According to Custom Market Insights (CMI), The Global Hemp Oil Market size was estimated at USD 80 Million in 2021 and is expected to hit around USD 170 Million by 2030, poised to grow at a compound annual growth rate (CAGR) of 7% from 2022 to 2030. Our research report offers a 360-degree view of the Hemp Oil market’s drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Hemp Oil market.
Hemp Oil Market: Overview
The cannabis Sativa plant’s flower, seeds, stems, and leaves are used to make hemp oil. Hemp oil, produced by cold-pressing hemp seeds, is an omega-rich cooking oil. Hemp oil is applied to the body during massage to relieve pain, maintain body weight, boost metabolism, lower blood pressure, and heal skin conditions.
Cannabis species with low levels of tetrahydrocannabinol (THC), such as Sativa, are the most common hemp seed oil sources. Gamma-linolenic acid, omega-6 and omega-3 fatty acids, vitamins B and D, dietary antioxidants, and on, sometimes from Indica, are all present.
The main active element in hemp oil is delta-9-tetrahydrocannabinol (THC), one of more than 80 compounds in the Cannabis Sativa plant. Only hemp oil that has less than 0.3% THC can be found in “cosmetics and personal care” items. Additionally, hemp seed oil has a number of advantages, including the ability to improve skin conditions and treat constipation and promote cardiovascular health.
Browse the full “Hemp Oil Market Size, Trends and Insights By Product (Hemp Flower Oil, Hemp Seed Oil, CBD Oil), By Distribution Channel (Hospitals, Pharmacies, Online, Others), By Application (Pharma and Nutraceuticals, Personal Care & Cosmetics, Industrial, Food and Beverages, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032 “ report at https://www.custommarketinsights.com/report/hemp-oil-market/
The use of hemp-based medication has significantly increased in recent years. The increased acceptance of refined CBD products and their numerous medical uses drive the segment’s growth. Contrary to other psychological drugs, hemp oil has therapeutic advantages like reducing stress without negatively affecting a person’s mental health. The population’s rising rate of depression is probably going to spur market expansion.
The market for hemp oil is expected to develop as a result of the increasing use of hemp oil for treating illnesses and the legalization of products made from cannabinoid plants in a number of nations. The demand for preventive healthcare and the wide range of uses for hemp oil is further bolstering the market for it.
Furthermore, hemp-derived CBD is gaining popularity due to its anti-inflammatory and antioxidant properties. Pharmaceutical firms are also developing CBD-derived goods for medical applications. This category is anticipated to grow faster during the projected period due to the considerations mentioned above.
The market for Hemp Oils is segmented into product, application, and distribution channels. Based on the distribution channel, the worldwide hemp oil market is divided into pharmacies, online, hospitals, and other markets. Due to an increase in retail outlets across numerous nations, the pharma retail store had the largest market share. For instance, on June 14, 2019, Medlife announced plans to launch 750 retail pharmacies in India by 2020.
As a result of the growing need for online pharmaceutical drug delivery platforms brought on by the global Covid-19 epidemic, online pharmaceutical stores and hospital pharma retail segments are likewise expanding more quickly. For instance, Reliance started an online pharmacy on August 20, 2020, after buying a pharma distribution company for US$84 million.
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Due to the widespread use of hemp oil-based personal care items, food, and beverages, the North American region now dominates the hemp oil market and will maintain this pattern of dominance during the projected period. The growth of the hemp oil market has been fueled by increased research and development to create medicinal items for the personal care and cosmetics sector. In North America, personal care and cosmetics held the largest market share in 2021.
The primary cause is an increase in R&D expenditures for the creation and marketing of pharmaceuticals based on hemp oil. Similar to this, the Asia-Pacific area is where CBD-based goods are expanding the fastest due to its large population and rising demand for hemp oil as a treatment.
The top local and international firms have carved up the hemp oil market. The industry has grown as a result of increased demand for FDA approvals and a surge in government approvals of CBD-based products. Additionally, by implementing merger, acquisition, and collaboration strategies, the leading players are introducing new products and increasing their production capacities, which supports the expansion of the hemp oil market on a global scale.
Some of the prominent players
- Aurora Cannabis Inc.
- CV Sciences, Inc.
- Gaia Herbs
- Isodiol International Inc
- VIVO Cannabis Inc.
- Hemp Oil Canada.
- FOLIUM BIOSCIENCES
- Gaia Herbs
- Medical Marijuana, Inc.
- CV Sciences, Inc.
- SPRING CREEK LABS
- Dr Hemp Me
- Cavendish Nutrition LLC
- QC Infusion
- Hemp Production Services
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