The Global Hemp Oil Market was valued at US$ 114 million in 2023 and is predicted to reach a valuation of US$ 794 million by 2029, and it is predicted to register a CAGR of 38.2% from 2024-2029.
The medicinal benefits derived from hemp oil are predicted to accelerate the call for hemp oil products. A change in the use of hemp oil has been observed around the world due to the growing awareness of its benefits and effects, which is leading to an increased call in the international marketplace.
Hemp oil is majorly obtained by pressing the hemp seeds that is widely employed in the production of various personal care products due to the presence of essential fatty acids, nutrients, and antioxidants in the oil. Also, hemp oil is employed in various applications such as pharmaceutical and nutraceuticals, industrial uses, food, and beverage, etc. Different types of hemp oil, such as CBD oil, hemp essential oil, and hemp seed oil, are widely known around the world and are readily available in the market. The extracted oil is employed primarily in skin care products, although industrial hemp oil is employed in the production of paints, lubricants, fuels, and plastics. The presence of nutrients, essential fatty acids, and antioxidants is perfect for the skin making it ideal for massage and healing treatments. Escalating calls for hemp oil from food and beverage and industrial applications, along with rising applications in the personal care products industry, primarily in North America and Europe, is foreseen to boost market call in the conjecture period. In addition, the hemp oil market is likely to experience significant expansion over the next five years due to a greater geographic presence and competition between market players.
Over the years, worldwide manufacturers have focused on continuous research and development to develop new and innovative products. Companies such as Gaia Botanicals, Isodiol, and Medical Marijuana, among others, are focusing on new product innovations and hemp oil product launches. Additionally, several companies have also launched anti-aging products and gum based on hemp oil, which are creating opportunities in the worldwide hemp oil market during the foreseen period. A total of 111 new products were launched between 2008 and 2017 around the world, which contained hemp seed oil as an active ingredient.
The growing call for hemp oil worldwide due to the escalating adoption in personal care products and the food and beverage industries worldwide is a key driver of the expansion of the global hemp oil market. Additionally, increased awareness of the various health benefits associated with this oil, such as relief from anxiety, sleep disorders, chronic pain, and others, leads to a growing call for hemp oil in the world market. The escalating adoption of hemp oil in many nutraceutical and pharmaceutical applications and the growing awareness of hemp seed oil that helps prevent various diseases such as diabetes, inflammation, cancer, and others are predicted to drive expansion in the worldwide market.
In addition, the rising penetration of hemp oil in the e-commerce platform and the increasing adoption of hemp oil in the production of fuel, lubricants, paints, and other industrial uses are other factors that will likely drive the expansion of the target market during the outlook period. Hemp oil relieves chronic pain, sleep disturbances, anxiety, and nerve pain, among others. The health benefits of hemp have led to an increase in the call for hemp oil in recent years. In addition, the expansion of the online distribution channel is also an important factor, which is accelerating the expansion of the global hemp oil market.
The high cost associated with hemp oil is a key factor that is predicted to hamper the expansion of the target market in the future.
The world market for hemp oil has undergone several changes in recent years and is foreseen to change significantly in the near future due to changes in production sources, changes in consumer preferences adjustments to market parameters. Hemp oil is highly employed in the food and beverage industry and in personal care products around the world. In addition, the high investments in research and development and the escalating number of aggressive marketing strategies by the major manufacturers of hemp oil are other important factors that are estimated to prolong the expansion of the target market in the coming years.
The availability of hemp oil substitutes in the market is a difficult factor that can affect the expansion of the target market to some extent.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 - 2029 |
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Base Year |
2023 |
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Forecast Period |
2024-2029 |
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CAGR |
38.2% |
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Segments Covered |
By Application, Type, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East and Africa. |
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Market Leaders Profiled |
Isodiol International Inc., HempLife Today, Hemp Oil Canada Inc., Medical Marijuana, Inc., Folium Biosciences, CV Sciences, Inc, Pharmahemp d.o.o, Gaia Botanicals, LLC., Canazil, Kazmira, Spring Creek Labs, and Others. |
CBD hemp oil segment is estimated to record the highest growth because of its prominence in the treatment of conditions like depression, pain, anxiety, and acne. Additionally, the escalating application of CBD hemp oil in personal care products, health supplements, and food and beverage is likely to boost the market of this type.
The hemp oil market, by application, was dominated by the food segment in 2018, due to the wide application of hemp seeds and hemp seed oil, due to their rich content of vitamins, proteins, and omega-3 fatty acids. Hemp seeds are eaten raw or employed as a garnish in cereals, smoothies, and yogurt.
The hemp oil market in North America has a significant revenue share in the worldwide market, followed by Europe, due to the high adoption of hemp oil-based personal care products and food and beverage in countries like Canada, the United States, France, the United Kingdom, Italy and Germany of these regions. The market in the Asia-Pacific region is estimated to experience significant expansion in the target market, due to the improving call for various massage and healing treatments, high adoption of anti-aging products based on the hemp oil, and strong adoption of hemp oil food and beverages in countries like China, Japan, and India.
North America is predicted to see expansion at the highest CAGR from 2022 - 2027 due to the growing call for various end applications in the region and the relaxation of stricter regulations on sales of hemp oil to consumers in the United States. In May 2018, the Drug Enforcement Administration (DEA) issued an internal guideline recognizing that products and materials made from the cannabis plant do not meet the CSA (Controlled Substances Act) definition of marijuana.
Companies playing a prominent role in the global hemp oil market include Isodiol International Inc., HempLife Today, Hemp Oil Canada Inc., Medical Marijuana, Inc., Folium Biosciences, CV Sciences, Inc, Pharmahemp d.o.o, Gaia Botanicals, LLC., Canazil, Kazmira, Spring Creek Labs, and Others.
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