Demand for hemp-derived concentrates and oil, particularly for making cannabidiol (CBD) therapeutic products, is increasing with every passing year as more and more jurisdictions permit such products to be sold and more CBD-focused scientific research is conducted.
Whereas medical cannabis products containing tetrahydrocannabinol (THC) are still strictly regulated in many countries around the globe, if not outright prohibited, most countries now permit the production and distribution of CBD medical cannabis products. Even some of the most conservative national governments permit such activity.
According to a recent market analysis by Maximize Market Research, the global hemp oil market is projected to experience significant growth between now and the year 2032.
“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.” the market analysts stated in a recent press release.
“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.” the analysts also wrote. Below are other key findings from the analysis:
- North America dominates with ~87% market share in 2023
- Europe is growing steadily in wellness and personal care, with increasing regulatory acceptance
- Asia‐Pacific is the fastest-growing region
At the recent International Cannabis Business Conference in Berlin, leading international cannabis economist Beau Whitney, founder of Whitney Economics, gave a keynote presentation during which he examined a multitude of important industry data points. Mr. Whitney projected that the potential value of the global industrial hemp industry could be as much as $456.2 billion.