Global Industrial Hemp Market Analysis Highlights the Impact of COVID-19 2020-2024 | High Demand from Textile Industry to Boost Market Growth | Technavio

by Newsfeed

LONDON–()–The global industrial hemp market size is expected to grow by USD 3.35 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Hemp fibers are increasingly being used as a raw material for textile yarn production and are considered as a great substitute for cotton and synthetic fibers. The increasing demand for hemp in the textile industry is attributed to the technological, ecological, and economic superiority of hemp….

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