The global market for hemp fiber is expected to reach $30.13 billion by 2033, with a compound annual growth rate (CAGR) of 20.12% from 2025-2033, according to an analysis by Astute Analytica.
Based on global hemp data from 2021-2024, the report anticipates the convergence of several key factors to spur the market, including growing “industrial demand for sustainable composites” and technological breakthroughs in hemp processing. Specifically, the authors highlight growing interest from the automotive and construction sectors for “lightweight, bio-based composite materials” and an abundance of funding for the research and development of new hemp fiber processing techniques as driving factors for the ballooning industry.
The report highlights significant hemp fiber market expansions across North America, Europe, and Asia, and notes that as of 2024, more than 60 countries have started hemp fiber production. The global hemp market saw approximately 200,000 tons of fiber production in 2021, the report said.
While the U.S. hemp market experienced “significant transformations” in 2024, including significant production increases despite “dramatic price corrections” for hemp fiber crops, China remains the world’s largest hemp fiber producer with an output of 73,000 metric tons in 2024, which is expected to surge to 117,000 metric tons in 2025.
Meanwhile, in Europe, France “[maintained] its position as the continental powerhouse,” but according to the report, the Netherlands has also emerged as a “rapidly growing player in the European hemp fiber market” with a year-over-year growth in hemp production of nearly 74% from 2023 to 2024.
