Hemp oil refers to the oil obtained by pressing the seeds of hemp. The extracted oil is mainly used in skincare products, although industrial hemp oil is also used in the production of paints, lubricants, fuel, and plastics. The presence of nutrients, essential fatty acids, and antioxidants is perfect for the skin, making it ideal for healing and massage treatments. Growing demand for hemp oil from food and beverage applications, as well as increasing applications in the personal care products sector, primarily in North America and Europe, is expected to drive market growth during the forecast period. Furthermore, the market for hemp oil is likely to expand at a significant rate 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 its benefits and effects of it, which is leading to increased demand for hemp oil in the market.
Market Synopsis
Growing awareness about the health benefits associated with hemp CBD oil is likely to propel the market in the upcoming years.
In 2017, hemp seed oil was the largest segment in terms of value, with a market share of more than 60% of the overall hemp oil market worldwide. However, in the coming years, hemp CBD oil is expected to emerge as the fastest-growing segment in the overall hemp oil market by product type, owing to the 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, and can be derived from both marijuana and hemp plants.
The increasing use of hemp oil in pharma and nutraceutical applications is driving the demand for hemp oil in developed as well as developing countries.
The Pharma & Nutraceuticals segment dominated the global hemp oil market in 2017 with a market share of more than 30% and is expected to maintain its dominance over the forecast period. Hemp oil is widely used in pharmaceuticals, 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.
The relaxation of stricter regulations governing the sale of hemp oil in the United States accelerated the region's demand for hemp oil.
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 a relaxation of stricter regulation regarding sales of hemp oil in the United States. In May 2018, the DEA (Drug Enforcement Administration) issued an internal directive that 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 the CSA.
Leading brands are aggressively investing in research and development.
Global manufacturers are focusing on continuous research and development in order to develop new and innovative products. Companies such as Gaia Botanicals, Isodiol, and Medical Marijuana, among others, are focusing on innovating new products and launching products based on hemp oil. Additionally, several companies have also launched hemp oil-based anti-aging products and chewing gums, which are generating opportunities for the global hemp oil market during the forecast period. Aurora Cannabis, Inc., Cannoid, LLC, CV Science, Inc., Elixinol, Isodiol International Inc., HempLife Today, Medical Marijuana, 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 the global hemp oil market.
Periods of History and Forecast
Our study analyzed each market segment during the period of 2016 to 2026, with 2017 as the base year. The forecast period between 2018 and 2026 is considered for the CAGR calculation.
Report Scope
This research report describes leading continents and their major countries, along with profiles of key players operating in the overall market and their planned developments. Our report further defines the overall market dynamics, such as drivers, challenges, and opportunities prevalent in the market, to understand the global hemp oil market more explicitly. Our in-depth quantitative and qualitative analysis of each segment up to the country level highlights revenue pockets and investment opportunities in the market.
Key questions are answered in this report.
What are the current market trends in the hemp oil market, and what are the valuable opportunities for the players?
How do the regulations affect global as well as regional markets?
Which are the prominent and recent innovations in the market?
Which is the most lucrative region for investment?
What are the market size and trends in emerging markets?
Which are the major applications of hemp oil and their sizes in the market?
Which are the leading players and their market positions?
Frequently Asked Questions:
The market for Hemp Oil Market is expected to reach US$ XX Mn in 2026.
The Hemp Oil Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
Cannoid, LLC, CV Science, Inc., Elixinol, Isodiol International Inc., HempLife Today, Medical Marijuana, Inc., PharmaHemp d.o.o., Hempco, ENDOCA B.V., Folium Biosciences LLC, Bluebird Botanicals, and Hemp Oil Canada, Inc. are some of the major players in the global market.
