Hemp Seed Oil Market Size (2024 – 2030)

Global Hemp Seed Oil Market was valued at USD 101.17 Million and is projected to reach a market size of USD 264.24 Million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 14.7%.

Cannabidiol (CBD), which is present in hemp seed oil and has therapeutic benefits, is used to treat several ailments, including anxiety, epilepsy, and others. These considerations have led to an increase in the product's use. Consumer awareness of the multiple health benefits of the items, which are widely used in goods like supplements, sauces, cooking oils, and others, is another factor that is anticipated to fuel market expansion in the years to come.

Key Market Insights:

Industrial hemp is a crop that is raised for its use in the manufacturing of a wide range of products, including clothes and textiles, food and drink, cosmetics and personal care products, dietary supplements, paper, yarns and spun fibers, construction materials, and other items. Although they are separate species of the same plant, marijuana and industrial hemp are not the same. marijuana sativa L. Tetrahydrocannabinol (THC) level in marijuana ranges from 3 to 15% on a dry weight basis, whereas it is less than 1% in industrial hemp. Most developed countries that permit hemp farming (THC) limit the use of cultivars with a tetrahydrocannabinol content of less than 0.3 percent. There is no visual way to tell the two varieties apart.

Hemp's superior nutritional merits and favorable protein and fatty acid composition are what is driving the demand for hemp-based products. The great absorbency of hemp fiber makes it useful for tasks like oil and gas cleanup, personal hygiene, and cattle bedding. Due to its favorable acoustic and aesthetic properties, the market would also benefit from increased product demand from the building materials, textile, and paper industries. The environment is safe, renewable, and less harmed by the production of hemp-based products. Paper created from hemp fiber uses fewer processing chemicals than paper made from wood pulp. The market is therefore expected to grow as consumer awareness of the benefits of the products increases.

Hemp Seed Oil Market Drivers:

The shift towards the rising of anti-aging products in the market is boosting the demand for hemp seed oil globally.

Hemp seed oil is widely used in personal care and cosmetic goods because it nourishes and regenerates skin. It is used in items like skin moisturizers and anti-aging creams to lessen creases and wrinkles. It is projected that rising consumer interest in self-care and the desire for anti-aging goods will fuel the market for hemp seed oil. Omega-6, which is present in hemp seed oil, has potent anti-inflammatory qualities as well as the ability to promote healthy skin growth and cell production. It is projected that the demand for organic hemp seed oil will increase due to rising consumer interest in skincare routines and the desire to have healthy, younger-looking skin. Sales of personal care goods are being driven by the creation of new products by market participants and social media.

The growing vegan population and cases of celiac disease are contributing to the growth of the global market.

The vegan lifestyle is a strong advocate for both animal rights and environmentally beneficial lifestyles. In place of meat, dairy, and other conventional sources of protein, a vegan diet replaces fruits, vegetables, whole grains, legumes, nuts, and seeds. About 2.5% of people in developed nations like the US pursue a vegan diet and lifestyle. During the projection period, this number is anticipated to increase, which will increase demand for foods made from hemp, such as hemp seeds. Protein-rich hemp seeds are available. To appeal to the vegan consumer base, certain industry participants are labeling the packaging of hemp products as vegan. As the number of vegans grows, it is anticipated that the demand for hemp seeds and hemp proteins will rise as well.

Lowering blood pressure and promoting heart health causes an increase in the use of Hemp Seed Oil in the market.

People with hypertension (high blood pressure) may benefit from the omega-3 fatty acids included in hemp seed oil to help lower their blood pressure. Research suggests combining blood pressure medication with omega-3 fatty acid supplements to reduce blood pressure. Rich in linoleic acid is hemp seed oil. According to studies, consuming a diet rich in linoleic acid considerably lowers total cholesterol as well as LDL, or "bad" cholesterol. Your risk of heart disease, stroke, and high blood pressure is decreased by lowering your cholesterol levels.

Hemp Seed Oil Market Restraints and Challenges:

Challenges such as getting the hemp from farmers and legalizing issues for the Hemp Seed Oil Market.

Finding a marketing channel will, in my opinion, be the biggest hurdle for anyone considering the use of hemp, whether as a producer or a landowner with a tenant who might produce hemp. There are various markets where farmers can sell their crops, animals, and related items for the vast majority of Iowa's agricultural production. That is not true for hemp. Both organized hemp markets and hemp processors are not yet present in Iowa.  This is not the kind of market where you should adopt the "If you grow it, processors will come" mentality because manufacturing costs can be very high and the approval procedure for hemp-based goods, especially those containing CBD, could take a long time. Hemp markets take time to establish, as seen by the state of the markets in many of the states that passed legislation before Iowa. Take a look at these articles from Forbes, Harvest Public Media, and the Hemp Industry Daily, as examples. Before you or your renter plant a hemp seed or clone, you better know where your markets are, or better yet, you better already have a contract in place with a processor. You (and your renter, if you're a landowner) should be aware of the possible legal and commercial repercussions if your hemp crop is examined and found to have more THC than 0.3%.

The complex regulatory structure for the usage of industrial hemp may hinder market growth:

Businesses that sell hemp and goods made from it are subject to a variety of legal requirements worldwide. Even though different hemp varieties are legal in varying degrees in different nations around the world, manufacturers and other stakeholders may find it challenging to adhere to stringent regulatory standards for the cultivation and distribution of industrial hemp in various states of the same nation. The laws governing cannabidiol (CBD) and tetrahydrocannabinol (THC)-containing hemp differ considerably from state to state, which further complicates the trading of the product. The use of CBD hemp oil in cosmetics and personal care products is prohibited in several nations. Only hemp seed and hemp seed oil are permitted for use in China; CBD is only allowed in cosmetic items. For usage in pharmaceutical or food applications, the FDA has not yet given its approval. Additionally, Australia, Spain, and the Middle East have not yet deemed CBD extracted from hemp legal for industrial usage. This business is one of the most strictly regulated because of the numerous, complex, and different laws governing its production, distribution, and prescription across numerous states and nations.

HEMP SEED OIL MARKET REPORT COVERAGE:

Hemp Seed Oil Market Segmentation: By Product Type

• Organic(Food)

• Pharmaceutical

Over 85% of total revenue in 2022 came from the cold-pressed category. Manufacturers' extensive use of cold-pressed techniques is credited with the segment's rise. Cold-pressed oil has a high nutritional value and is made up of omega-6 and omega-3 beneficial fatty acids. Additionally, they contain vitamins, zinc, and other nutrients, whose high consumer consumption will help the market grow more quickly and with a larger share in the upcoming years. Additionally, the cold-pressed kind retains the nutritional benefits, aroma, and other qualities, which leads to a high level of consumption and a large market share.

Hemp Seed Oil Market Segmentation: By Distribution Channel

• B2B

• B2C

In 2022, the B2B market accounted for a sizeable proportion of over 45%. Inks, paints, lubricants, and personal care items are among the many industrial products that hemp oil is used to create. As a result of its therapeutic and restorative qualities, it is also extensively utilized in the manufacture of detergents, shampoos, and soaps in addition to seeing increased use in the pharmaceutical and health industries. Consequently, the segment expansion is being driven by the product's expanding utilization across numerous industrial sectors. The B2C market category dominated with a market share of more than 50%. Over the projected period from 2023 to 2030, the segment is also expected to expand at a higher CAGR of 15.5%. The usage of sustainable and clean beauty products is on the rise, and this has made the concept of using them as important beauty items more widely accepted. Its increased acceptance is boosting the segment's growth because it makes it possible to have healthy skin and hair. Additionally, the easily accessible goods thanks to the quickly expanding e-commerce or online distribution channels have fueled the segment growth.

Hemp Seed Oil Market Segmentation: Regional Analysis:

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

The Global Industrial Hemp Market is divided into five regions based on regional analysis: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Over the projected period, North America is anticipated to hold the second-largest market share and is the fastest-growing region for industrial hemp after Europe which is anticipated to hold over 43% of the global share. As part of green policy measures, the area has gradually provided subsidies for industrial hemp farming, taking into account the rising demand for the product during the anticipated period.

COVID-19 Impact Analysis on the Global Hemp Seed Oil Market:

Numerous industries, including the food and beverage industry as well as personal and beauty care, were severely impacted by the COVID-19 epidemic. However, the pandemic had little to no impact on the worldwide hemp seed oil business because most consumers were purchasing the oil because of its ability to boost immunity and combat numerous other strains of diseases, including the common cold and flu. Because hemp seed oil strengthens the immune system by naturally fending off the presence of unwelcome germs in the body, customers all over the world have begun taking it more frequently as a result.

Latest Trends/ Developments:

The renowned manufacturer of hemp seed oil, Manitoba Harvest, and Whole Foods Market partnered in January 2023. The firm entered into this partnership to sell its products in shops around the nation. Tao Capital Partners invested in Elixinol, a company that creates nutraceuticals from hemp, in February 2023, according to the company's announcement. The $10 million in funding from Tao Capital could aid Elixinol in increasing its market share in the US and Europe. Hempco, a Canadian business that ranks among the top manufacturers of hemp seed oil internationally, was purchased by Nutiva in March 2023. Nutiva, a business that uses hemp to make food and personal care products, intends to enhance its hemp seed supply as a result of this acquisition. Future Market Insights, Inc., a member of the Greater New York Chamber of Commerce and an ESOMAR-certified market research firm, provides in-depth insights into the factors influencing market demand. It offers opportunities that, over the following ten years, will promote market expansion across several sources, applications, sales channels, and end-use-based divisions.

Key Players:

1. Velona

2. NP Nutra

3. Sky Organics

4. Manitoba Harvest

5. Z-COMPANY

6. Nutiva Inc

7. Connoills LLC

8. Bioriginal Food & Science Corp

9. Bombay Hemp Company