Hemp Seed Oil Market Size, Share & Trends Analysis Report By Nature (Organic, Conventional), By Type (Cold-pressed, Refined), By Distribution Channel (B2B, B2C), By Region, And Segment Forecasts, 2023 - 2030

Hemp Seed Oil Market Size, Share & Trends Analysis Report By Nature (Organic, Conventional), By Type (Cold-pressed, Refined), By Distribution Channel (B2B, B2C), By Region, And Segment Forecasts, 2023 - 2030

Hemp Seed Oil Market Growth & Trends

The global hemp seed oil market size is estimated to reach USD 264.4 million in 2030 and is anticipated to expand at a CAGR of 14.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Various health benefits are associated with the use of hemp seed oil such as coping with anxiety, boosting the immune system, and others due to which hemp seed oil is increasingly consumed by consumers all across the globe thus driving the market growth. However, difficulties in sourcing raw materials for hemp seed oil coupled with its high cost are anticipated to hamper the market growth during the forecast period.

The preference of consumers is shifting towards hemp seed oil owing to the presence of numerous nutritional values resulting in its rising use and consumption which is anticipated to surge the market growth over the forecast period. Additionally, increasing the application of hemp seed oil to reduce or treat various illnesses including mental illness, Alzheimer's disease, and others increase the consumption of hemp seed oil thus driving the market growth in the coming years.

The conventional segment held a higher share of the global market in 2022. The high usage of conventional methods for producing products as they result in higher production is driving the segment’s growth. Moreover, farming hemp using the conventional method ensures better and healthy yielding of crops, gaining a high amount of final product, which is boding well for the market growth.

North America accounted for the largest share of the market. The legalization of hemp in the U.S. and Canada is a key factor contributing to the market growth. Moreover, increasing awareness regarding the benefits of hemp seed oil among consumers is increasing its adoption which is another primary factor further boosting the industry growth in the region.

Major industry players include 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. Various steps are adopted by these companies including global expansion, partnerships, acquisitions & mergers, development & launch of new products, and others to gain greater market share.

Hemp Seed Oil Market Report Highlights

• Middle East is expected to grow at the fastest CAGR over the forecast period from 2023 to 2030. The rising use of hemp seed oil in drugs for various health treatments is anticipated to surge market growth. The organic segment is anticipated to grow at a higher CAGR over the forecast period. The increasing popularity and consumption of organic products owing to various health benefits of organic products is a primary factor fueling the segment’s growth
• The B2C segment is forecast to grow at a faster CAGR over the forecast period from 2023 to 2030. The growing popularity of hemp seed oil due to its health benefits and its increasing accessibility through retail channels is anticipated to contribute to the growth of the segment