Global Hemp Seed Oil Market Projected to Witness a Measurable Downturn; COVID-19 Outbreak Remains a Threat to Growth in the Near Future
The global hemp seed oil market is slated to expand at an impressive double-digit CAGR during the forecast period 2020-2030 according to a recent study published by future market insights. Heterogeneous applications across a range of end-use industries is responsible for the augmenting market share. Hemp seed oil is widely known for its non-intoxicating properties as it is derived from food grain strains of the hemp plant, belonging to the cannabis sativa group. Rich in essential bioactive compounds and nutrients, hemp seed oil is used to maintain skin health by moisturizing and reducing inflammation, treating atopic dermatitis and reducing aging; as a flavoring agent in the food & beverages segment and manufacturing of nutraceuticals.
Shifting consumer trends towards consumption of immunity-enhancing and healthy food products is widening the scope of hemp seed oil usage. Additionally, the demand for ready-to-eat foods and bakery products has soared since the coronavirus outbreak. These foods generally include salads and soups which utilize hemp seed oil as a flavoring agent. As a consequence, the demand for hemp seed oil during the pandemic has multiplied. Moreover, hand sanitizers have also been incorporating hemp seed oil as a disinfectant. Since the volume of hand sanitizer usage has peaked since the pandemic's outbreak, their demand has been on an upward trajectory. Hence, demand for hemp seed oil is surging in the wake of increased hand sanitizer usage.
"Governments across the world have relaxed their regulatory frameworks, making it easier to incorporate hemp seed oil for a range of products associated with human consumption. Consequently, key market players will proliferate their investments across promising regions in the hope of reaping immense monetary benefits," concludes a prominent FMI analyst.
Request a report sample with 200+ pages to gain in-depth market insights on https://www.futuremarketinsights.com/reports/sample/rep-gb-11630
Global Hemp Seed Oil Market- Important Takeaways
- Rising preference for organic products attributed to environmental concerns and shifting dietary preferences will steer the hemp seed oil market forward.
- Augmented beauty spending by Gen-Z has fueled usage of hemp seed oil as an ingredient in cosmetic care products.
- Collectively, North America and Europe account for 3/5th of the global hemp seed oil market. Extensive sales networks of prominent market players shall sustain this dominance.
- East and South Asia to emerge as rapidly growing regions attributed to increase in disposable incomes across China, India and other emerging economies which makes hemp seed oil affordable for customers.
- The global hemp seed oil market shall grow at a stellar CAGR of 18.5% between 2020 and 2030, reaching a value of US$ 336.1 Mn.
Global Hemp Seed Oil Market- Prominent Drivers
- Absence of psychotropic chemical agents which could cause intoxication has led to market penetration in culturally and religiously conservative countries, particularly in the Middle East.
- Use of state-of-the-art equipment for manufacturing and licensed certifications such as the ISO 22000:2005 will aid market expansion.
Global Hemp Seed Oil Market- Key Constraints
- Hemp seed oil is priced nearly four times compared to traditional oils such as almond oil, sesame oil or coconut oil. This renders it unaffordable for lower and middle income consumers.
- CBD-based hemp oil is usually mislabeled as full-spectrum hemp oil to supersede FDA regulations on cannabis-derived products, limiting its scope.
Anticipated Impact of the COVID-19 Outbreak
The impact of the coronavirus pandemic has varied across different end-use sectors. While the food & beverage industry has experienced shortfalls owing to difficulty in procuring raw materials, the demand for healthy instant foods such as salads and soups have registered a notable increase. The imposition of nationwide lockdowns and compulsory social distancing measures to prevent the spread of infections have confined people to their houses.
As a result, the pattern of intermittent snacking has increased. Additionally, preference for high-protein and healthy foods is encouraging market players to ramp up production of instant foods containing hemp seed oil. Hemp seed oil helps boost immunity, the primary reason behind its usage in food products and the consequent increase in demand for hemp-seed oil laced foods.
Simultaneously, usage of hemp seeds have declined in industrial manufacturing such as the textile and paper & pulp industry. Hemp fibers are renowned for their length and robustness, making them an ideal choice for textile production. However, imposition of lockdowns have led to cessation of production cycles to maintain social distancing. This has led to a reduction in the output levels, inducing sluggishness in the sector. Reduced cloth output has ultimately led to a reduction in the demand for hemp seeds, limiting its growth prospects in the near-term. However, as the pandemic subsides, growth avenues will widen with the resumption of production cycles and a consequent resurgence in demand.
Explore the global hemp seed oil market comprising of 144 illustrative figures, 160 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11630
Competition Landscape
Prominent market players are leveraging their product portfolio by factoring in consumer spending patterns, dietary preferences, age, region and mental & physical health. This enables market players to customize product requirements as per the consumer, allowing them to reap monetary benefits. Mergers & acquisitions among players help them acquire a stronger foothold in the market. Some prominent players in the global hemp seed oil market include Connolis LLC, Nutiva Inc., NP Nutra, Agropro, Z-Company, BOHECO, Eco Fiber Limited, Elixinol Global Limited and Canopy Growth Corporation to name a few.
Get Valuable Insights into Hemp Seed Oil Market
Future Market Insights, in its new report, presents an unbiased analysis of the global hemp seed oil market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. In terms of nature, the market can be segmented into organic and conventional.
Based on grade, the market can be classified into food grade and pharmaceutical grade. On the basis of extraction process market is segmented as cold pressed hemp seed oil and refined hemp seed oil. By the end use, market is classified as food & beverages, nutraceuticals, cosmetics & personal care, pharmaceuticals and industrial products. Regionally, the market can be segmented into North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.
About Food & Beverages division of FMI
Expert analysis, actionable insights, and strategic recommendations - the Food & Beverages team at FMI helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 100+ countries for over a decade. The team provides end-to-end research of the global food & beverage market and consulting services; know how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.