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Hemp Seed Oil Market Size By Type (Organic, Conventional), By Product (Cold Pressed, Refined), By Application (Food & Beverages, Nutraceuticals, Cosmetics & Personal Care, Pharmaceutical), Industry Analysis Report, Regional Outlook, 2023 – 2032
- Report ID: GMI5469
Hemp Seed Oil Market size is poised to grow with a lucrative CAGR between 2023 and 2032. Hemp seed oil is extracted from hemp seeds, which are obtained from the cannabis sativa plant. It is used as a substitute for traditional oils owing to its high nutrient content such as rich in antioxidants, calcium, potassium, manganese, vitamin A & E, zinc, and omega 3 & 6 Hemp seed oil is vegetarian, vegan-friendly, and allergen-free.
The oil has a unique profile of healthy fatty acids, making it a versatile food additive or cooking oil. Hemp seed oil is packed with vitamins, minerals, and fatty acids, thereby driving its applications in industries including food & beverages, nutraceuticals, cosmetics & personal care, and pharmaceutical.
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The rising awareness among consumers regarding the health benefits of nutraceuticals to reduce illnesses and maintain health will favour the industry growth. The omega-3 fatty acids that are abundantly present in hemp seed oil can help lower blood pressure in individuals with hypertension along with providing therapeutic support in various chronic diseases. The growing interest in hempseed oil owing to its nutritional value and pharmaceutical potential will augment the market growth.
The rising consumer preference regarding high-quality nutraceutical supplements owing to the benefits of disease prevention and reducing the negative impacts of stressful & hectic lifestyles is likely to boost the industry size. The global hemp seed oil market size is estimated to be over USD 80 million by 2032, owing to the increasing awareness regarding the health benefits of hemp seed oil such as relief from inflammation and cardiovascular health.
Increasing demand for organic ingredients is anticipated to positively spur the market expansion. By type, the hemp seed oil market is segmented into organic and conventional. Organic hemp oil is obtained from gently pressed hemp seeds, which are filtered but unrefined oil. This oil finds applications in personal care & cosmetics products owing to its ability to provide nourished & hydrated skin, restore the health of damaged hair as well as soothe & moisturize dry skin.
Hemp seed oil finds extensive applications in personal & cosmetic products as it nourishes & regenerates the skin. It finds applications in products, such as skin moisturizers and anti-aging products, to reduce lines & wrinkles. The increasing consumer attention toward self-care along with the rising demand for anti-aging products is anticipated to fuel the demand for hemp seed oil.
Hemp seed oil contains omega-6, which encourages healthy skin growth and new cell generation along with containing powerful anti-inflammation properties. The increasing consumer interest in following skincare routines and the rising interest in gaining healthy younger looking skin are anticipated to favor the organic hemp seed oil market demand. The development of new products by market players along with social media generate is driving the sale of personal care & cosmetic products.
The cold pressed oil retains fatty acids, which is likely to contribute significantly toward increasing the hemp seed oil market size. The hemp seed oil is high in nutritional value as the cold pressed method retains its essential properties. The plant-based cold-pressed hemp seed oil is an excellent source of nutrition & protein with a mild nutty flavor.
The cold pressed oil can be used to add an extra vitality to various food products and is a great addition to hair and skin owing to its hydrating & anti-aging properties. The increasing demand for plant-derived healthy ingredients for food & beverage applications is set to boost the hemp seed oil market revenue. The refined hemp seed oil has low production cost as compared to the cold pressed oil.
The high demand for food & beverages that are healthier and more sustainable will create a positive impact in the market. Rapid growth in the food & beverage industry along with growing number of vegans is anticipated to favor the hemp seed oil market value. Hemp seed oil contains omega 3 fatty acids, which gets converted to EPA in the body more efficiently as compared to fish oil. The omega 3 acids found in hemp seed oil are more stable as they do not get oxidized quickly as compared to fish oil. The high demand for plant-based foods that are rich in essential nutrients and support immune health is anticipated to fuel the hemp seed oil demand for food & beverage application.
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The increasing demand for health supplements will escalate the hemp seed oil market share in North America. Increasing lifestyle diseases along with the growing demand for health supplements are anticipated to fuel the demand for hemp seed oil in nutraceutical applications. Consumers are showing high interest in clean label products and the sustainable ingredients in dietary supplements, cosmetics & personal care items, and food & beverage products; this is likely to accelerate the industry growth.
The increased consumer awareness about preventive healthcare along with the growing ageing population is anticipated to propel the demand for hemp seed oil in nutraceutical supplement applications. The growing pharmaceutical sector as well as rapid advancements in pharmaceutical & nutraceutical supplement products are some of the key factors that are anticipated to positively influence the hemp seed oil market revenue share.
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Manufacturers are adopting key business strategies such as product launches as well as mergers & acquisitions to strengthen their market positions. The hemp seed oil market is competitive and includes various companies such as NP Nutra, Sky Organics, Nutiva Inc., Connoills LLC, Manitoba Harvest, Velona, Z-COMPANY, Bioriginal Food & Science Corp, Live Verdure Ltd, and Bombay Hemp Company.
Companies are primarily engaged in market strategies, such as expanding production capacity as well as mergers & acquisitions, for business growth. In 2021, the BOHECO Bombay Hemp Company launched a multipurpose hemp seed oil that has a range of benefits. The hemp seed oil is derived from nutritious hemp seeds and the oil is raw, unrefined, and cold pressed for health benefits and maximum goodness.