Industry Outlook

Hemp oil refers to the oil obtained by pressing the seeds of hemp. Extracted oil mainly used in skincare products, although industrial hemp oil used in the production of paints, lubricants, fuel and plastics. Presence of nutrients, essential fatty acids and antioxidants are perfect for skin; makes it ideal for healing and massage treatments.  Growing demand for hemp oil from food & beverages and industrial use applications coupled with the increasing applications in personal care products sector mainly in North America and Europe region is expected to boost the market growth during the forecast period. Furthermore, the market for hemp oil is likely to expand at a significant growth in the next five years owing to increased geographic presence and competition among players in the market. There has been a change witnessed in the use of hemp oil across the globe due to increasing awareness of the benefits and effects of it, which is leading towards increased demand for hemp oil in the market.

Growing awareness about health benefits associated with hemp CBD oil is likely to propel the market in upcoming years

In 2017, hemp seed oil was the largest segment in terms of value with the market share of more than 60%, of the overall hemp oil market worldwide. However, in the coming years, hemp CBD oil expected to emerge as the fastest-growing segment in the overall hemp oil market by product type owing to high demand for hemp-derived CBD from developed economies such as North America and Europe. CBD possesses an array of therapeutic benefits, including antioxidant and neuroprotective properties, can be derived from both marijuana and hemp plant.

Increasing use of hemp oil in pharma & nutraceutical applications is driving the demand for hemp oil in developed as well as developing countries

Pharma & nutraceuticals segment dominated the global hemp oil market in 2017 with a market share of more than 30% and expected to maintain its dominance over the forecast period. Hemp oil is widely used in pharma & nutraceuticals and personal care products, as it contains polyunsaturated fatty acids, protein, insoluble fiber, omega 3, omega 6 and polyunsaturated fatty acids. It is also a good source of tocopherols or Vitamin E antioxidants. Hemp oil can be consumed orally, applied topically, or smoked via vaporization.

Relaxation in stricter regulation regarding sales of hemp oil in the United States catapult the demand for hemp oil in the region

North America is expected to grow at the highest CAGR from 2018 to 2026 owing to increasing demand from various end-use applications in the region and relaxing stricter regulation regarding sales of hemp oil in the United States. In May 2018, DEA (Drug Enforcement Administration) issued an internal directive, which acknowledges that products and materials made from the cannabis plant that fall outside the CSA’s (Controlled Substance Act) definition of marijuana. Oil or cake made from the seeds, Sterilized seeds incapable of germination, fiber from mature stalks and mature stalks are exempt from CSA.

Leading brands are aggressively investing in research & development

Global manufacturers are focusing upon continuous research & development in order to develop new and innovative products. Companies such as Gaia Botanicals, Isodiol, and Medical Marijuana among others are focusing upon innovating new products and launch products on hemp oil. Additionally, several companies also have launched hemp oil-based anti-aging products and chewing gums, which are generating the opportunity to the global hemp oil market during the forecast period. Aurora Cannabis, Inc., Cannoid, LLC, CV Science, Inc., Elixinol, Isodiol International Inc., HempLife Today, Medical Marijuna, Inc., PharmaHemp d.o.o., Hempco, ENDOCA B.V., Folium Biosciences LLC, Bluebird Botanicals and Hemp Oil Canada, Inc. among others are some of the prominent players in global Hemp Oil market.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Hemp Oil market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Hemp Oil market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Hemp Oil market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Hemp Oil market?
• Which is the largest regional market for Hemp Oil market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Hemp Oil market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Hemp Oil market worldwide?