Hemp Seed Oil Market Size was valued at USD 0.09 Billion in 2022. The hemp seed oil industry is projected to grow from USD 0.10 Billion in 2023 to USD 0.32 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.00% during the forecast period (2024 - 2032). The growing consumer awareness of the health benefits associated with hemp seeds, expanding product applications across multiple industries, increasing demand within vegan and plant-based diets, and rapid technological advancements in processing methods are expected to be significant market drivers for the Hemp Seed Oil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for Hemp Seed Oil is being driven by the rising demand for vegan and plant-based diets and rising awareness among consumers regarding the health benefits of nutraceuticals. Hemp seeds are increasingly integrated into the diets of vegans and those embracing plant-based eating, owing to the rising popularity of veganism and plant-based diets recognized for their health and environmental benefits. Serving as a rich source of protein and essential nutrients, hemp seeds have garnered significant attention. A 2021 survey by Rakuten revealed that 81% of consumers had experimented with plant-based milk, while 48% had explored other dairy alternatives, and 44% had sampled vegan meat substitutes. Further, according to The Good Food Institute, plant-based food sales in Europe surged by 22% since 2020. In Poland, as per Uber Eats data between 2017 and 2020, vegan food orders skyrocketed by 500%, placing the nation second in Europe for plant-based online orders, following the UK. In the US, research from Rakuten in 2021 indicated that 82% of consumers had embraced plant milk, with 40% trying other vegan dairy options, and 62% sampling plant-based meats. Motivations included health considerations (35%), curiosity for food trends (41%), and animal welfare concerns (23%). Notably, 5% of respondents exclusively consumed plant-based foods. Hemp seeds, being a complete protein containing all essential amino acids, offer an appealing alternative to traditional protein sources like meat and dairy.
Hemp seed oil possesses a distinctive composition of beneficial fatty acids, rendering it a versatile addition to foods or as a cooking oil. Rich in vitamins, minerals, and fatty acids, hemp seed oil finds applications across various industries including food and beverages, nutraceuticals, cosmetics and personal care, and pharmaceuticals. The increasing awareness among consumers about the health advantages of nutraceuticals in preventing illnesses and promoting wellness is expected to drive industry growth. According to the American Heart Association, the prevalence of obesity in the United States reached 42% in 2023, marking a 10% increase over the past decade. A recent study indicated that over 50% of adult Americans take dietary supplements with the belief that they can aid in preventing cardiovascular disease (CVD). The abundant presence of omega-3 fatty acids in hemp seed oil may contribute to reducing blood pressure among individuals with hypertension and offer therapeutic support for various chronic conditions.
As a result, it is anticipated that throughout the projection period, demand for the Hemp Seed Oil Market will increase due to the Rising demand for vegan and plant-based diets and rising awareness among consumers regarding the health benefits of nutraceuticals. Thus, driving the hemp seed oil industry revenue.
The Hemp Seed Oil Market segmentation, based on Nature, includes Organic and Conventional. The organic segment dominated the market, accounting for 58% of market revenue. The organic segment is propelled by the increasing consumer inclination towards natural and chemical-free products. Health-conscious individuals in search of clean and organic alternatives are attracted to organic hemp seeds, which are cultivated without the use of synthetic pesticides or fertilizers. This segment also resonates with the broader movement towards sustainable and environmentally friendly choices, appealing to consumers who prioritize both personal health and the well-being of the planet.
The Hemp Seed Oil Market segmentation, based on type, includes Cold-pressed and refined. The cold-pressed segment dominated the market, accounting for 58% of market revenue. The retention of fatty acids in cold-pressed oil is expected to significantly contribute to the expansion of the market of hemp seed oil. Cold-pressed hemp seed oil retains its essential properties, making it rich in nutritional value. This plant-based oil offers a source of nutrition and protein, characterized by a mild nutty flavor. Cold-pressed oil can enhance various food products, adding extra vitality, and is beneficial for hair and skin due to its hydrating and anti-aging properties.
Figure 1: Hemp Seed Oil Market, by Type, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Hemp Seed Oil Market segmentation, based on Distribution Channel, includes B2B and B2C. The B2B segment dominated the market, accounting for 60% of market revenue. B2B distribution channels are broadening their scope to encompass a broader array of hemp seed oil products, extending beyond conventional hemp seed oil to include derivatives like CBD-infused oils, hemp seed protein powders, and cosmetics formulated with hemp. This expansion in product variety enables businesses to meet the diverse needs and preferences of various market segments.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Hemp Seed Oil market in North America can be attributed to several key factors. The region's increasing embrace of hemp as a versatile crop, coupled with the growing demand for plant-based and sustainable products, has fueled the popularity of hemp seeds. In the United States, the retail market for plant-based foods is valued at $8 billion. Six out of ten households in the U.S. purchased plant-based foods in 2022, maintaining a similar trend to the previous year. Plant-based foods accounted for 1.4% of total retail food and beverage dollar sales in 2022. Notably, unit sales of plant-based milk surged by 19% from 2019 to 2022, contrasting with a 4% decline in unit sales of animal-based milk during the same period. Furthermore, the legalization of hemp cultivation and increasing awareness of its nutritional advantages have been key drivers of regional market growth. With a strong focus on health and wellness, North American consumers are turning to hemp seeds for their abundant protein content, essential fatty acids, and other beneficial nutrients.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: HEMP SEED OIL MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Hemp Seed Oil Market accounts for the second-largest market share as the Europe hemp seeds market is witnessing a surge in attention towards health-conscious choices as consumers increasingly recognize the nutritional benefits of hemp seeds. Germany led among EU Member States in healthcare expenditure in 2020, with a total of €432 billion. Following Germany, France recorded the second-highest healthcare expenditure at €281 billion, succeeded by Italy with €160 billion and Spain with €120 billion. In 2021, the EU imported hemp seeds worth USD 13.5 million, with China, Canada, and the United Kingdom ranking as the top three exporters. Europe's stringent quality and safety standards have bolstered consumer trust in hemp seed products. Moreover, the region's well-established food and beverage industry has embraced hemp seeds, incorporating them into various products such as snacks and beverages, thereby driving market expansion. Further, the German hemp seed oil held the largest market share, and the UK hemp seed oil industry was the fastest-growing market in the European region.
The Asia-Pacific Hemp Seed Oil Market is expected to grow at the fastest CAGR from 2024 to 2032. The Asia Pacific market for hemp seeds is experiencing a surge in demand due to the growing recognition of the nutritional benefits and versatility of hemp-based products among consumers. Furthermore, the relaxation of regulations on hemp cultivation in certain regions has spurred increased production and trade. The focus on sustainability and organic goods resonates with hemp seeds' eco-friendly reputation, further driving their popularity. In India, the organic food market has seen remarkable growth post-pandemic. According to a 2022 survey conducted across 187 countries practicing organic agriculture by the Research Institute of Organic Agriculture (FiBL) and the International Federation of Organic Agriculture Movements (IFOAM), organic food cultivation in India spans 2.6 million hectares, ranking fifth globally. The report also indicates that organic farming occupies 1.5% of total agricultural land in India, with a notable 145.1% increase in organic agricultural land over the past decade. The Economic Survey of 2022-2023 highlights India as having the highest number of organic farmers globally, totaling 4.43 million. According to the Agricultural and Processed Food Products Export Development Authority (APEDA), under the Ministry of Commerce & Industries, Government of India, the country produced approximately 2.9 million metric tons of certified organic products in the 2023-2024 period. Moreover, China’s Hemp Seed Oil Market held the largest market share, and the Indian market of hemp seed oil was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Hemp Seed Oil market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Hemp Seed Oil industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Hemp Seed Oil industry to benefit clients and increase the market sector. In recent years, the Hemp Seed Oil industry has offered some of the most significant advantages to the health and wellness sector, catering to diverse consumer needs and preferences. Major players in the Hemp Seed Oil Market, including Nutiva Inc., Connoills LLC, Manitoba Harvest, Sky Organics, Velona, NP Nutra, Z-COMPANY, Live Verdure Ltd. - 13 Seeds, Bombay Hemp Company, and Bioriginal Food & Science Corp are attempting to increase market demand by investing in research and development operations.
Sky Organics, a rapidly expanding natural brand, is a family-operated business committed to demonstrating to consumers that embracing a natural lifestyle can be both effortless and delightful through the use of clean and organic essentials. The product line spans from $6.95 to $19.95, and these items are widely accessible across the nation through various retailers such as Amazon, CVS, Natural Food Stores, Rite Aid, Walgreens, Walmart, and Whole Foods, among others. Sky Organics crafts its products with care, utilizing ethically sourced, beneficial ingredients and ensuring they are cruelty-free.
Bombay Hemp Company, commonly known as BOHECO (Bo-hee-ko), operates as a privately held social enterprise headquartered in Mumbai, India. BOHECO's inception aimed at researching and advocating for industrial hemp considered a significant crop in contemporary India. The company was officially registered under The Companies Act (1956) on January 19, 2013. Its operations encompass a wide spectrum, including research, cultivation, harvesting, processing, manufacturing, trading, wholesaling, retailing, innovation, advocacy, and market creation for Indian industrial hemp both domestically and internationally. BOHECO employs various models such as public-private partnerships, contractual farming and processing, subsidiaries, and collaborative research to establish an industrial hemp and medical cannabis ecosystem in India. Ethical, scientific, and legal principles guide BOHECO, which prioritizes the responsible use of non-psychoactive or low-THC Cannabis sativa plant varieties through proactive collaboration with the government. In 2017, BOHECO achieved recognition, securing the Second Runner-Up position at the Tata Social Enterprise Challenge, an initiative by the TATA group and the Indian Institute of Management (IIM). Additionally, the company received The Social Innovation Leadership Award at the Social Innovation Conference Awards during World CSR Day.
Hemp Seed Oil Industry Developments
March 2021: Yooma Wellness Inc., a distributor and marketer of hemp-derived and cannabinoid wellness products, announced its acquisition of Socati Corp. This strategic move aimed to broaden the company's geographic reach
December 2021: Green Thumb Industries Inc. acquired Leafline Industries, one of only two approved cultivators in the Minnesota medical cannabis sector. Leafline holds licenses for the cultivation, processing, and distribution of cannabis to patients, enabling Green Thumb Industries to extend its market presence into Minnesota.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.09 Billion |
| Market Size 2023 | USD 0.10 Billion |
| Market Size 2032 | USD 0.32 Billion |
| Compound Annual Growth Rate (CAGR) | 15.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Nature, type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Nutiva Inc., Connoills LLC, Manitoba Harvest, Sky Organics, Velona, NP Nutra, Z-COMPANY, Live Verdure Ltd. - 13 Seeds, Bombay Hemp Company, and Bioriginal Food & Science Corp |
| Key Market Opportunities | The adoption of favorable rules relating to the production and use of hemp-based products |
| Key Market Dynamics | Increased knowledge about the health advantages of hemp seed oil |
Frequently Asked Questions (FAQ) :
The Hemp Seed Oil Market size was valued at USD 0.10 Billion in 2023.
The Hemp Seed Oil Market is projected to grow at a CAGR of 15.00% during the forecast period 2024-2032.
North America had the largest share of the market
The key players in the market are Nutiva Inc., Connoills LLC, Manitoba Harvest, Sky Organics, Velona, NP Nutra, Z-COMPANY, Live Verdure Ltd. - 13 Seeds, Bombay Hemp Company, and Bioriginal Food & Science Corp.
The Cold-pressed segment dominated the market in 2023.
The Organic segment had the largest share in the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
