Hemp Seed Oil Market Size, Share, Growth Analysis, By Product Type(Organic, and Conventional), By Distribution Channel(Online retail, and Offline retail), By Application(Food and Beverages, and Pharmaceuticals), By Region - Industry Forecast 2024-2031

Global Hemp Seed Oil Market size was valued at USD 101.17 million in 2022 and is poised to grow from USD 116.04 million in 2023 to USD 347.63 million by 2031, at a CAGR of 14.70% during the forecast period (2024-2031).

Hemp seed oil has gained popularity in recent years due to its nutritional value and potential health benefits. Hemp seed oil contains high levels of essential fatty acids, such as omega-6 and omega-3, which are important for maintaining healthy skin, hair, and nails. It also contains antioxidants and vitamins such as vitamin E, which help protect against free radicals and may improve overall skin health. Unlike CBD oil, hemp seed oil does not contain significant amounts of THC, the psychoactive compound in cannabis, and is, therefore legal in many countries. It is commonly used as a dietary supplement or ingredient in cosmetics and personal care products. Manufacturers are offering hemp in various forms to target a diverse range of issues, owing to the increasing demand for the product among consumers due to its medicinal benefits. CBII, for example, offers products in various forms such as gummies, oils, capsules, and balm & face oil, targeting issues like stress, sleep, and pain. This has led to an increase in the application of the product in various industries including beauty and personal care, cosmetics, food and beverages, health & pharmaceuticals, textile, and others. The legalization of the use of hemp seed products in the U.S. food supply under the Farm Bill has further fueled the inclusion of such products by manufacturers. Additionally, based on our in depth analysis, we found that, the production of hemp has increased by 62.4% to meet the rising consumer demand.

US Hemp Seed Oil Market is poised to grow at a sustainable CAGR for the next forecast year.