This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
Hemp Seed Oil Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
GET A FREE SAMPLE
Report Overview
The global hemp seed oil products market was valued at USD 1.4 billion in 2022 and is projected to expand at a CAGR of 20.2% from 2023 to 2030. Hemp seed oil is extracted from hemp seeds and is a natural source of polyunsaturated fatty acids, such as omega-3 and omega-6. This oil is gaining traction across the globe due to its various therapeutic applications. Moreover, the growing awareness regarding the nutritional and medicinal benefits associated with hemp seed oil is driving the market growth.
The rising demand for organic products is increasing the demand for hemp seed oil in cosmetic and beauty products. The rising preference for organic ingredients has prompted several manufacturers to use hemp seed oil in skincare and haircare products. For instance, in December 2021, The Body Shop launched a new collection of hemp bodycare products named Hemp Care. The collection includes a body lotion, hand cream, foot cream, and body wash. Additionally, in November 2021, The Green Labs LLC launched an all-natural range of hemp seed oil-based products, including Hemp Seed Oil Face Cream, Hemp Seed Oil Body Cream, Hemp Seed Oil Soap, and Hemp Seed Oil Shampoo.
The rising demand for vegan products is expected to drive the market growth during the forecast period. Hemp seed oil is a vegan-friendly and plant-based ingredient, which is used in several food and beverage products and dietary supplements. For instance, in October 2021, Zatural launched a new range of hemp seed oil-based products, including Hemp Oil Capsules, Hemp Seed Oil Softgels, Hemp Oil Drops, Hemp Oil Balm, and Hemp Seed Oil. Furthermore, the growing number of hemp-based products, with claims of wellness benefits, is expected to propel the market growth in the coming years.
The increasing application of hemp seed oil in pharmaceuticals is expected to propel the market growth in the coming years. This is attributed to the growing awareness regarding the medicinal benefits of hemp seed oil. Hemp seed oil is used in the treatment of skin diseases, such as psoriasis and eczema, as it has anti-inflammatory properties. Furthermore, the growing demand for hemp seed oil in the treatment of chronic diseases, such as anxiety and depression, is expected to drive the market growth in the coming years.
Product Insights
The hemp oil segment is expected to dominate the hemp seed oil products market and occupy the highest market share by 2022. Hemp oil is one of the most popular products derived from hemp seed oil, owing to its health benefits. Hemp oil is used in various products such as dietary supplements, skin care, and pet food. It is rich in essential fatty acids, vitamins, and minerals and includes gamma linoleic acid (GLA), which has anti-inflammatory properties and helps in reducing joint pain. According to an article published by the National Center for Biotechnology Information (NCBI) in February 2020, hemp oil has a positive effect on joint pain, inflammation, and other conditions.
The hemp food segment is projected to record the highest CAGR of 10.3% during the forecast period. Hemp food products are gaining immense popularity as they are considered to be a superior source of protein and essential fatty acids. Hemp food is gaining traction, particularly among young adults, owing to its various health benefits. Furthermore, hemp food also contains various minerals and vitamins, including iron, magnesium, and zinc, which are helpful for overall health and wellness. This is expected to be a major factor driving the growth of the segment.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the major share of over 43.2% in 2022. Hemp seed oil products are mainly available in supermarkets and hypermarkets, which offers consumers a wide range of products to choose from. Supermarkets and hypermarkets are preferred by customers due to the availability of a wide range of products, competitive prices, and convenient locations. Manufacturers are also focusing on launching new products in supermarkets and hypermarkets to increase their sales. For instance, in 2020, Hempco launched a hemp-based oil in major supermarkets in the UK.
The online segment is anticipated to expand at the highest CAGR of 11.9% over the forecast period. The increasing penetration of smartphones and the internet has led to the shift in customer preference for online shopping. The presence of e-retailers such as Amazon, Walmart, and Target has made it easier for customers to purchase hemp seed oil products. Moreover, manufacturers are focusing on launching new products on these e-retailers to reach a large customer base. For instance, in 2020, Hempco launched its hemp seed-based oil on Amazon.com.
Type Insights
The edible segment accounted for the largest revenue share of 66.2% in the year 2022. The increasing demand for hemp seed oil in food products such as salad dressings, smoothies, and smoothie bowls is driving the growth of the edible segment. Hemp seed oil is high in omega-3 and omega-6 fatty acids, which helps reduce inflammation and improve the overall health of consumers. Furthermore, hemp seed oil is also used as a natural preservative in food products, as it has anti-bacterial, anti-fungal, and antioxidant properties.
The cosmetic segment is anticipated to expand at the highest CAGR of 8.4% over the forecast period. The increasing demand for cruelty-free and natural products is driving the growth of the cosmetic segment. Hemp seed oil is gaining popularity in the cosmetics industry as it is rich in omega-3 and omega-6 fatty acids, which can help reduce inflammation, moisturize the skin, and improve overall skin health. Furthermore, hemp seed oil is also used as a natural preservative in cosmetics products as it has anti-bacterial, anti-fungal, and antioxidant properties.
Regional Insights
Asia Pacific accounted for the largest revenue share in 2021 and is expected to continue its dominance during the forecast period. This is mainly attributed to the rising awareness among consumers regarding the benefits of hemp seed oil products and the growing demand for natural products among consumers. Moreover, the presence of a large number of players in the region is also expected to contribute significantly to the growth of the market. For instance, in April 2021, the Indian firm HempCann Solutions Pvt. Ltd. announced the launch of its range of hemp seed oil products in India.
North America is expected to witness the second-fastest growth in the coming years. Increasing demand for hemp seed oil products among consumers in the region, coupled with growing awareness regarding the benefits of hemp seed oil, are the key factors driving the growth of the market in the region. Moreover, the presence of prominent players, such as Hemp Foods Australia and Hemp Oil Canada, is also expected to contribute significantly to the growth of the market in the region.
Financial Projections
In this part of the hemp seed oil products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the hemp seed oil products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a hemp seed oil products business comes from retail sales of hemp seed oil in different forms such as edible oil, capsules, topicals, tinctures, and others. Here you will find a list with a description of each of them and other possible sources of profit such as e-commerce sales, wholesale sales, and bulk orders.
Projecting Expenses
In this section, all the regular expenses related to keeping the hemp seed oil products business running will be described. The list of operating expenses includes raw materials, packaging, shipping, labor costs, marketing, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the hemp seed oil market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Nutiva launched a new line of hemp seed oils with a unique blend of hemp, flaxseed, and sunflower oil.
– In August 2022, Manitoba Harvest launched a line of cold-pressed hemp seed oil products.
– In October 2022, Hempco launched its new line of hemp-based health and wellness products, including hemp seed oil.
Some of the prominent players in the hemp seed oil market include:
– Nutiva
– Manitoba Harvest
– Hempco
– Agropur
– Hemp Foods Australia
– HempFlax
– Nature’s Way
– The Oil Barn
– The Green Labs LLC
– Sky Organics
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-segments from 2017 to 2030. For this study, Grand View Research has segmented the global hemp seed oil products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Hemp Seed Oil
– Hemp Protein
– Hemp Supplements
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Applications for Hemp Seed Oil?
[A]: Hemp seed oil is used in a variety of applications such as cosmetics, food additives, supplements, dietary products, and even in animal feed. It is also used in the production of paints, varnishes, and other industrial products.
[Q]: What are the Key Drivers of the Hemp Seed Oil Market?
[A]: The hemp seed oil market is driven by the growing demand for natural ingredients in cosmetics and personal care products, increasing awareness about the health benefits of hemp seed oil and its uses in the food industry, and the increasing legalization of hemp cultivation and production.
[Q]: Who are the Major Players in the Hemp Seed Oil Market?
[A]: Some of the major players in the hemp seed oil market include Hempco, Ecofibre, Manitoba Harvest, Hemp Oil Canada, and Nutiva.
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation is expected to be a key factor driving the hemp seed oil market in the near future. Companies are focusing on developing hemp seed oil products with improved properties and enhanced bioavailability, which will drive the growth of the hemp seed oil market in the coming years.
[Q]: What are the Major Regions in the Hemp Seed Oil Market?
[A]: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the major regions in the hemp seed oil market. North America is expected to hold a significant share of the market due to the presence of major companies and their product innovations.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
