Global Hemp Oil Market 2024–2033

Reports Description

According to Custom Market Insights (CMI), The Global Hemp Oil Market size was estimated at USD 80 Million in 2021 and is expected to reach USD 90 Million in 2022 and is expected to hit around USD 170 Million by 2030, poised to grow at a compound annual growth rate (CAGR) of 7% from 2022 to 2030.

Our research report offers a 360-degree view of the Hemp Oil market’s drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Hemp Oil market.

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• Hemp oil, or hemp seed oil, is made from hemp seeds. Hemp oil has a nutty flavour and ranges in colour from dark to clear, bright green. Because of its therapeutic benefits, hemp oil is becoming increasingly popular. The essential omega-3 fatty acids, vitamins, terpenes, chlorophyll, antioxidants, amino acids, and nutraceuticals are abundant in hemp oil. Phytocannabinoids such as cannabigerol (CBG), cannabichromene (CBC), cannabinol (CBN), and cannabidivarin (CBD) are also abundant in hemp oil.
• The use of hemp oil in massage therapy is another significant application. Hemp seeds or cannabis plants are used to obtain hemp oil using a sophisticated extraction method. Pure hemp oil can also be used as a dietary supplement. As hemp oil becomes increasingly popular, new products are being developed, including chewing gum, drops, pills, and even CBD hemp oil products.
• The most nutrient-dense natural food on the market, hemp seeds are rich in minerals, protein, and fibre. They are wonderful nutrients for human health since they are rich in vitamins A, C, and E. As per a 2014 study by the University of Seville in Spain, hemp seed offers the ideal ratio of omega-3 fatty to omega-6 acids and certain compounds that help reduce high blood pressure.
• Due to numerous major manufacturing facilities being shut down as a result of lockdowns in many nations during the Covid-19 outbreak, the market for hemp oil has experienced a minor decline globally.
• Pharmaceutical and biotechnology firms are concentrating on studying and creating hemp oil-based products to successfully treat the most prevalent forms of anxiety and depression. For instance, Clever Leaves started its direct-to-business sales platform for pharmaceutical-grade cannabis extract goods on February 21 for customers in Europe, Australia, and South America. These products include full-spectrum extract oils, THC-free full-spectrum hemp oil, and CBD isolate oil.
• Several hemp oil producers have concentrated on research and development during the COVID-19 pandemic and have introduced new personal care, medicinal, and cosmetic products.
• Additionally, a number of top manufacturers have transitioned to online platforms by establishing brand-new websites to support home services. For instance, Royal CBD debuted a website and a new line of premium CBD and hemp oil-based goods on May 1, 2020. Thus, during the course of the forecast years, manufacturers should benefit greatly from the increased number of new product launches and the surge in demand for clinical research.

Report Scope

The global Hemp Oil market research report offers an in-depth analysis of the global market size, which is further segmented into regional and country-level market size, and segmentation market growth. Also, it provides market share, sales analysis, competitive landscape, the impact of domestic and global market participants, trade regulations, value chain optimization, recent key developments, strategic market growth analysis, opportunities analysis, product launches, and technological innovations. The scope of the study includes market sizing and forecast for segmentation by product, distribution channel, application, and geography.

Report Scope

Key Market Dynamics

• Growing demand for many medical uses, including stress treatment, is driving the global market for hemp oils. They are employed in the pharmaceutical business to make pain-relieving cosmetics and personal care items. The pharmaceutical industry is investing more money in research and development for new hemp-based medicines as people become more aware of their benefits. Hemp oil is useful for treating a variety of chronic conditions, including sleep difficulties, nerve discomfort, chronic pain, anxiety, and more. Additionally, a significant element fueling the expansion of the global hemp oil market is the spike in demand via online based distribution websites.
• The hemp oil industry has been driven by the growing legalization of hemp oil used in many nations due to its incredible health advantages. For instance, the legalization of the cannabis compound cannabidiol in the United States in 2018 led to the passage of a farm bill that allowed for the production of industrial hemp (CBD).
• With an increase in the world's senior population, anxiety and depressive disorders are becoming more common, which is another factor driving the market. As a result, there was an enormous demand for hemp oil to help patients recover and reduce their symptoms of stress.
• An increase was observed in the use of hemp oil in the production of cosmetics & personal care items and several major players are introducing hemp oil for the treatment of joint and muscular discomfort. For instance, Synerva introduced their New CBD oil Joint and Muscle Cream in October 2020 to help people with pain. The elderly population has a huge demand for medications derived from hemp oil to treat muscle pain. Due to a rise in consumer knowledge, increased disposable income, and growing demand from working women, there was an even greater increase in the demand for personal care and cosmetics items.
• A significant business opportunity for CBD may result from rising Food and Drug Administration (FDA) approvals and rising government authorization to cultivate CBD for medical use. Additionally, growing alliances, mergers, and acquisition activity among the top producers of hemp-based goods may create a significant possibility for market expansion.

The personal Care & Cosmetics Segment Dominated the Hemp Oil Market in 2021

• A growing amount of money is being spent on research and development to create and sell CBD oil-based treatments and therapies, which has led to the personal care and cosmetics segment having the largest market share among these in 2021. For instance, on July 6, 2020, consumers in the United States spent almost US$3 billion on hemp goods. Capsules, tablets, and other products comprise the pharmaceutical and nutraceutical segments.
• Personal care & cosmetics lotions, hand creams, jump balms, soaps, hair care products, shower gels, etc. Printing inks, construction materials, automobiles, textiles, solvents, and lubricants are some industrial subcategories.
• Food products and drinks are grouped as the food and beverage segment. As beverage consumption increases globally, the beverages segment has the largest market share. Food items can be divided into various categories, including cooking oils, cakes, desserts, bakery goods, doughnuts, frozen foods, salads, snacks, sauces, soups, and seasonings.
• Additional beverages are divided into alcoholic and non-alcoholic categories. Energy Drinks, soft drinks, RTD coffee, flavoured drinks, infused water, and others are the different categories of non-alcoholic beverages.

Competitive Landscape

The global hemp oil market has a large number of well-known companies. The market presents exciting opportunities for new businesses to engage as it is still in its early stages of development. Industry leaders use a variety of organic and inorganic strategies to get a competitive edge. Offering items that have been certified as organic is one of the primary tactics utilized by large players. In addition, a lot of companies are emphasizing clean-label promises.

• 2022: Tilray Brands, Inc. is growing its portfolio of CANACA cannabis brands. For discerning cannabis enthusiasts who want enhanced experiences, the brand's most recent product release involves the introduction of three new high-potency full-spectrum butane hash oil-infused items and extended distribution of its current collection across Canada.
• 2022: Rubicon Organics Inc., a producer with a license dedicated to the cultivation and distribution of premium certified organic cannabis, announces the launch of eleven new products under the Simply Bare Organic and 1964 Supply Co brands in Quebec. This increases Rubicon Organics' presence in Quebec by doubling the number of readily available products.
• 2021: The US-based market participant has announced product marketing that takes advantage of cutting-edge technology that allows the use of pharmaceutical-grade cannabidiol in the treatment of chronic illnesses. This project has assisted various firms in collaborating with CBD products and providing drinks infused with cannabis.
• 2021: The cannabis extractor, which creates cannabis concentrate without the use of solvents, was introduced to the market by one of the major players. The US Patent and Trademark Office has granted the corporation a patent for the invention.

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America