What is the global market size of the Hemp Seed Oil Market?

Global Hemp Seed Oil Market size was valued at USD 88.2 million in 2021 and is poised to grow from USD 101.17 million in 2022 to USD 303.07 million by 2030, growing at a CAGR of 14.7% in the forecast period (2023-2030).

Global Hemp Seed Oil Market Size, Share, Growth Analysis, By Product Type(Organic, and Conventional), By Distribution Channel(Online retail, and Offline retail), By Application(Food and Beverages, and Pharmaceuticals) - Industry Forecast 2024-2031

Report ID: SQMIG10G2020 | Region: Global | Published Date: April, 2024
Pages: 178 | Tables: 87 | Figures: 76

Global Hemp Seed Oil Market Insights

Global Hemp Seed Oil Market size was valued at USD 101.17 million in 2022 and is poised to grow from USD 116.04 million in 2023 to USD 347.63 million by 2031, at a CAGR of 14.70% during the forecast period (2024-2031).

Hemp seed oil has gained popularity in recent years due to its nutritional value and potential health benefits. Hemp seed oil contains high levels of essential fatty acids, such as omega-6 and omega-3, which are important for maintaining healthy skin, hair, and nails. It also contains antioxidants and vitamins such as vitamin E, which help protect against free radicals and may improve overall skin health. Unlike CBD oil, hemp seed oil does not contain significant amounts of THC, the psychoactive compound in cannabis, and is, therefore legal in many countries. It is commonly used as a dietary supplement or ingredient in cosmetics and personal care products. Manufacturers are offering hemp in various forms to target a diverse range of issues, owing to the increasing demand for the product among consumers due to its medicinal benefits. CBII, for example, offers products in various forms such as gummies, oils, capsules, and balm & face oil, targeting issues like stress, sleep, and pain. This has led to an increase in the application of the product in various industries including beauty and personal care, cosmetics, food and beverages, health & pharmaceuticals, textile, and others. The legalization of the use of hemp seed products in the U.S. food supply under the Farm Bill has further fueled the inclusion of such products by manufacturers. Additionally, based on our in depth analysis, we found that, the production of hemp has increased by 62.4% to meet the rising consumer demand.

US Hemp Seed Oil Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Hemp Seed Oil Market Report Snapshots

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The global hemp seed oil market is fragmented, with several small and medium-sized players operating. These players focus on expanding their product portfolios, increasing their distribution channels, and improving their production capabilities to gain a larger market share. In addition, there is a growing trend of partnerships and collaborations between market players to leverage their strengths and improve their market position. The market is expected to witness increased competition in the coming years as new players enter the market and existing players compete for a larger market share. 'Manitoba Harvest Hemp Foods (Canada)', 'Hemp Oil Canada (Canada)', 'Canopy Growth Corporation (Canada)', ' Isodiol International Inc. ', ' Elixinol Global Limited ', ' CV Sciences Inc. ', ' Nutiva Inc. ', ' Hempco Food and Fiber Inc. ', ' Green Roads of Florida LLC ', ' Folium Biosciences LLC ', ' Kazmira LLC ', ' PharmaHemp d.o.o. ', ' Aphria Inc. ', ' Charlotte's Web Holdings Inc. ', ' Aurora Cannabis Inc. ', ' ENDOCA BV ', ' Medical Marijuana Inc. ', ' Bluebird Botanicals ', ' HempLife Today ', ' HempMeds '

One of the major drivers of the global hemp seed oil market is the increasing demand for natural and organic products. As consumers become more health-conscious and environmentally aware, there is a growing preference for products made from natural ingredients that have minimal environmental impact. Hemp seed oil is a natural and organic product that is rich in essential fatty acids and antioxidants, making it an attractive option for consumers looking for health and wellness products. The growing demand for natural and organic products is expected to drive market growth in the coming years.

One of the key market trends in the global hemp seed oil market is the increasing use of hemp seed oil in personal care and cosmetics products. Hemp seed oil is a rich source of essential fatty acids and antioxidants, making it an attractive ingredient for skincare and hair care products. The growing trend of natural and organic skincare products and the rising awareness of the benefits of hemp seed oil are driving the demand for hemp seed oil in the personal care and cosmetics industry. This trend is expected to continue in the coming years, as more consumers shift towards natural and sustainable beauty products.

North America dominated the global market. The United States dominated the regional market, due to the increasing demand for natural and organic products, the growing awareness of the health benefits of hemp seed oil, and the legalization of hemp cultivation in the country. The use of hemp seed oil in food and beverages, personal care products, and supplements is driving the market growth in this region.

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Global Hemp Seed Oil Market Size, Share, Growth Analysis, By Product Type(Organic, and Conventional), By Distribution Channel(Online retail, and Offline retail), By Application(Food and Beverages, and Pharmaceuticals) - Industry Forecast 2024-2031

Global Hemp Seed Oil Market Insights

Global Hemp Seed Oil Market Report Snapshots

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