DUBLIN, Dec. 14, 2023 /PRNewswire/ — The “Hemp Seed Oil Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Hemp Seed Oil Market, valued at USD 85.69 million in 2022, is expected to experience substantial growth throughout the forecast period, projecting a robust CAGR of 6.52% through 2028
The North American region is a significant driver of hemp seed oil demand due to increasing health awareness, favorable regulations, and the popularity of CBD products. These factors are likely to continue supporting the growth of the global hemp seed oil market in North America.
Recent years have witnessed remarkable growth and transformation in the global hemp seed oil market. Hemp seed oil, derived from Cannabis sativa’s seeds, has garnered immense popularity due to its numerous health benefits and versatility. In 2021, the market had already displayed significant growth, a trend expected to persist in the foreseeable future.
One of the primary drivers behind the hemp seed oil market’s expansion is the increasing consumer awareness regarding the potential health advantages of hemp-based products. Hemp seed oil, abundant in essential fatty acids such as Omega-3 and Omega-6, is in high demand as an ingredient in various dietary and wellness products.
Furthermore, the growing acceptance of hemp-based products for their potential therapeutic properties has fueled market demand. The legalization of hemp cultivation in multiple countries has also contributed to market growth by facilitating the production of high-quality hemp seed oil. Moreover, the beauty and personal care industry has embraced hemp seed oil for its skincare benefits, further accelerating market growth.
As consumers continue to seek natural and sustainable alternatives, the global hemp seed oil market is poised for continuous expansion, presenting opportunities for innovation and diversification in various industries, including food and beverages, pharmaceuticals, cosmetics, and more. However, regulatory challenges and product standardization will remain significant factors shaping the market’s trajectory in the coming years.
Key Market Drivers:
- Increasing Consumer Awareness and Health Consciousness: Rising awareness of the health benefits of hemp-based products, rich in essential fatty acids, drives demand for hemp seed oil.
- Legalization of Hemp Cultivation: Legalization of hemp cultivation in various countries ensures a controlled environment for hemp plant growth, boosting the supply of high-quality hemp seed oil.
- Rising Acceptance of Hemp-Based Products: Hemp-based products, including hemp seed oil, are integrated into various industries like beauty, personal care, and pharmaceuticals.
- Demand for Sustainable and Plant-Based Alternatives: Growing concerns for sustainability and preference for plant-based options increase the demand for hemp seed oil, particularly in the food and beverage sector.
- Diversification and Innovation in Product Offerings: Hemp seed oil finds applications in diverse industries, from food and cosmetics to textiles and biofuels, driving market growth.
Key Market Challenges:
- Regulatory Ambiguity and Compliance Issues: Evolving regulations and varying THC content standards pose compliance challenges for businesses.
- Market Competition and Price Volatility: Intensifying competition leads to price fluctuations, impacting smaller producers and farmers.
- Consumer Misconceptions and Stigma: Overcoming misconceptions related to hemp and its association with marijuana is a challenge that requires education and transparent labeling.
- Quality Control and Product Standardization: Variations in hemp strain, cultivation methods, and extraction processes pose challenges in ensuring consistent product quality and standards.
- Sustainability and Environmental Concerns: Despite its eco-friendly image, hemp cultivation and processing still raise sustainability concerns related to water use, pesticides, and land management.
Key Market Trends:
- Increased Acceptance of CBD Hemp Seed Oil: CBD-infused hemp seed oil gains popularity for its potential health benefits, including pain relief, anxiety reduction, and anti-inflammatory effects.
- Expanding Applications in Cosmetics and Skincare: Hemp seed oil’s composition makes it valuable in skincare products, aligning with the trend of clean and natural beauty products.
- Sustainable and Organic Hemp Cultivation: Growing environmental awareness drives demand for organically sourced hemp seed oil.
- Innovative Product Formulations and Diversification: Diverse product offerings incorporating hemp seed oil drive market growth.
- Global Expansion and International Trade: Increasing international trade and regulatory distinctions between hemp and marijuana foster global market expansion.
Company Profiles: Detailed analysis of the major companies present in the Global Hemp Seed Oil Market.
- Nutiva Inc.
- Sky Organics
- Connoills LLC
- Manitoba Harvest
- NP Nutra
- Live Verdure Ltd. – 13 Seeds
- Bioriginal Food & Science Corp
- Bombay Hemp Company
Voice of Customer
- Brand Awareness
- Factors Influencing Purchase Decision
- Sources of Information
Strategic Recommendations/Action Plan
- Key Focus Areas
- Target Type
- Target Distribution Channel
Hemp Seed Oil Market, By Nature:
Hemp Seed Oil Market, By Type:
Hemp Seed Oil Market, By Distribution Channel:
Hemp Seed Oil Market, By Region:
- North America
- United States
- United Kingdom
- South Korea
- Middle East & Africa
- South Africa
- Saudi Arabia
- South America
For more information about this report visit https://www.researchandmarkets.com/r/bvk440
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