Spain: Hemp Tow Market 2024

Hemp Tow Market Size in Spain

In 2022, the Spanish hemp tow market decreased by -99% to $X, falling for the second consecutive year after four years of growth. Over the period under review, consumption continues to indicate a sharp contraction. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Hemp Tow Production in Spain

In value terms, hemp tow production skyrocketed to $X in 2022 estimated in export price. In general, production, however, recorded significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 331% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

The average yield of hemp tow in Spain expanded slightly to X tons per ha in 2022, picking up by 3.8% against 2021. Overall, the yield continues to indicate significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 420% against the previous year. Over the period under review, the average hemp tow yield attained the maximum level at X tons per ha in 2017; however, from 2018 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of hemp tow were harvested in Spain; with a decrease of -21.7% compared with the previous year's figure. Over the period under review, the harvested area, however, showed a significant increase. The most prominent rate of growth was recorded in 2021 when the harvested area increased by 76% against the previous year. As a result, the harvested area attained the peak level of X ha, and then dropped dramatically in the following year.

Hemp Tow Exports

Exports from Spain

In 2022, approx. X tons of hemp tow were exported from Spain; with an increase of 663% on 2021 figures. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 1,190%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, hemp tow exports shrank sharply to $X in 2022. Overall, exports saw a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 1,063% against the previous year. The exports peaked at $X in 2021, and then shrank rapidly in the following year.

Exports by Country

France (X tons) was the main destination for hemp tow exports from Spain, accounting for a 94% share of total exports. Moreover, hemp tow exports to France exceeded the volume sent to the second major destination, Italy (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to France amounted to +256.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+106.2% per year) and Switzerland (+132.4% per year).

In value terms, Italy ($X) remains the key foreign market for hemp tow exports from Spain, comprising 61% of total exports. The second position in the ranking was held by France ($X), with a 20% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Italy amounted to +109.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+129.8% per year) and Switzerland (+108.5% per year).

Export Prices by Country

In 2022, the average hemp tow export price amounted to $X per ton, declining by -89.4% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 109%. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mali (+42.6%), while the prices for the other major destinations experienced more modest paces of growth.

Hemp Tow Imports

Imports into Spain

In 2022, purchases abroad of hemp tow decreased by -98.8% to X tons, falling for the second year in a row after four years of growth. Overall, imports showed a dramatic shrinkage. The growth pace was the most rapid in 2020 with an increase of 70% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, hemp tow imports shrank dramatically to $X in 2022. In general, imports saw a dramatic shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 94%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Slovenia (X tons) constituted the largest hemp tow supplier to Spain, accounting for a 65% share of total imports. Moreover, hemp tow imports from Slovenia exceeded the figures recorded by the second-largest supplier, France (X tons), threefold. Estonia (X tons) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Slovenia totaled +5,930.2%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-42.5% per year) and Estonia (0.0% per year).

In value terms, Estonia ($X), France ($X) and Slovenia ($X) were the largest hemp tow suppliers to Spain, together accounting for 44% of total imports.

Estonia, with a CAGR of 0.0%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average hemp tow import price amounted to $X per ton, with an increase of 233% against the previous year. In general, the import price enjoyed strong growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Romania ($X per ton), while the price for Slovenia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+1,664.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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