GVR Report cover Hemp Seed Oil Market Size, Share & Trends Report

Hemp Seed Oil Market Size, Share & Trends Analysis Report By Nature (Organic, Conventional), By Type (Cold-pressed, Refined), By Distribution Channel (B2B, B2C), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-018-9
  • Number of Report Pages: 120
  • Format: PDF, Horizon Databook
  • Historical Range: 2017 - 2021
  • Forecast Period: 2023 - 2030
  • Industry: Consumer Goods

Report Overview

The global hemp seed oil market was valued at USD 88.2 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.7% from 2023 to 2030. Hemp seed oil consists of cannabidiol (CBD), which has healing properties and helps in the treatment of various health concerns including anxiety, epilepsy, and others. Owing to such factors, the use of the product is increasing. Moreover, consumers are increasingly becoming aware of the numerous health benefits of the products, which are highly being utilized in products such as supplements, sauces, cooking oils, and others, which is further expected to drive the industry growth in the coming years.

 U.S. hemp seed oil market size, by nature, 2020 - 2030 (USD Million)

The COVID-19 pandemic had a severe impact on various industries including personal and beauty care, and the food and beverage industry. However, the pandemic had zero to no effect on the global hemp seed oil market as most people were buying the oil owing to its role in building immunity and fighting against many distinct strains and infections such as the common flu and cold. Due to this factor, consumers across the globe increasingly started consuming hemp seed oil as it boosts the immune system by naturally fighting off the presence of unwanted microbes in the body.

Hemp seed oil is one of the most nutritious products and consists of various nutrients and minerals such as vitamin B, vitamin C, and others. It also consists of a high amount of healthy fats such as omega-3 and omega-6, along with amino acids, owing to which its consumption is increasing. Furthermore, it consists of properties that reduce the risk of various illnesses such as cardiovascular disease and Alzheimer's disease. In addition, it is used as a remedy for a wide range of conditions such as stress and skin-related issues. Owing to the above-mentioned factors consumption of hemp seed oil is increasing, which is expected to bode well for market growth.

Due to the medicinal benefits of the product, its demand is increasing among consumers, thus manufacturers are offering hemp in various forms that target a diverse range of issues. For instance, CBII offers products in various forms including gummies, oils, capsules, and balm & face oil.  The products offered by CBII target various issues including stress, sleep, and pain. Owing to the same reason application of the product is increasing in various industries including beauty and personal care, the cosmetics industry, the food and beverages industry, the health & pharmaceutical industry, the textile industry, and others.

As per the article published by the U.S. Food & Drug Administration in July 2019, the 2018 Farm Bill enhanced and legalized the use of three hemp seed products- hemp seed protein powder, hulled hemp seed, and hemp seed oil in the U.S. food supply. Due to this legalization inclusion of such products increased by the manufacturers. Moreover, due to the increasing demand for the product, the production of hemp is also increased to meet the rising consumer demand. According to a report by the European Commission, the production of hemp has increased by 62.4% from 2015 to 2019. The production of hemp in 2015 was 34,120 tons and reached 152,820 tons in 2019.

The product is associated with a high cost which is anticipated to challenge the market growth over the forecast period. Moreover, sourcing of raw material for hemp seed oil i.e. cannabis Sativa plant is a major factor further expected to hinder the market growth in the coming years. Furthermore, various potential risks such as digestive issues, and skin irritation may occur or be associated with the usage of hemp seed oil which is also anticipated to hamper the market growth. However, the legalization of hemp in various regions across the globe is expected to present key opportunities for market growth in the coming years.

Nature Insights

The conventional segment held the largest revenue share of over 60% in 2022 and is expected to remain the dominant segment over the forecast period. This is attributed to the high production of the product using raw products produce from conventional farming. Moreover, conventional production helps the farmers to produce more on less land as the method helps to increase the health and yield of crops thus contributing to the high share of the market.

The organic segment is anticipated to grow at a faster CAGR of 16.4% over the forecast period from 2023 to 2030. The growing demand for clean-label or organic products among consumers across the globe including hemp-derived products is contributing to the segment growth over the forecast period. Products grown and produced using organic methods provide higher quality, more sustainable, and clean products. Due to this production of products using the organic method is increasing to meet consumer demand thus driving the segment growth over the forecast period.

Type Insights

The cold-pressed segment accounted for the largest revenue share of over 85% in 2022. The growth of the segment is attributed to the high usage of cold-pressed methods by manufacturers. Nutritional value is high in cold-pressed oil and consists of healthy fatty acids including omega-6 and omega-3. Moreover, they also consist of vitamins, zinc, and others owing to which consumption is high among the consumers thus contributing to the higher share and faster growth of the segment in the coming years. Moreover, the nutritional properties, aroma, and others are retained by the cold-pressed type owing to which its consumption is high thus contributing to the high market share.

The refined segment accounted for a share of over 14% in 2022 and is anticipated to register a considerable growth rate of over 14% over the forecast period. Refined oils are highly processed which makes them lose major or all their properties. Consumption of refined oil may result in obesity, cancer, gastrointestinal disease, and others. However, refined oil has low production costs making it cheaper than cold-pressed oil which is adopted among consumers looking for a budget-friendly option thus contributing to the growth.

Distribution Channel Insights

The B2B segment held a significant share of over 45% in 2022. Hemp oil is used for manufacturing various industrial products including inks, paints, lubricants, and primarily in body care products. It is also highly used in the production of detergents, shampoos, and soaps along with its rising usage in the pharmaceutical and health industry owing to its medicinal and healing properties. Thus, the increasing use of the product in various industrial sectors is driving the segment growth.

 Global hemp seed oil market share, by distribution channel, 2022 (%)

The B2C segment held a leading share of over 50% of the global market in 2022. The segment is also anticipated to grow with a higher CAGR of 15.5% over the forecast period from 2023 to 2030. The rising trend of using sustainable and clean beauty products has mainstreamed the idea of the use of the product as a major beauty product. It enables one to achieve healthy skin and hair owing to which its adoption is increasing thus surging the segment growth. Moreover, the rapidly growing e-commerce or online distribution channel has made easy availability of the product thus further fueling the segment growth.

Regional Insights

North America dominated the market in 2022 with a share of around 40%. The legalization of hemp seed oil along with favorable laws regulated by the regional government is contributing to the high share of the region. Owing to this, the use of the product is increasing among the health-conscious population thus propelling regional growth. Moreover, the presence of a high population with mental illness is further resulting in the increasing use of hemp seed oil thus contributing to the growth. As per the article published by the National Institute of Mental Health (NIMH), in 2020 in the U.S. approximately 52.9 million adults who are 18 years or older have any mental illness.

Hemp Seed Oil Market Trends by Region

Middle East & Africa is anticipated to grow at the fastest CAGR of 16.4% over the forecast period from 2023 to 2030. The rising healthcare sector along with the advancement of technology for hemp seed oil drugs for health treatments are the key factors propelling the regional market over the forecast period. Moreover, legalized production of hemp in various African countries including Ethiopia, Ghana, Morocco, South Africa, Zimbabwe, and others for medicinal use is further fueling the market growth in the coming years.

Key Companies & Market Share Insights

Key players are adopting various steps to increase their presence in the market. These steps include strategies such as partnerships, mergers & acquisitions, development & launch of new products, global expansion, and others. Some of the initiatives include:

  • In March 2021, Yooma Wellness Inc., a distributor, and marketer of hemp-derived and cannabinoid wellness products announced the acquisition of Socati Corp. This initiative was taken by the company to expand its geographic footprint of the company.

  • In April 2020, QEMP announced the launch of qemp ZERO, a pure hemp seed oil with no THC and a blend of organic herbs. The product is associated with various benefits including non-GMO, vegan, antioxidant support, and others.

  • In December 2019, NuLeaf Naturals, LLC, one of the top hemp CBD oil companies in America announced its partnership with Terence Crawford.

Some prominent players in the global hemp seed oil market include:

  • Nutiva Inc.

  • Connoills LLC

  • Manitoba Harvest

  • Sky Organics

  • Velona

  • NP Nutra

  • Z-COMPANY

  • Live Verdure Ltd. - 13 Seeds

  • Bombay Hemp Company

  • Bioriginal Food & Science Corp

Hemp Seed Oil Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 100.5 million

Revenue forecast in 2030

USD 264.4 million

Growth rate

CAGR of 14.7% from 2023 to 2030

Base year for estimation

2022

Historical data

2017 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD Million/Billion and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Nature, type, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; Japan; India; Brazil; South Africa

Key companies profiled

Nutiva Inc.; Connoills LLC; Manitoba Harvest ; Sky Organics; Velona; NP Nutra; Z-COMPANY; Live Verdure Ltd. - 13 Seeds; Bombay Hemp Company; and Bioriginal Food & Science Corp

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

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Global Hemp Seed Oil Market Segmentation

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segment from 2017 to 2030. For this study, Grand View Research has segmented the global hemp seed oil market report based on nature, type, distribution channel, and region:

Global Hemp Seed Oil Market Segmentation

  • Nature Outlook (Revenue, USD Million, 2017 - 2030)

    • Organic

    • Conventional

  • Type Outlook (Revenue, USD Million, 2017 - 2030)

    • Cold-pressed

    • Refined

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

    • B2B

    • B2C

      • Hypermarkets & Supermarkets

      • Convenience Stores

      • Online

      • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

      • South Africa

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