The forecasted import values for Canada's true hemp fiber, otherwise processed but not spun, show a declining trend from 2024 to 2028. The initial forecast for 2024 is $63.38 thousand, progressively decreasing each year to $57.35 thousand by 2028. Over these years, the yearly decline rate is observed, with an average annual decrease of approximately 2.49% compounded annually. As of the end of 2023, the import value was higher, indicating a consistent downward trend from the previous year's actual data.
Future trends to watch out for:
- Global demand shifts for sustainable materials that might impact hemp imports.
- Changes in Canada’s domestic production capabilities of hemp fibers.
- Trade policy adjustments and economic agreements affecting imports.
- Technological advancements in processing might influence import volume and value.
