An Incisive, In-depth Analysis on the Hemp Seed Oil Market
This study offers a comprehensive, 360 degree analysis on the Hemp Seed Oil market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Hemp Seed Oil market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Market Outlook& Key Findings
- Hemp seed oil market is anticipated to grow at nearly 18.5% in 2020 owing to rising awareness about its health benefits
- New product launch by key players, especially in the sanitizer segment will aid the expansion of the market. For instance, recently SinglePoint Inc. launched a hand sanitizer Klen, which is infused with hemp seed oil
- Key manufacturers are likely to invest in hemp seed oil as the market presents impressive growth opportunities backed by increasing applications of hemp seed oil
- The inclusion of hemp seed oil in vegan products is further boosting its demand
- Changes in the regulatory framework legalizing the use of hemp seed oil for human consumption is likely to create growth opportunities for market players
Hemp Seed Oil - Rising Health Concern Results in Surging Demand
Hemp seed oil is gaining popularity due to its rich content of omega-3 and omega-6, which offer numerous health benefits. Hemp seed oil helps in the reducing inflammation, causing diseases related to heart and cancer. The rising awareness about hemp seed oil and its various health benefits have resulted in its increased application in cooking oils, sauces and salad oil, baked foods, and nutritional supplements.
Furthermore, hemp seed oil is gradually finding applications in pharmaceutical, nutraceutical, and cosmetics industries, which will bode well for the market in the coming years. It has also penetrated in the pet care market, besides finding applications in green building materials market and the biofuel market. Manufacturers are also offering all-in-one hemp seed oil that can be used for food garnishing, skin health, tanning, and hair nourishment. Single product offering four-fold advantages could be a major breakthrough enabling the market gain momentum in the coming years. Spurred by the increasing across diverse segments, the hemp seed oil market will exhibit growth at a positive rate.
Hemp Seed Oil Market Analysis: Increasing Global Demand for Organic Products
Owing to the increasing production and rising worldwide consumption there is an upsurge in the demand for organic products. The USDA National Organic Program (NOP) has stated that hemp can be certified as organic if its production is managed organically. For instance, Nutiva provides hemp seed oil which is a USDA-certified organic product that can be used as an edible and a skin smoothening product. Increasing awareness about health benefits from organic products among the consumers is expected to boost the sales of the organic hemp seed oil.
Hemp Seed Oil is Gaining Popularity in the Middle East Due To Its Non-Intoxicating Properties
Hemp seed oil does not contain any kind of psychoactive chemical compound and is therefore considered safe for use in products particularly made for babies, children, and pregnant women. As the consumption of the oil does not lead to intoxication, it is permitted for use in the Islamic countries and also fits as per the kosher dietary law. This is a chief driver of the hemp seed oil market. Apart from halal and kosher certifications, the hemp seed oil is USDA approved for its organic qualities. Most of the processing facilities in the market are built with state-of-the-art equipment and are ISO 22000:2005 certified by the German TUV and other regulatory bodies. These factors are likely to aid the expansion of the hemp seed oil market in the coming years.
Discretionary Spending Patterns of Gen Z Results in Increasing Sales of Hemp Seed Oil
According to a survey, Gen Z is the highest spender on beauty products globally. The findings of this 2019 stated that a majority of Gen Z shoppers are beauty spenders. The beauty products that are plant-based and naturally processed are most likely to be preferred by this generation. The hemp seed oil, possessing good amounts of Omega 3and Omega 6, has wider applications in personal and skincare products. Owing to the curiosity of trying different and healthy alternatives, Gen Z and millennial are proving to key consumers in the hemp seed oil market.
Hemp Seed Oil Sales: Impact of COVID-19
The outbreak of COVID-19 has adversely impacted the global food industry including the hemp seed oil market. Lockdown enforced to contain the pandemic has made the procurement of raw materials considerably difficult for manufacturer. Furthermore, producers are facing problems related to the supply of finalized products in the market. The overall supply chain and distribution network are hampered due to sudden lockdown. As a preventive step against the spread of the novel coronavirus, governments around the world have restricted trading activities including export and import of goods. These preventive measures have majorly impacted the market during the crisis.
Pricing and Misrepresentation: Key Challenges for Hemp Seed Oil Suppliers
The price of hemp seed oil is 2-4 times more than the basic essential oils such as coconut oil, almond oil, sesame oil, and others. For example, BOHECO sells its 250 ml hemp seed oil variant for US$ 11.5 whereas organic coconut oil is available for US$ 3.0 in India. Furthermore, hemp seed oil is used as a base in CBD oil and is often incorrectly marketed as hemp oil or full-spectrum hemp oil, which is way more expensive than the regular hemp seed oil. Some of the brands market these blends as hemp-seed based to avoid FDA regulations on the cannabis-derived product. Product pricing would not be a restraint if countered by the right pricing and marketing strategies. Despite hemp seed oil being sold at higher prices, consumers are willing to pay more for its organic traits and high nutritive value.
Hemp Seed Oil Market: Region-wise Analysis
The global hemp seed oil market is valued at US$ 61.55 Mn in 2020. Regionally, North America and Europe are leading markets for hemp seed oil accounting for nearly 60% of the overall market share. However during the forecast period, East and South Asia are expected to emerge as a more attractive markets. The strong presence of key manufacturers and sales channels is favoring the dominance of North America and Europe in the hemp seed oil market.
Other than these regions, China, India, and MEA exhibit significant opportunities for hemp seed oil market players. At present the average hemp seed oil consumption in China and India is significantly lower than the US and Europe and there exists immense opportunities for growth backed by the due to rising per capita disposable income and increasing usage of hemp seed oil in food products.
Leading suppliers in Hemp Seed Oil Market
The hemp seed oil market place is mainly dominated by the well-established companies. The hemp seed oil market currently at a nascent stage however it provides an attractive opportunities for the entry of new players. The key marketing strategies implemented by the manufacturer are clean-label claims, organic certified, organizing awareness campaigns, social media advertising which has helped them to get a competitive edge. Some of the key players in the hemp seed oil market are,
- Nutiva Inc.
- Canopy Growth Corporation
- Connolis LLC
- Maverik oils
- NP Nutra
- Hemp oil Canada
- Canah International SRL
- Z- Company
- Ecofiber Limited
- 13 Seeds Hemp Farm
- Elixinol Global Limited
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report
Hemp Seed Oil Market: The Way Forward
The long-term growth prospective of the hemp seed oil market remains optimistic, with FMI's analysis projecting revenue growth at over 18.5% constantly. The demand for nutritional supplements and healthy food products is prevailing in recent times and is further anticipated to aid the expansion of the market.
The most popular trends enabling growth in the market are increasing focus on living healthy and maintaining wellness. These trends greatly impact the purchase decision and preferences of consumers. As a result several companies operating in the food sector have included organic hemp seed oil to their product portfolios. In addition to this, information related to any product is more accessible to consumers due to the growth of the internet channel. Spurred by these factors, the hemp seed oil market will exhibit impressive growth in the coming years.
Hemp Seed Oil Market: Global Industry Analysis 2015-2019 & Opportunity Assessment 2020-2030
A recent market study published by Future Market Insights on the hemp seed oil market offers global industry analysis for 2015-2019 & opportunity assessment for 2020-2030. The study offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical, as well as current growth parameters, the growth prospects of the market are obtained with maximum precision.
The Global hemp seed oil market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Chapter 01 - Executive Summary
The executive summary of the hemp seed oil market includes the market country analysis, proprietary wheel of fortune, demand-side and supply-side trends, opportunity assessment, and recommendations on the global hemp seed oil market.
Chapter 02 - Market Introduction
Readers can find the detailed segmentation and definition of the hemp seed oil market in this chapter, which will help them understand basic information about the hemp seed oil market. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the hemp seed oil market report.
Chapter 03 - Hemp Seed Oil Market Background
The associated industry assessment of the hemp seed oil market is carried out in this section. The macroeconomic factors affecting growth of the hemp seed oil market are provided in this section and the impact of these macroeconomic indicators on the hemp seed oil market is analyzed. The processing overview and technological advancements in the hemp seed oil market is also provided.
Chapter 04 - Global Hemp seed oil Market Value Chain
Profit margins at each level of the hemp seed oil market are analyzed and readers can find detailed information on top importers and exporters as well as the value chain of the market.
Chapter 05 - Global Hemp seed oil Market Pricing Analysis
The pricing of the hemp seed oil market by extraction process is analyzed in this chapter. The prices of different extraction types of hemp seed oil in every region is provided. Pricing break-up between different types of players involved in the hemp seed oil market, price forecast till 2030 and factors affecting pricing of hemp seed oil has also been provided.
Chapter 06 - Global Hemp seed oil Market Analysis and Forecast 2015-2030
This chapter includes detailed analysis of the historical hemp seed oil market (2015-2019), along with an opportunity analysis for the forecast period (2020-2030). Readers can also find the absolute $ opportunity for the current year (2020 - 2021) and incremental opportunity for the forecast period (2020-2030).
Chapter 07 - Global Hemp Seed Oil market Analysis 2015-2019 & Forecast 2020-2030 by Nature
Based on nature, the hemp seed oil market is segmented into organic and conventional. In this chapter, readers can find information about key trends and developments in the Hemp seed oil market and market attractiveness analysis based on product type.
Chapter 08 - Global Hemp Seed Oil market Analysis 2015-2019 & Forecast 2020-2030 by Grade
Based on grade, the hemp seed oil market is classified into food grade and pharmaceutical grade. This part also offers market attractiveness analysis based on grade.
Chapter 09 - Global Hemp Seed Oil market Analysis 2015-2019 & Forecast 2020-2030 by Extraction process
Based on extraction process, the hemp seed oil market is classified into cold pressed hemp seed oil and refined hemp seed oil. This part also offers market attractiveness analysis based on extraction process.
Chapter 10 - Global Hemp Seed Oil market Analysis 2015-2019 & Forecast 2020-2030 by Application
Based on application, the hemp seed oil market is classified into food & beverages, nutraceuticals, cosmetic & personal care, pharmaceutical and industrial products. This part also offers market attractiveness analysis based on extraction process.
Chapter 11 - Global Hemp Seed Oil market Analysis 2015-2019 & Forecast 2020-2030 by Region
This chapter explains how the hemp seed oil market is anticipated to grow across various geographic regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.
Chapter 12 - North America Hemp seed oil Market Analysis 2015-2019 & Forecast 2020-2030
This chapter includes a detailed analysis of the growth of the hemp seed oil market in the North America region, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on application and countries in the North America region.
Chapter 13 - Latin America Hemp seed oil Market Analysis 2015-2019 & Forecast 2020-2030
Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the hemp seed oil market in the Latin America region. This chapter also includes growth prospects of the hemp seed oil market in leading LATAM countries such as Brazil, Mexico, Chile, Peru, Argentina, and Rest of Latin America.
Chapter 14 - Europe Hemp seed oil Market Analysis 2015-2019 & Forecast 2020-2030
Important growth prospects of the hemp seed oil market based on its end user in several countries such as EU4, UK, BENELUX, Nordic, Russia, Poland and Rest of Europe are included in this chapter.
Chapter 15 - East Asia Hemp seed oil Market Analysis 2015-2019 & Forecast 2020-2030
This chapter offers insights into how the hemp seed oil market is expected to grow in major countries in the East Asia region such as Japan, China and South Korea, during the forecast period 2020-2030.
Chapter 16 - South Asia Hemp seed oil Market Analysis 2015-2019 & Forecast 2020-2030
This chapter offers insights into how the hemp seed oil market is expected to grow in major countries in the South Asia region such as India, Thailand, Indonesia, Malaysia, Singapore and rest of South Asia, during the forecast period 2020-20230.
Chapter 17 - Oceania Hemp seed oil Market Analysis 2015-2019 & Forecast 2020-2030
This chapter includes a detailed analysis of the growth of the hemp seed oil market in the Oceania region, along with a country-wise assessment that includes Australia, and New Zealand. Readers can also find regional trends, regulations, and market growth of countries in the Oceania region.
Chapter 18 - Middle East and Africa Hemp Seed Oil Market Analysis 2015-2019 & Forecast 2020-2030
This chapter offers insights into how the hemp seed oil market is expected to grow in major countries in the MEA region such as GCC Countries, South Africa, Turkey, Iran, Israel, and the Rest of MEA, during the forecast period 2020-2030.
Chapter 19 - Competition Assessment
In this chapter, readers can find detailed information about tier analysis and market concentration of the key players in the hemp seed oil market along with their market presence analysis by region and product portfolio.
Chapter 20 - Competition Deep-Dive
In this chapter, readers can find a comprehensive list of leading manufacturers in the hemp seed oil market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Hemp oil Canada, Agropro, Maverik Oils, Nutiva Inc., Canopy Growth Corporation , Connolis LLC, NP Nutra, 13 Seeds Hemp Farm, Ecofiber Limited, Elixinol Global Limited.
Chapter 21- Assumptions and Acronyms
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the hemp seed oil report.
Chapter 22 - Research Methodology
This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, on the hemp seed oil market.
Sources and Primary Research Splits (%)