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

Jason — Sat, 04 May 2024 03:00:32 +0000

Hemp clothing is making a comeback, marking the hemp textile industry’s latest resurgence in the clothing sector. Researchers say the reasons for the surge include hemp’s notable sustainable and eco-friendly characteristics, and its return on investment.

According to a March 26 press release, Allied Market Research, the hemp clothing industry is on a trajectory showing steady growth into 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%

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.

Hemp Fabric Industry Is Nothing New

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.

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North America Dominates Seed Market, Report Indicates

Jason — Thu, 10 Aug 2023 03:07:10 +0000

With home grow on the rise and a growing understanding of cannabis genetics, the cannabis seed market is undergoing its glory days. Allied Market Research provides a report showing the growth backed by data gathered by its team of analysts, who focus on multiple markets.

The global cannabis seed market size was valued at $1.3 billion in 2021, and is estimated to reach $6.5 billion by 2031, representing a compound annual growth rate (CAGR) of 18.4% from 2022 to 2031, according to a new report published by Allied Market Research titled, “Cannabis Seeds Market.”

“The cannabis seeds market faced a period of short-term negative growth due to COVID-19 pandemic,” Allied Market Research representatives wrote. “Factors such as a decline in the product demand from major end-users, limited operations in most of the industries, inadequate funding to research and academic institutes, and disrupted supply chain has restricted the overall growth of the market during [the] pandemic period. However, [the] market is now slowly recovering from the negative impact and is expected to capture the growth momentum post 2022.

The Cannabaceae family of flowering plants includes the genus Cannabis, traditionally broken down to Cannabis sativa, Cannabis indica, and Cannabis ruderalis, though some have dropped the sativa/indica terminology.

The cannabis seed market is divided into three categories: feminized, regular, and autoflowering seeds. The regular seeds segment dominates in terms of market size.

The feminized seeds segment is also making an impact, growing at a moderate rate during the forecast period. Wild seeds grow at a 50/50 male-female rate. But feminized seeds are genetically modified using a handful of methods, designed to become only female plants. This has several advantages for growers, but the main one is that pollinating male plants won’t be able to devastate a crop and turn flower to seed. This helps facilitate growth and save a great deal of time and help farmers produce plants with clones.

Autoflowering seeds contain ruderalis genetics crossed with potent strains to induce flowering regardless of light cycles, when normally plants do not flower until they receive a 12/12-hour lighting regime.

These tactics help growers tailor plants to their needs based on several outside factors.

In the report, distribution channels were classified as specialty stores, wholesalers and distributors, and online sales channels. Regional markets were analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East and Africa.)

Wholesalers and distributors make up the lion’s share of distribution channel size. The specialty stores segment, however, exhibits the fastest-growing distribution channel. These are the stores that provide expert guidance and detailed product specifications.

Cannabis Seed Benefits

Beyond growing, the seed market also includes the supplement market.

The seeds are great sources of protein, fiber, and healthy fatty acids including omega-3s and omega-6s. They also have significant levels of gamma-linolenic acid and arginine—compounds that help treat chronic pain, lower the risk of heart disease, and help control neurological and other problems.

They also contain calcium, potassium, vitamin E, sulphur, phosphorus, magnesium, and zinc. Those who can’t consume nuts, gluten, lactose, or sugar, however, can eat them because they are high in vitamin E, Allied Market Research adds. The market for cannabis seeds is expanding as a result of the increasing cannabis seed market demand in both the medical and recreational markets.

Cannabis seeds also have been marketed to promote digestion, weight loss, and several other benefits, some of which have yet to be proven. As time rolls on, data will provide more insight into proven benefits.

To learn more about the cannabis seed market, read the full report here.

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