By 2022, the market for hemp seed oil is projected to be worth US$ 85 million, growing at a 7.6% CAGR between 2022 and 2032. Over the previous five years, the value of the worldwide hemp seed oil market increased at a CAGR of nearly 4.1%. The market for hemp seed oil is anticipated to increase between 2022 and 2032 at a CAGR of around 7.6%.
According to the report, the rising demand for sustainable products will drive growth in the market. The report offers a holistic market overview intended to help stakeholders get a better look and the prevailing trends and opportunities. Besides examining investment feasibility across key segments, the study also analyses threats to the market.
Hemp seed oil is gaining popularity due to its rich content of omega-3 and omega-6, which offer numerous health benefits. Hemp seed oil helps in reducing inflammation, causing diseases related to the heart and cancer. The rising awareness about hemp seed oil and its various health benefits have resulted in its increased application in cooking oils, sauces and salad oil, baked foods, and nutritional supplements.
Hemp seed oil has started gaining traction recently owing to approvals by regulatory bodies for human consumption. This, coupled with its health benefits of hemp seed oil, has led to the higher demand in the market.
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It includes in-depth insights into the hemp seed oil market. Some of these are:
• The estimated value of the market was at US$ 61.6 Mn in 2020.
• Region wise, the East and South Asia emerged as a key markets for hemp seed oil.
• North America and Europe will continue leading the global market for hemp seed oil.
• Food & beverage segment is expected to remain dominant in terms of application.
• Key players are likely to focus on product innovations and expansion through merger to retain their positions in developed markets.
“Increasing use of hemp seed oil as active ingredient in various products is expected to bolster growth of hemp seed oil market. Health-conscious consumers are looking for botanicals and botanical ingredients that offer several health benefits compared to products containing synthetic ingredients. Hemp seed oil is naturally extracted from hemp seeds and is considered suitable for application in various food products, which is aiding the market’s expansion,” said a lead analyst at FMI.
Increasing Demand for Baked and Ready-to-Eat Products due to COVID-19 Outbreak will Support Growth
The demand for salads, soup, and baked foods is increasing as consumers are looking for healthier diet options. This is one of the key factors driving the market for hemp seed oil. Due to the sudden outbreak and unrestrained spread of COVID-19, consumers have become more vigilant about their food consumptions. Even their purchase decisions are influenced by the need of healthiness and wellbeing. Such fluctuating consumer preferences with changing trends are likely to reshape the overall hemp seed oil market.
Hemp seed oil has rich content of nutrients and essential fatty acids. It has vast application in food and beverage industry. For instance hemp seed oil is used in making of sauces, dessert toppings, salad oil. Owing to its numerous benefits for heart and brain health it is popularly used as cooking oil. The growing trend for organic products is further paving way for expansion of hemp seed oil market. Further wide application in cosmetics and personal care products is also bolstering market demand for hemp seed oil.
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Who is winning?
Some of the key players operating in the hemp seed oil market are Hemp oil Canada, Agropro, Maverik Oils, Nutiva Inc., Canopy Growth Corporation , Connolis, NP Nutra, 13 Seeds Hemp Farm, Eco fiber Limitged, Elixinol Global Limited, BOHECO.
Due to the increasing competition, manufacturers are focusing on expanding their product portfolio and filtering their process of extraction. Some of the major players like Canopy Growth, Hemp oil Canada, Ecofiber, Nutiva and others operate globally and manage their marketing activities such as promotion, product design, branding, packaging, pricing, and market research at a global scale. This helps them in developing the distribution network for goods and services in overseas markets, thus allowing these enterprises to earn higher profits.
Furthermore, manufacturers and suppliers of hemp seed oil target their customers based on their age, region, medical condition, spending power, dietary habits, and lifestyle. This is helping manufacturers and suppliers to position their products and is driving the hemp seed oil market. In addition to this, the common strategy adopted by market players includes acquisition and merging and they intend to expand their regional footprint through partnerships.
Market Segmentation
The Global hemp seed oil market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Nature
• Conventional
• Organic
Grade
• Food grade
• Pharmaceutical grade
Extraction process
• Cold pressed hemp seed oil
• Refined hemp seed oil
End use
• Food & beverages
o Sauces and salad dressings
o Dessert toppings
o Baked foods
o Margarine
o Cooking oil
• Nutraceuticals
• Cosmetics & personal care
• Pharmaceuticals
• Industrial products
Region
• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa
Get Valuable Insights into Hemp seed oil Market
Future Market Insights, in its new report, presents an unbiased analysis of the global hemp seed oil market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. In terms of nature, the market can be segmented into organic and conventional. Based on grade, the market can be classified into food grade and pharmaceutical grade. On the basis of extraction process market is segmented as cold pressed hemp seed oil and refined hemp seed oil. By the end use, market is classified as food & beverages, nutraceuticals, cosmetics & personal care, pharmaceuticals and industrial products. Regionally, the market can be segmented into North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.
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Market Outlook& Key Findings
• Hemp seed oil market is anticipated to grow at nearly 19.5% in 2020 owing to rising awareness about its health benefits
• New product launches by key players, especially in the sanitizer segment will aid the expansion of the market. For instance, recently SinglePoint Inc. launched a hand sanitizer Klein, which is infused with hemp seed oil
• Key manufacturers are likely to invest in hemp seed oil as the market presents impressive growth opportunities backed by increasing applications of hemp seed oil
• The inclusion of hemp seed oil in vegan products is further boosting its demand
• Changes in the regulatory framework legalizing the use of hemp seed oil for human consumption is likely to create growth opportunities for market players
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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