The global hemp seed oil market is expected to reach a market valuation of US$ 104 million in the year 2023. The global market value for hemp seed oil grew at a CAGR of roughly 5.3 percent over the last half-decade. Meanwhile, over the forecast period of 2023 to 2033, demand for hemp seed oil is expected to expand at a CAGR of roughly 19%.
The global hemp seed oil market is expected to increase at a breakneck pace between 2022 and 2032. The rising adoption of hemp seed oil in multiple end-use sectors such as food and drinks, cosmetics, personal care, nutraceuticals, industrial, and pharmaceutical goods is attributable to this expansion. Furthermore, the increased usage of hemp seed oil in vegan goods is expected to drive hemp seed oil market growth in the coming years.
Hemp seed oil is well-known for its anti-inflammatory properties. Aside from that, there has been a significant increase in the demand for hemp seed oil in sauces and salad oils, cooking oils, nutritional supplements, and baked goods. The main cause for this scenario is greater knowledge of the health advantages of hemp seed oil.
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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 has resulted in its increased application in cooking oils, sauces and salad oil, baked foods, and nutritional supplements.
Furthermore, the hemp seed oil is gradually finding applications in the pharmaceutical, nutraceutical, and cosmetics industries, which will bode well for the market in the coming years. It has also penetrated the pet care market, besides finding applications in the green building materials market and the biofuel market.
Key Takeaways from Market Study
- The North American area’s market value for hemp seed oil is 32.5 million dollars, accounting for 38% of the global market value, with the United States owning a market share of 65 percent in the region.
- As hemp seed oil contains no psychotropic chemical components, it is considered safe for use in products for babies, children, and pregnant women.
- The European hemp seed oil industry is predicted to grow dramatically in the next years. Consumers are becoming more aware of the nutritional benefits of organic hemp seed products, resulting in its broad incorporation into their daily diet.
- As hemp seed has a more stable nature in the air (in terms of denaturation and oxidative stability) than hulled seed, the whole hemp sector is predicted to dominate the market and continue to do so over the projection years.
- Due to its strong nutritional profile, hemp seed oil is widely used in the food and beverage sectors across the world. In 2019, this sector accounted for 44.52 percent of the market. Hemp seed oil may be used in a variety of dishes, including smoothies and breakfast toppings.
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Competitive Landscape
Many well-established firms are present in the hemp seed oil sector. Because the market is still in its early stages, it offers exciting chances for new entrants. To acquire a competitive advantage, industry leaders use a variety of organic and inorganic techniques. Offering organic certified products is one of the primary strategies used by significant businesses. Aside from that, several suppliers are increasing their emphasis on clean-label claims.
- One of the most popular brands of the hemp seed oil is Nutiva. It is made from cold-pressed hemp seeds, and it is rich in antioxidants, omega-3 fatty acids, and fiber. It also has a nutty flavor that many people enjoy.
- Another popular brand of the hemp seed oil is Manitoba Harvest. It is made from pure hemp seeds, and it contains no chemicals or preservatives. It also has a nutty flavor and a high smoke point, making it perfect for cooking.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Hemp Seed Oil market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on product type (Bread, Cakes, Pizza Bases, muffins, Hamburgers, and Other Product Types), Application (Bakery, Confectionery, Restaurant, Household), and Sales channels (Direct, Indirect) across seven major regions of the world.
Hemp Seed Oil Market by Category
By Product Type, Hemp Seed Oil Market is Segmented as:
- Conventional
- Organic
By Grade, Hemp Seed Oil Market is Segmented as:
- Food grade
- Pharmaceutical grade
By Extraction process, Hemp Seed Oil Market is Segmented as:
- Cold pressed hemp seed oil
- Refined hemp seed oil)
By End-use, Hemp Seed Oil Market is Segmented as:
- Food & beverages
- Nutraceuticals
- Cosmetics & personal care
- Pharmaceuticals
- Industrial products
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