Hemp Seed Oil Market to Grow with a CAGR of 6.52% through 2028
Rising consumer awareness and increasing acceptance of hemp-based
products are driving the Global Hemp Seed Oil Market in the forecast period
2024-2028.
According to TechSci Research report, “Hemp Seed Oil Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Hemp Seed Oil Market stood at USD 85.69 million in 2022 and is
anticipated to grow with a CAGR of 6.52% in the forecast period, 2024-2028. The
global hemp seed oil market has witnessed significant growth and transformation
in recent years, reflecting evolving consumer preferences, regulatory changes,
and a broader acceptance of hemp-based products. Hemp seed oil, derived from
the seeds of the hemp plant (Cannabis sativa), has gained immense popularity
due to its numerous health benefits and versatile applications.
One of the key drivers behind the expansion of the global hemp seed oil
market is the increasing awareness among consumers about the potential health
advantages of hemp-based products. Hemp seed oil is rich in essential fatty
acids, particularly Omega-3 and Omega-6, making it a sought-after ingredient in
various dietary and wellness products. These fatty acids play a crucial role in
promoting heart health, reducing inflammation, and supporting overall
well-being. As consumers become more health-conscious and seek natural
remedies, the demand for hemp seed oil as a dietary supplement has surged.
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The legalization of hemp cultivation in several countries has also
contributed to market growth. Many nations have recognized the distinction
between hemp and marijuana, allowing for the controlled cultivation of hemp
plants with low THC (tetrahydrocannabinol) levels. This legal framework has
opened up opportunities for farmers to grow hemp for its seeds and oil, leading
to a more robust supply chain and improved product quality.
Moreover, the beauty and personal care industry have embraced hemp seed
oil for its skincare benefits. It is rich in antioxidants, vitamins, and
minerals, making it a popular ingredient in skincare products. Hemp seed oil's
moisturizing and anti-inflammatory properties make it suitable for addressing
various skin conditions, from dryness to acne. As consumers seek natural and
sustainable alternatives, hemp seed oil has found its place in cosmetics and
skincare formulations, further propelling market growth.
The global hemp seed oil market extends its reach into the
pharmaceutical sector as well. Researchers are exploring the potential
therapeutic properties of hemp seed oil, including its role in managing chronic
conditions such as arthritis, anxiety, and inflammation. As more clinical
studies and trials are conducted, the pharmaceutical industry may witness the
development of new hemp seed oil-based products and medications.
The food and beverage industry has also played a pivotal role in the
market's expansion. Hemp seed oil is used in various culinary applications,
including cooking oils, salad dressings, and plant-based protein supplements.
Its nutty flavor and nutritional profile make it a versatile ingredient that
caters to health-conscious consumers seeking nutritious and flavorful options.
The versatility of hemp seed oil as a culinary ingredient positions it well in
the market.
However, despite these drivers, the global hemp seed oil market is not
without its challenges. Regulatory ambiguity and compliance issues remain
significant hurdles. Regulations governing hemp and hemp-derived products vary
widely from country to country, impacting the production and distribution of
hemp seed oil. Navigating these regulations and ensuring compliance can be
complex and costly for businesses in the industry.
Market competition and price volatility are other notable challenges.
The influx of new players, from small startups to established corporations, has
led to price fluctuations and potential margin pressures. Price instability can
be influenced by changes in supply and demand dynamics, shifts in consumer
preferences, and fluctuations in the cost of raw materials.
Sustainability and environmental concerns also warrant attention. While
hemp is considered an eco-friendly crop due to its low resource requirements,
there are still sustainability challenges associated with its cultivation and
processing. Addressing issues related to water use, pesticide use, and land
management is essential to ensure the industry aligns with broader
sustainability goals.
In conclusion, the global hemp seed oil market has experienced
significant growth driven by factors such as increasing health awareness,
regulatory changes, and the adoption of hemp-based products in various
industries. However, it also faces challenges related to regulations, market
competition, consumer perceptions, quality control, and sustainability.
Navigating these challenges while capitalizing on the opportunities presented
by the growing demand for hemp seed oil will be critical for businesses operating
in this dynamic market.
The Global Hemp Seed Oil Market is segmented into nature, type, distribution
channel, regional distribution, and company.
Based on nature the market is segmented into organic and conventional.
Based on type the market is segmented into cold-pressed and refined. The
global hemp seed oil market is witnessing a rising demand for cold-pressed hemp
seed oil due to its superior quality and nutritional benefits. Cold pressing
preserves the oil's essential compounds and nutrients, making it a preferred
choice for health-conscious consumers seeking minimally processed and natural
products. Its versatility in culinary applications and use as a carrier oil for
CBD products further contribute to its popularity. Cold-pressed hemp seed oil
is aligning well with the growing trend of clean and transparent labeling,
driving its increasing demand in the market.
Based on distribution
channel the market is segmented into offline and online.
Based on region the
market is segmented into five regions, North America, Europe, Asia Pacific, Middle
East & Africa, and South America.
Major companies operating in Global Hemp Seed Oil Market are:
- Nutiva Inc.
- Sky Organics
- Velona
- Connoills LLC
- Manitoba Harvest
- NP Nutra
- Live Verdure Ltd. - 13
Seeds
- Z-Company
- Bioriginal Food &
Science Corp
- Bombay Hemp Company
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“Rising demand for sustainable and plant-based alternatives is a
significant trend that is expected to have an impact on growth over the
forecasted period. Increasing consumer awareness, expanding applications in
cosmetics and skincare, and innovative product formulations will positively
impact the Global Hemp Seed Oil Market. Due to the wide range of products
available to meet specific needs of, as well as the growing popularity of the
online distribution channel, the market is growing at impressive rate through
projected period,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Hemp Seed Oil Market By
Nature (Organic, Conventional), By Type (Cold-pressed, Refined), By
Distribution Channel (Offline, Online), By Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Hemp Seed Oil
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Hemp Seed Oil Market.
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