Press release
Hemp Oil Market to Reach USD 27.6 B by 2032 at 16.5% CAGR
Hemp Oil Market
A recent market report estimates the global Hemp Oil market reached USD 8.14 billion in 2024 and is forecast to grow at a strong 16.5% CAGR, approaching USD 27.63 billion by 2032 . This explosion is being driven by increasing awareness of therapeutic benefits-such as pain relief, anxiety reduction, anti-inflammatory effects-and expanding legalization across key global markets.
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◉ Market Overview
2024 Market Size: USD 8.14 B
2025-2032 Forecast: CAGR 16.5%, rising to USD 27.63 B
Alternative estimates: USD 7.71 B in 2023 to USD 24.93 B by 2031 at 15.8% CAGR ; USD 2.91 B in 2025 to USD 14.56 B by 2033 at 22.3% CAGR (hemp‐derived specificity)
Drivers: Clinical R&D, favorable regulations, e-commerce adoption, and rising applications in nutraceuticals, skincare, veterinary care, and pharmaceuticals .
Challenges: Regulatory ambiguity, quality control concerns, and supply-chain volatility in raw hemp and extraction equipment .
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◉ Competitive Landscape
Top players include Charlotte's Web, CV Sciences, Aurora ENDOCA, Gaia Herbs, Elixinol, Medical Marijuana Inc., NuLeaf Naturals American Shaman, and Canopy Growth. These companies emphasize product innovation (tinctures, skincare, pet wellness), branding, and strategic partnerships.
Higher Regional Demand
North America dominates with ~87% market share in 2023, thanks to hemp legalization (US Farm Bill, Canada), high consumer awareness, and robust retail & online channels .
Europe is growing steadily in wellness and personal care, with increasing regulatory acceptance
Asia‐Pacific is the fastest-growing region, led by rising disposable incomes and awareness in China, Japan, Australia, and India .
◉ Country-Level Insights
Opportunity Growth in Vietnam
Vietnam's nascent market shows promise in wellness segments. With hemp cultivation legal and benefit awareness rising, local players are exploring both domestic consumption and agriculture-driven supply chains .
Trends in Thailand
Thailand is fast-tracking its industry after legalizing medical Domestic brands are launching skincare, supplements, and pain relief formulations, fueling demand for pharmaceutical-grade oil.
Consolidation Growth in Japan
Japan imports most products. Market leaders are collaborating with global suppliers to bring full-spectrum oils, fortified cosmetics, and protocols for sleep and anxiety treatment.
Updation in South Korea
Korea's adoption is growing via e-commerce and health clinics. Thai and US imports are coupled with telehealth platforms offering as part of wellness protocols.
Benchmarking Opportunity in Singapore
Singapore's sophisticated consumer base and regulatory sandbox encourage trials in nutraceutical and cosmetic niches, with local startups partnering on compliance-led innovation.
Consolidation Trends in the U.S.
The U.S. sees major brands-like Aurora, Charlotte's Web, Canopy-scaling production and distribution through M&A and expanded partnerships, capturing the multi-billion-dollar national market.
Growth Integration in China
China leads hemp cultivation (70 % global share) and increasingly allows -infused wellness products, aligning hemp extraction capabilities with regulatory reform
Opportunity & Compliance Growth in Europe
Europe is moving towards novel-food compliance; countries like UK, Germany, Switzerland are driving adoption through food, cosmetics, and pharmaceuticals-emphasizing quality and traceability
To learn more about the findings of this research, please check:https://www.maximizemarketresearch.com/market-report-hemp-oil-market/37013/
◉ Hemp Oil Market Segment Analysis:
by Type
Hemp
Marijuana
by Application
Medical
Personal
Pharmaceutical
Wellness
by Sales Channel
B2B
B2C
◉ Mergers & Acquisitions Highlights
Ongoing strategic acquisitions aimed at scaling supply, formulating niche products, and boosting market presence. For example, Aurora's acquisitions to strengthen its oil portfolio and pharma mergers in Europe .
◉ Key Recent Developments
FDA Update: FDA postponed regulating supplements, urging Congress to establish new safety frameworks-highlighting both opportunity and uncertainty .
Epidiolex Momentum: Following expanded approvals in the U.S. and EU, prescription use for epileptic conditions grows, underlining pharmaceutical potential
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◉About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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