In the current year 2023, the overall market valuation for hemp seed oil sold globally seems likely to reach up to US$ 104 million. Even promising predictions are made for the years between 2023 and 2033 when the market could expand at an excellent CAGR of 19%. Ultimately, continuing its increasing trend, the overall market valuation is projected to reach around US$ 617.1 million by the end of this forecast period.
Hemp seed oil has become popular in recent years in several new businesses besides pharmaceuticals due to its medicinal and nutritional benefits. Further, it has made its way into the food and beverage, and cosmetics industries because of its high concentration of omega-3 and omega-6 fatty acids.
A key factor driving the market is consumers’ growing knowledge of hemp oil’s possible health advantages, including heart health promotion, and skin condition improvement. Moreover, it is increasingly in demand as many people are looking for natural and holistic methods of well-being in dietary supplements, cosmetics, and functional meals.
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Key Takeaways from the Hemp Seed Oil Market Study Report
- North America and Europe have emerged as prominent markets due to rising consumer awareness, good regulatory environments, and the presence of major competitors. The United States alone contributed 33.4% of the revenue generated by the market globally in the year 2022.
- In Europe, Germany is the leading country known for hemp seed oil production and held a global market share of 7.1% in 2022. Meanwhile, the consumption of hemp seed oil in the United Kingdom is growing significantly and the regional market could register 18.9% through 2033.
- Asia Pacific’s market is predicted to have remarkable growth due to increasing consumption of natural and organic goods, along with expanding middle-class population. China and India are at the forefront in sales of hemp seed oil and are anticipated to register 20.2% and 22.4% CAGRs through 2033.
Competitive Landscape for the Hemp Seed Oil Market:
Leading market players are thriving across a variety of industries by opening doors to cutting-edge goods and new prospects. Recently many regions have legalized the cultivation of hemp seeds along with the production and distribution of hemp seed oil.
The regulatory environment surrounding hemp cultivation and goods produced from hemp has also been changing encouraging several players to enter this growing market. Further, this is expected to widen market possibilities and fuel the competitive landscape for both new and existing market players on a worldwide scale.
The top 12 Players in the market are:
- Nutiva Inc.
- Canopy Growth Corporation
- Connolis LLC
- Maverik Oils
- NP Nutra
- Agropro
- Canah International SRL
- Z-Company
- Ecofiber Limited
- 13 Seeds Hemp Farm
- Elixinol Global Limited
- BOHECO
Recent Developments in the market:
- A leading hemp seed oil manufacturing company, Manitoba Harvest, partnered with Whole Foods Market in January 2023. The company entered into this partnership to sell its goods at outlets across the United States.
- Elixinol, a startup that creates hemp-based nutraceuticals, said in February 2023 that Tao Capital Partners had invested in its business. Elixinol’s expansion in the United States and Europe might be aided by the funding of US$ 10 million by Tao Capital.
Hempco, a business in Canada that ranks among the top producers of hemp seed oil worldwide, was bought by Nutiva in March 2023. Nutiva, a firm that makes hemp-based meals and personal care products, predicts to expand its sources of hemp seeds after this purchase.
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Hemp Seed Oil Market Segmentation:
By Product Type
- Conventional
- Organic
By Grade
- Food grade
- Pharmaceutical grade
By Extraction Process
- Cold-pressed hemp seed oil
- Refined hemp seed oil
By End Use
- Food & beverages
- Nutraceuticals
- Cosmetics & personal care
- Pharmaceuticals
- Industrial products
By Regional
- North America
- Europe
- Asia Pacific
- Central & South America
- The Middle East & Africa
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