Global Hemp Seeds Market By Type (Whole Hemp Seed, Hulled Hemp Seed , Hemp Seed Oil), By Application (Hemp Seed Cakes, Hemp Oil), By Region, And Segment Forecasts, 2023 to 2032

Hemp is considered to be one of the most nutritious seeds in the global market due to its numerous beneficial properties.,as well as its use as an analgesic in pharmaceuticals. The market has witnessed significant growth in recent years, driven by the increasing awareness of the nutritional benefits of hemp seeds and the growing acceptance of hemp-based products across various industries.

The global hemp seed market was valued at USD 5.2 billion in 2023 and is projected to reach USD 11.8 billion by 2033, growing at a CAGR of 9% from 2023-2033. The rising consumer health conciousness, increasing understanding of the nutritional advantages of hemp seeds. Furthermore, the growing prevalence of various forms of cancer is boosting the usage of hemp-based producs to treat symptoms of cancers like chemotherapy induced nausea, chronic pain exhaution and many more. 

Premium Insights:

• Hemp seeds are recognized for their high nutritional content, including omega-3 and omega-6 fatty acids, protein, fiber, vitamins, and minerals. This makes them an attractive option for health-conscious consumers and those seeking plant-based protein alternatives.

• Hemp seeds are utilized in a wide range of products, from food and beverages to personal care items and pharmaceuticals, showcasing their versatility and broad market appeal.

Global Hemp Seed Market Dynamics:

Drivers: Rising demand for plant-based products, environmental benefits and expansion into cosmetics and personal care industry

Consumers are increasingly seeking healthy and sustainable plant-based alternatives for food and dietary needs. Hemp seeds offer a complete protein source, essential fats, and fiber, making them a popular choice amongst vegans, vegetarians, and health-conscious individuals.

Hemp cultivation requires less water and pesticides compared to some traditional crops. This environmental friendliness resonates with consumers seeking sustainable food choices, further driving demand for hemp seeds.

Hemp seed oil possesses moisturizing and anti-inflammatory properties, making it a valuable ingredient in lotions, creams, and skincare products. This growing application area opens new market opportunities.

Restraints: legal and regulatory uncertainties, limited availability and dependence on supply chain, price sensitivit and cost- competitiveness and limited research 

Hemp is often confused with marijuana due to their shared genus (Cannabis). Legal regulations regarding hemp cultivation and product sales vary significantly across countries. This ambiguity can create challenges for growers and manufacturers.

Hemp seed production is still concentrated in a few regions. Fluctuations in supply and potential disruptions in the global supply chain can impact product availability and pricing.

Compared to some established food ingredients, hemp seeds can be more expensive. This can be a barrier for manufacturers and consumers seeking cost-effective options.

While the general safety of hemp seeds is recognised, further research is needed to address potential long-term health effects, particularly for specific demographics.

Opportunities: Innovation, increased investment and expansion in processing facilities and international collaboration

Developing innovative hemp seed-based products with unique functionalities and catering to specific dietary needs will attract new consumer segments and expand market reach.

Investment in dedicated hemp seed processing facilities in new regions can improve supply chain stability, product quality, and overall market efficiency.

Collaboration between governments and industry players towards harmonizing regulations for hemp cultivation and product trade can create a more stable and predictable market environment.

Market By Hempseed Market Dynamics:

Based on Type, the market is segmented into whole hemp seeds, hulled hemp seeds, hemp seed oil and more. Whole hemp seed sub segment dominated the market in 2023, as they are rich in plant based protein, , essential fatty acids, dietary fiber, minerals and vitamibns.

Market By End-Use Insights:

Retail consumers purchase hemp seed products for personal use, driven by health and dietary preferences and food manufacturing companies incorporate hemp seeds into their food and beverage products, enhancing nutritional profiles. These two industries have the highest market share.

Market By Region Insights:

Based on regional coverage, the global hemp seed market is segmnented into Asia Pacific, North America, Europe, Middle East & Africa and Latin America. North America is the  largest market for hemp seeds, driven by the legalization of hemp cultivation in the U.S. and Canada, along with high consumer awareness and demand for health products.

Competitive Scenario:

Major players in this industry includes Nhempco , Ecofibre, Hemp Inc., HempFlax Group B.V.GenCanna,  Konoplex, Hemp Poland , Hemp Oil Canada , Dun Agro.

Scope of Work-Global Hemp Seed Market

Key Market Developments

• April 2020- QEMP announced the launch of qemp ZERO, a pure hemp seed oil with no THC and a blend of organic herbs. The product is associated with various benefits including non-GMO, vegan, antioxidant support, and others.Numerous advantages are linked to the product, such as its non-GMO status, vegan status, antioxidant support, and other attributes

• March 2021-The acquisition of Socati Corp. was announced by Yooma Wellness Inc., a distributor and marketer of wellness products derived from hemp and cannabinoids. The company took this initiative in an effort to increase the company's geographic reach.

Frequently Asked Questions (FAQ’s)

1. What is the current size of the global hemp seeds market?

 Ans. The global hemp seed market was valued at USD 5.2 billion in 2023 and is projected to reach USD 11.8 by 2033, growing at a CAGR of 9% from 2023-2033

2. What are the key drivers of the hemp seeds market?

Ans. The major drivers are Rising demand for plant-based products, environmental benefits and expansion into cosmetics and personal care industry

3. What are the main challenges faced by the hemp seeds market?

Ans. Challenges include legal and regulatory uncertainties, limited availability and dependence on supply chain, price sensitivit and cost- competitiveness and limited research 

4. What opportunities exist in the hemp seeds market?

Ans. Opportunities include, Innovation, increased investment and expansion in processing facilities and international collaboration