The cannabis extract market is expected to exhibit a CAGR of 18.6% from 2021 to 2030 and is projected to reach US$ 31.5 Billion by 2030, according to a 2021 study by Precedence Research, the Canada based market insight company.
The report contains 150+ pages with detailed analysis. The study provides the overall revenue of the global cannabis extract market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year.
The global cannabis extract market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the cannabis extract industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
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.
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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.
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.
|Market Size||US$ 31.5 billion by 2030|
|Growth Rate||CAGR of 18.6% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Extraction Method, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Kynd Cannabis Company, Organa Brands, Colorado Cannabis Company, Peridot Labs, Canopy Growth Corporation, Aurora Cannabis, MARICANN INC., Aphria Inc.|
- 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.
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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Top Players Contending in the Market:
The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global cannabis extract market are as follows:
- Kynd Cannabis Company
- Organa Brands
- Colorado Cannabis Company
- Peridot Labs
- Canopy Growth Corporation
- Aurora Cannabis
- MARICANN INC.
- Aphria Inc.
Major Market Segments Covered:
By Extraction Method
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Some of the key highlights covered in the report include:
Market Demand-Supply Analysis – The report covers detailed insights into demand and supply forces prevailing in the global cannabis extract market. It examines trends and factors influencing demand for cannabis extract globally and gauges the impact of the same on the production.
Pricing Analysis – The report presents an exclusive pricing analysis. It compares pricing strategies adopted by the leading market players and identifies the most remunerative strategies.
Market Segmentation – The report segments the global market in terms of diverse criteria. It identifies the leading segment within each category and identifies growth drivers and restraints affecting growth across each segment.
Regional Analysis – The report segments the market in terms of North America, Europe, Latin America, Asia Pacific, and Rest of the World in terms of region. It has chapters exclusively dedicated to analyzing growth trends across each region. It identifies growth drivers as well challenges affecting demand for cannabis extract across the world.
Competitive Analysis – Some of the leading market players are profiled in the report on cannabis extract. The report offers an estimation of share individually help by the market players and determines the impact of some of their popular strategies.
COVID-19 Impact Analysis – This chapter is exclusively dedicated to gauging how the market has evolved or will develop in the post-pandemic era.
Growth Recommendations – In the end, the report presents valuable recommendations to ready businesses for unforeseen challenges in the near future.
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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