The Cannabis Extract market is estimated to be valued at US$ 10,704.56 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cannabis extract market comprises concentrated products derived from the cannabis plant. Extracts contain high levels of cannabinoids such as THC and CBD which are responsible for the plants medicinal and recreational properties. Common extraction methods involve heating, grinding and filtering cannabis biomass to obtain concentrated resins, waxes and oils for use in tinctures, edibles, topicals and vaporizers. The medical use cases of cannabis extracts are increasing, with applications in treatment of chronic pain, neurological disorders, cancer and mental health conditions.
Market Dynamics:
Growing acceptance of cannabis extracts for medical applications is expected to be a major growth driver over the forecast period. Several countries have legalized the use of medical cannabis extracts for treatment of qualifying medical conditions. With clinical evidence demonstrating benefits, more countries are forming progressive cannabis policies. Additionally, rising consumer awareness about potential wellness benefits of CBD extracts is augmenting the demand. However, fragmented regulations across countries continue to pose commercialization challenges for industry players.
SWOT Analysis
Strength: Cannabis extract has several medical benefits which is increasing its demand. Many countries are legalizing cannabis which is expanding the market. Cannabis extract can be infused in different products like oils, edibles and more.
Weakness: Limited guidelines and regulations in some countries. Low social acceptance of cannabis products in many regions.
Opportunity: Increasing use of cannabis extract for various medical conditions is driving the market growth. Legalization of cannabis in more countries will pave new opportunities.
Threats: Stringent regulations on production and marketing of cannabis products in many countries. High production costs of cannabis extracts.
Key Takeaways:
The Global Cannabis Extract Market Size is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing legalization of cannabis for medical as well as adult-use in various countries. Many countries have legalized cannabis to treat medical conditions such as chronic pain, arthritis, cancer and other neurological conditions which is boosting the market growth.
Regional analysis North America dominates the global cannabis extract market and is expected to continue its dominance over the forecast period. This is attributed to increasing legalization of cannabis in major countries of the region. According to estimates, around 66% of the global cannabis extract market is held by North American region. California, Colorado and Canada are the major revenue generating markets in the region. Europe is anticipated to exhibit fastest growth rate owing to favorable government regulations regarding cannabis in many EU countries for medical use.
Key players operating in the Cannabis Extract Market are Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., MedMen, Teva Pharmaceutical Industries Ltd., and Organigram Holdings Inc. Companies are investing heavily in R&D to develop enhanced cannabis extracts for various medical applications. They are also focusing on strategic partnerships to strengthen their market position.
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https://www.rapidwebwire.com/cannabis-extract-market-size-share-growth-outlook-2023/
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