Global Hemp Oil Market expected to boost owing to increase in oil demand for health and wellness

Hemp Oil Market

The global hemp oil market is projected to have significant growth due to the high prevalence of neurological disorders among different age groups for example, sleep disorders, epilepsy, etc. Also, it helps in curing chronic diseases too.

The growth factors of global hemp oil market are based on various causes and dynamics. The hemp oil is beneficial for skin too and therefore, is included in skin care products. The hemp oil is subjected to offer various health benefits in chronic diseases, such as diabetes and cancer, therefore, driving the demand. Hemp oil is increasing its penetration in e-commerce websites too which makes it easy for consumers to purchase it. Additionally, as the US farm bill got approved in 2020, it can act as major factor for growth of hemp oil market.

Hemp oil have always been in news for soothing the anxiety, depression and sleep related disorders which is the reason why it is illegal in some countries also, as it can be addictive. Moreover, complex regulatory structure, i.e., approval of compliance from various authorities all over the world by companies makes the trading complex and creates restraints which can degrade the market presence of the hemp oil.

The global hemp oil market is categorized into different segments, for instance, type, distribution channel, end-user application, and region. Based on the type, the market is segmented into hemp seed oil, hemp essential oil, hemp fiber, and hemp CBD oil. Similarly, on the basis of source, the market is divided into organic and conventional. Moreover, the end-user application in the hemp market comprises medical sector, personal use, food, beverages, textiles, pharmaceuticals, wellness, and others.

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North America is said to be the major share-holding region in global hemp oil market as the laws regarding consumption of hemp oil, cannabis, and cannabidiol are not very strict. Also, as large number of health-conscious people and others are getting aware of health benefits of hemp oil, the demand is expected to be lucrative. Moreover, due to high consumption, presence of companies and expansion of such companies in North America may aid its high development in the upcoming future. Asia Pacific is anticipated to have fastest growth during the forecast period. China in Asia Pacific region is the world’s largest producer and exporter of hemp, exporting almost 90% to the US, UK, some European countries, etc. Low hemp production costs in the region and lenient government laws regarding hemp production can act as key growth prospects for the future of hemp oil market.

The global hemp oil market is split due to large number of companies working in the sector. With its health benefits being promoted to consumers, the companies are gaining a lot of traction and thus, increasing the competitiveness. The major companies are working hard to enter new markets, offer latest products to stay ahead in the market. Therefore, companies are focusing on expanding their market among various geographies to gain more market presence.

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Prominent market players include Hempco, Ecofibre, South Hemp Tenco, Suyash herbs, Cannoid, Konoplex, Medical Marihuana, Inc., Canah International, MH Medical Hemp, BAFA, Hemp Poland, Colorado Hemp Works, Dun Agro, HempFlax BV, Konoplex Group, Plain Industrial Hemp processing, Hemp, Inc., among others. As hemp oil is also used in textiles, an Indian brand Durfi, in January 2021, launched foam mattresses inclusive of hemp seed oil with cotton candy. The company has infused hemp seed oil into its cotton candy memory foam mattress in aim of offering relaxation as hemp oil is known for healing anxiety, depression, etc. The mattress is specifically designed for athletes and senior citizens.

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