Hemp fiber is a natural, renewable resource that can be used in numerous applications. The global demand for hemp products is increasing and the market is projected to reach $43.75 billion by 2027.

The market for hemp fiber is projected to reach $43.75 billion by 2027. This is a huge increase from the 2018 market, which was at $9 billion.

Hemp-Fiber-Market-Projected-To-Reach-4375-Billion-By-2027

 

Hemp fiber is majorly used in the textile and paper & pulp industry, due to its long and robust fibers as compared to cotton. Furthermore, being a renewable source material, its application has been increasing in many diverse industries such as construction, animal bedding, furniture, agriculture, and automobile. Additionally, its usage to obtain biofuels and bioplastic has been expected to increase its demand in the coming years.  Rising awareness among the consumers about the benefits of industrial hemp, increasing legalization to cultivate industrial hemp in many countries, and rising application of industrial hemp in diverse industries such as textile, pharmaceutical, food, beverage, personal care, furniture, construction & material, and paper is expected to drive the market for industrial hemp. Countries across the globe practice different levels of legalization for different types of hemp, the strict regulatory norms pertaining to the production and sales of industrial hemp across various states in the same country could be tedious for manufacturers and stakeholders to comply with. A report from Verified Market Research said that Hemp Fiber Market, which was valued at USD 4.46 Billion in 2019, is projected to reach USD 43.75 Billion by 2027, growing at a CAGR of 33% from 2020 to 2027. Another report from Global Market Estimates agreed saying that the Hemp Fiber Market Will Grow With A High CAGR Value Through 2026. Active companies in the markets this week include: Generation Hemp, Inc. (OTCQB: GENH), Tilray, Inc. (NASDAQ: TLRY) (TSX: TLRY), Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED), Trulieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL).

The Verified Report went on to say: “Furthermore, the laws governing hemp containing Cannabidiol and Tetrahydrocannabinol vary greatly from state to state, further complicating the commodity’s trade. Manufacturers and research institutes are responding to the growing legality of hemp farming by developing new industrial hemp products. Biofuels are an example of an application with considerable development potential in the future years. Biofuels have grown in popularity as oil costs have risen, coupled with increasing worries about global warming.”

Generation Hemp, Inc. (OTCQB: GENH) is a cannabis company based in the United States. NEWS FLASH: GENERATION HEMP’S CHAIRMAN AND CEO TO SPEAK AT SOUTHERN HEMP EXPO COMPANY GOES GREEN Generation Hemp, Inc. (OTCQB: GENH), a Dallas/Fort Worth-based midstream hemp company, and its wholly-owned subsidiary, GENH Halcyon Acquisition, LLC (collectively the “Company”), announced today that its Chairman and CEO, Gary C. Evans, will speak about financial wellness for hemp companies at The Southern Hemp Expo in Raleigh, NC on September 2, 2021. The company’s intention to adopt green practices wherever feasible for its current drying, cleaning, and stripping facilities in western Kentucky was also revealed today.

The Southern Hemp Expo is a well-respected industry event that was established by hemp industry pioneers and offers a platform for industry experts to collaborate and network, as well as an educational outlet and marketplace for the general public. Mr. Evans will talk at 2:50 p.m. on the first day of the exhibition, which is next Thursday.

The company’s recent decision to introduce two animal bedding divisions, Rowdy Rooster and Kentucky Gold, is partly due to the company’s attempts to include a “Green Policy” into its operations, whenever feasible. Millions of pounds of hemp hurd, the woody stem of the hemp plant, were produced as a byproduct of the Company’s drying and processing facility activities. To avoid adding additional disposal or haul-away costs to farmers and other corporate clients, and to create a zero-waste, sustainable operation, the Company hired specialized engineers to assess the byproduct and advise management on what additional steps and equipment would be needed to turn it into high-quality hemp animal bedding. The plant is now running with zero waste and has taken the first step toward achieving the “Green Policy” objectives now that the required equipment has been ordered, installed, and is operational.

“When you are engaged as a company owner in the hemp sector, you also become part of the hemp community,” Gary C. Evans, Chairman and CEO of Generation Hemp, said. This community was founded by a group of dedicated individuals who have campaigned for the legalization and widespread use of hemp in our daily lives for many years. Environmental awareness is at the heart of the hemp community’s beliefs, and hemp’s ability to have an enormous beneficial effect on the environment is an aspect of hemp’s every usage. As a former fossil fuel executive with over three decades of experience, I want to leave a lasting legacy in terms of our aim to improve the environment in which we live and breathe. It is our responsibility as hemp businesses to make every attempt to accord with these values. We will continue to make efforts as a corporate citizen to make our operations more sustainable and to adopt Green principles whenever and wherever feasible.

The industrial hemp statistics is a market projected to reach $43.75 billion by 2027. Industrial hemp is a type of cannabis plant that has been used for centuries in the production of paper, textiles, and clothing.

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