The Impact Of COVID-19 Pandemic On the Hemp Oil Market Size, Trends, Opportunities, Innovations & Forecast till 2024

KD Market Insights has published a new report on Hemp Oil Market analysis and forecast 2018-2024. The report comprises of Hemp Oil Market size, Y-o-Y growth analysis, and market dynamics, including growth drivers, restraining factors, opportunities, and trends which are spearheading current nature and future status of the market.

The global hemp oil market accounted for USD XX.X Million in 2018. Further, the market is expected to reach to a valuation of USD XX.X Million by the end of 2024. Moreover, it is anticipated to flourish at a CAGR of 17.6% during the forecast period i.e. 2019-2024.

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Hemp Oil Market: Growth Drivers

Growing Recognition of CBD in Healthcare Sector
As the healthcare sector is acknowledging the remarkable potential of CBD in the medical field, CBD these days is being used for treating a vast range of medical conditions such as neurological and chronic diseases. Further, this growing recognition of CBD in healthcare sectors is believed to complement the growth of hemp oil market.

Rising Adoption of Hemp Oil in Personal Care Products
Growing awareness among consumers about the health benefits associated with hemp oil such as relief from anxiety, chronic pain, sleep disorders, and others are expected to drive the growth of the global hemp oil market. Further, increasing adoption of hemp oil in personal care products and food & beverages industry all over the world is one of the key factors paving the way for the growth of the global market.

Hemp Oil Market: Segmentation Analysis
Hemp oil market is segmented by type and application. Based on type, the market is segmented into hemp essential oil, hemp seed oil, and hemp CBD oil, out of which, hemp seed oil segment is anticipated to grow at a significant CAGR over the forecast period, i.e., 2019-2024. The hemp seed oil segment is further sub-segmented into unrefined and refined. Furthermore, it was followed by hemp CBD oil segment in terms of market share in 2018.
Moreover, based on application, the hemp oil market is further sub-segmented into foods & beverages, personal care products, pharma & nutraceuticals, industrial uses, and others. Among this segment, pharma & nutraceuticals segment has acquired lion market share and is estimated to grow at a notable CAGR over the upcoming years.

Hemp Oil Market: Geographical Analysis
Geographically, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the hemp oil market, North America is projected to capture a significant market share over the forecast period. Further, factor such as the rising production of cannabis and the legalization on the sales of cannabis in Canada is expected to drive the growth of North America hemp oil market. Also, the Asia Pacific market is driven on the back of increasing adoption of hemp oil based anti-aging products and is anticipated to grow at a significant compound annual growth rate (CAGR) from 2019 to 2024.

Hemp Oil Market: Competitive Analysis
The report also covers detailed competitive analysis of major market players of global hemp oil market, such as Elixinol USA, CV Sciences, Inc., Cannoid, LLC, Aurora Cannabis, Inc., HempLife Today, Isodiol International Inc., Medical Marijuana, Inc., Hemp Oil Canada, Inc., Hempco Inc., Folium Biosciences LLC and other major & niche players. The global hemp oil market is witnessing a wide range of industry activities such as product launch, acquisition, partnership, and expansion across the globe.

The research offers a comprehensive analysis of hemp oil market with respect to following sub-markets:

By Type
– Hemp Essential Oil
– Hemp Seed Oil
– Unrefined
– Refined
– Hemp CBD Oil

By Application
– Foods & Beverages
– Personal Care Products
– Pharma & Nutraceuticals
– Industrial Uses
– Others

By Geography
– North America (U.S. & Canada)
– Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
– Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
– Latin America (Brazil, Mexico and Rest of Latin America)
– Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)

Competitive Landscape
The report profiles various major market players such as;

– Elixinol USA
– CV Sciences, Inc.
– Cannoid, LLC
– Aurora Cannabis, Inc.
– HempLife Today
– Isodiol International Inc.
– Medical Marijuana, Inc.
– Hemp Oil Canada, Inc.
– Hempco Inc.
– Folium Biosciences LLC
– Other Major & Niche Players

Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides company’s positioning and market share in hemp oil market.

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