The hemp oil is one of the promising remedy for healing purpose. In addition, delta-9-tetrahydrocannabinol, or THC, which is present in the oil as the main ingredient, helps to improve immunity, which is likely to help inflate the market volume. In addition, the increase in global health spending is likely to help the hemp oil market to multiply in the coming years. It is likely that a growing pool of patient population with neurological disorders may also contribute to the growth of the global market.
The legalization of cannabis in several national markets is an essential factor to driving the growth of the global market. In addition, innovations and product portfolio developments by key players have revolutionized the market landscape, increasing sales. Hemp oil is likely to have gained popularity in recent years as a dietary supplement and body care product. This, in turn, has a positive impact on the growth of the hemp oil market. Currently, the market looks attractive and growth is expected in the coming years.
To cite, Ovonex, a renowned Europe-based food supplements manufacturer launched a fresh portfolio of CBD products. The product line named AquaHEMP is made from water-soluble cannabinoids that are supplied by FireOrganix, an American hemp innovator. The company plans to expand this portfolio in 2021 to tap the major markets.
The global hemp oil market is broadly segmented on the basis of distribution channel, product type, application, and region. Based on the type, the global hemp oil market is classified into hemp essential oil, hemp CBD oil, hemp seed oil, and others. On the basis of application, the global hemp oil market is divided into pain relief, diabetes, mood disorders, food, cosmetic, neurological disorder, and chemical industry. The marijuana dispensaries, retail pharmacies, medical, hospital, pharmacies, and e-commerce websites are sub-segments of hemp oil market based on distribution channels.
North America holds a substantial market share and is likely to dominate in the coming years. Growth factors of the hemp oil market in the region include the spread of chronic diseases, rising aging population, and the use of oil to reduce neurological pain and so on. Moreover, the hemp oil market of Asia Pacific is poised to grow dramatically in the near future. Significant growth in domestic markets like China, India, and Japan will help to expand the market in the region.
The prominent players in the global hemp oil market are IRIE CBD, CV Sciences, Gaia Botanicals, Suyash Herbs, PharmaHemp, Medical Marijuana, Folium Biosciences, Aurora Cannabis (AC), Elixinol, Isodiol, Cannoid, Hemp Oil Canada, Canopy Growth Corporation, NuLeaf Naturals, and ENDOCA, among others