Luxembourg: Hemp Tow Market 2024

Hemp Tow Market Size in Luxembourg

In 2022, the Luxembourg hemp tow market was finally on the rise to reach $X after two years of decline. In general, consumption, however, saw a pronounced decline. The pace of growth was the most pronounced in 2017 when the market value increased by 5.1%. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Hemp Tow Production in Luxembourg

In value terms, hemp tow production rose slightly to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 14%. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

In 2022, the average hemp tow yield in Luxembourg stood at less than X kg per ha, almost unchanged from 2021. Overall, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The hemp tow harvested area in Luxembourg stood at less than X ha in 2022, therefore, remained relatively stable against 2021 figures. Over the period under review, the harvested area saw a relatively flat trend pattern.

Hemp Tow Exports

Exports from Luxembourg

After three years of growth, shipments abroad of hemp tow decreased by -4.8% to X tons in 2022. Overall, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2017 when exports increased by 96,100%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then contracted slightly in the following year.

In value terms, hemp tow exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 225,025% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Germany (X tons) was the main destination for hemp tow exports from Luxembourg, accounting for a 76% share of total exports. Moreover, hemp tow exports to Germany exceeded the volume sent to the second major destination, France (X tons), fourfold. The third position in this ranking was held by Austria (X tons), with a 1.9% share.

From 2016 to 2022, the average annual growth rate of volume to Germany amounted to +250.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+475.0% per year) and Austria (+15.9% per year).

In value terms, France ($X) emerged as the key foreign market for hemp tow exports from Luxembourg, comprising 41% of total exports. The second position in the ranking was held by Germany ($X), with a 16% share of total exports. It was followed by Spain, with a 14% share.

From 2016 to 2022, the average annual rate of growth in terms of value to France amounted to +872.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+244.7% per year) and Spain (-55.0% per year).

Export Prices by Country

In 2022, the average hemp tow export price amounted to $X per ton, picking up by 75% against the previous year. Over the period under review, the export price recorded a significant increase. The pace of growth appeared the most rapid in 2018 an increase of 10,104%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Bulgaria ($X per ton) was amongst the lowest.

From 2016 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+6,440.9%), while the prices for the other major destinations experienced more modest paces of growth.

Hemp Tow Imports

Imports into Luxembourg

In 2022, approx. X tons of hemp tow were imported into Luxembourg; with an increase of 20% compared with 2021 figures. Over the period under review, imports enjoyed significant growth. The pace of growth appeared the most rapid in 2019 when imports increased by 676%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, hemp tow imports surged to $X in 2022. Overall, imports saw a significant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 396% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of hemp tow to Luxembourg, with a 57% share of total imports. Moreover, hemp tow imports from Belgium exceeded the figures recorded by the second-largest supplier, France (X tons), fourfold. The third position in this ranking was taken by Spain (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium stood at +16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+77.0% per year) and Spain (+898.0% per year).

In value terms, Spain ($X) constituted the largest supplier of hemp tow to Luxembourg, comprising 74% of total imports. The second position in the ranking was held by Italy ($X), with a 21% share of total imports. It was followed by Belgium, with a 0.8% share.

From 2012 to 2022, the average annual growth rate of value from Spain stood at +686.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+117.5% per year) and Belgium (+1.0% per year).

Import Prices by Country

The average hemp tow import price stood at $X per ton in 2022, remaining stable against the previous year. In general, the import price, however, saw significant growth. The pace of growth appeared the most rapid in 2021 when the average import price increased by 938% against the previous year. As a result, import price attained the peak level of $X per ton, leveling off in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+184.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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