The cannabis extract market is expected to grow at a CAGR of around 18.6% during the forecast period 2021 to 2030 and is expected to reach US$ 31.5 billion by 2030 from US$ 7.8 billion in 2020. This research report evaluates the cannabis extract market on a global and regional level. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global cannabis extract market for the period from 2017 to 2030.
The report provides the overall revenue of the global cannabis extract market from 2017 to 2030, considering 2021 as the base year and 2030 as the forecast year. The study includes drivers and restraints of the global cannabis extract market. The report contains 250+ pages with detailed analysis.
Cannabis Extracts involve a wide group of products that comprises any excerpt of the cannabis plant, comprising extracts from hemp and marijuana. These excerpts contain high degree of cannabinoids like THC and CBD, much greater by weight when compared with dehydrated cannabis stems, leaves, or flowers. The near future holds immense possibilities for the cannabis extracts business due to the growing legalization of cannabis in several nations around the world. The requirement for cannabidiol (CBD) products is undergoing strong progress, which is expected to only quicken in the near future. Products ranging from balms and lotions in the topical group to beverages and edibles are aiming health and well-being, the increasing variety of CBD commodities are generating development prospects for the business.
The United Nations lately estimated that higher than 180 million individuals globally among the ages of 15 and 64 (greater than 4% of this age category) consume cannabis yearly. No less than 20 countries have executed medical cannabis legislations, including Canada, Australia, Germany, and Colombia.
The main goal of this research study is to offer a clear picture and a better understanding of the market to the manufacturers, traders, and suppliers operational in it. The readers can gain a deep insight into this market from this piece of information that can enable them to convey and develop critical approaches for the further growth of their businesses.
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- Among the type segment, conventional cannabis extract dominated the overall market in 2020. The conventional type of cannabis is grown extensively as it enables high production output of cannabis extract.
- The solvent-based segment accounted for the major share of revenue in the extraction method segment with more than 65% share in 2020 due to the high popularity of solvent-based cannabis extraction methods. The extraction method which involves the use of solvents is a preferred method of the cannabis extraction industry, especially in manufacturing extracts for personal care ingredients, pharmaceuticals, and food. Some solvents are favored due to their efficiency, effectiveness, and FDA-approval.
- Pharmaceutical accounted for the largest revenue in the application segment. Medications comprising a synthetic arrangement of dronabinol have been permitted by the U.S. FDA for years. In 2018, Epidiolex (a seizure medication) became the inaugural Cannabis-derived CBD medication to be permitted in the United States. Moreover, numerous medical formulations comprising of cannabis extract are in the pipeline.
- Canopy Growth Corporation and Aphria Inc. accounted for a significant share of the global cannabis extract market.
Factors such growing use of cannabis for medicinal purpose, implementation of unambiguous legal framework related to marijuana use in developed nations, increasing prevalence of cancer, increasing use of marijuana as antidepressants, and increasing focus of companies on development of sustainable extractions methods are driving the growth of cannabis extract market. Moreover, increasing prevalence of arthritis and other chronic disorders is further propelling the growth of cannabis extract market. Additional features that are expected to fuel this business are increasing awareness regarding benefits of cannabis in developing regions.
A tendency for the authorization of cannabis is being recognized across numerous countries throughout the world. Uruguay was the first nation in the world to completely legalize marijuana in the year 2013. Subsequently, multiple countries have legitimated the use of cannabis for therapeutical applications, which is anticipated to fuel the progress for the cannabis extract market through forecast time-duration.
It has been more than two years since Canada decided to legitimately regulate cannabis for recreational usage, becoming only the second nation after Uruguay, and the first chief G7 economy to do so. Although authorized access to cannabis was previously available for medical usage, this marked a pioneering policy change away from the illegalization of the preparation and the individuals who utilize it in a nation of around 40 million persons.
The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The cannabis extract report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.
The report includes information for Asia Pacific, North America, Latin America, Europe, Middle East, and Africa. In 2020, North America dominated the worldwide market with a market share of higher than 71%. U.S. indicated the highest slice in North America principally due to increasing legalization of cannabis for medicinal usage. Moreover, high awareness regarding medicinal benefits of cannabis extract products such as CBD oil and tinctures also supported the high market portion of North America.
Europe was the subsequent significant market chiefly due to high consumption of cannabis oil in Italy. Anticipated approvals for cannabis use in the European region are also expected to lift the demand for cannabis extract in the anticipated time-span. Israel is also a key market due to high research activity. The Latin American region is projected to grow at a significant CAGR in the estimate period due to increasing investment by key companies on latest technologies. Asia Pacific, Middle East and African region will display noticeable growth.
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Key Market Players and Strategies:
The key companies functioning in the worldwide cannabis extract market are Kynd Cannabis Company, Organa Brands, Colorado Cannabis Company, Peridot Labs, Canopy Growth Corporation, Aurora Cannabis, MARICANN INC., and Aphria Inc. among others.
Increased expenditure on investigation and advancement accompanied by collaborations, acquisitions, and mergers are the vital strategies undertaken by companies operational in the worldwide cannabis extract industry. Furthermore, leading businesses are spending heavily on research and development for the development of new extraction methods.
Major Market Segments Covered:
By Extraction Method
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Why should you invest in this report?
If you are aiming to enter the global cannabis extract market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for cannabis extract are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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