp-derived cannabinoids, which face a series of legal challenges state by state, paved the way by legal loopholes in the Farm Bill.