According to the latest report published by Credence Research, Inc. “Global Hemp Oil Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global hemp oil market accounted for US$ 80.67 Mn in 2017 and expected to reach US$ 1,253.95 Mn by 2026, expanding at a CAGR of 35.8% from 2018 to 2026.
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The global hemp oil market accounted for US$ 80.67 Mn in 2017 and expected to reach US$ 1,253.95 Mn by 2026, expanding at a CAGR of 35.8% from 2018 to 2026. Hemp oil refers to the oil obtained by pressing the seeds of hemp. Extracted oil mainly used in skin care products, although industrial hemp oil used in production of paints, lubricants, fuel and plastics. Presence of nutrients, essential fatty acids and antioxidants are perfect for skin; makes it ideal for healing and massage treatments. Moreover, medicinal benefits derived from the hemp oil expected to accelerate the demand for hemp oil based products. The global hemp oil market has several changes in recent years and expected to change significantly in the near future due to developments in production sources, shifts in consumer preferences adjustments to trade policy settings. Hemp oil is gaining significant adoption among food & beverages industry and as well as in personal care products across the globe.
Hemp oil provides relief from chronic pain, sleep disorders, anxiety, and nerve pain among others. Health benefits obtained from hemp are resulting in rise of the demand for hemp oil in recent years. Additionally, expansion of the online distribution channel is also a major factor, which is accelerating the growth of the global hemp oil market. The market has been segmented based on different product types and applications. Hemp seed oil dominated the global market owing to presence of nutrients, fatty acids in the oil and it can help to prevent major diseases such as cancer, diabetes and inflammation. Hemp oil is source of plant based protein and provides relief from anti-inflammatory conditions reduces cholesterol and promote proper health of the heart. Based on application, pharma and nutraceuticals dominated the market owing to the medicinal benefits obtained from hemp seed oil. For instance, hemp oil cures cancer without creating any side effects. The medical science strongly is in favor of hemp oil as the primary therapy for cancer
Over the years, global manufacturers focused upon continuous research & development in order to develop new and innovative products. Companies such as Gaia Botanicals, Isodiol, and Medical Marijuana among others are focusing upon innovating new products and launch products on hemp oil. For instance, Medical Marijuana developed hemp oil vaporizer called HempVap, which provides the consumers to ease the side effects of diseases such as cancer, anxiety, joint pain, high blood pressure among others. Additionally, several companies also have launched hemp oil based anti-aging products and chewing gums, which are generating opportunity to the global hemp oil market during the forecast period. There were total 111 new product launches from 2008 to 2017 across the globe, which contained hemp seed oil as an active ingredient.
Aurora Cannabis, Inc., Cannoid, LLC, CV Science, Inc., Elixinol, Isodiol International Inc., HempLife Today, Medical Marijuna, Inc., PharmaHemp d.o.o., Hempco, ENDOCA B.V., Folium Biosciences LLC, Bluebird Botanicals and Hemp Oil Canada, Inc. among others are some of the prominent players in global Hemp Oil market.
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