Cannabis Extract Market
Global Cannabis Extract Market to surpass USD 37.67 billion by 2030 from USD 7.02 billion in 2020 at a CAGR of 18.29% in the coming years, i.e., 2021-30.
Cannabis is derived from cannabis Sativa and cannabis indica plants grown in India. Cannabis extract refers to the extracts made from cannabis concentrates. Cannabis concentrates may be found in a variety of forms, including oil, wax, shatter, phoenix tears, and vaporizers. Cannabinoids and terpenes in high concentrations are found in the concentrates. Isopropyl alcohol or grain may also be used as a solvent to extract cannabis. Cannabis has a variety of antidepressant uses in the pharmaceutical and healthcare industries.
Global Cannabis Extract market is expected to project a notable CAGR of 18.29% in 2030.
The rising use of medicinal marijuana for the treatment of chronic ailments like arthritis, Alzheimer’s, and cancer, as well as mental disorders including depression, anxiety, and epilepsy, are driving this industry. Another factor expected to drive market expansion is the increasing legalization of medicinal cannabis in many nations, allowing patients easy access. The entire industry has been expanding as the acceptance of marijuana for medicinal and recreational purposes has increased. Legalization of marijuana in several nations has resulted in an increase in legal product purchases, reducing black market sales. Government-imposed taxes are also expected to provide countries with revenue-generating options.
Recent highlights in the Global Cannabis Extract Market
In December 2020, Aphria Inc. and Tilray Inc. (Canada) signed a comprehensive deal to merge their operations and form the world’s largest cannabis corporation. The combined company would have a comprehensive portfolio of branded Cannabis 2.0 products in Canada, supported by a low-cost growing, processing, and manufacturing facilities.
In November 2020, Aphria Inc. completed the acquisition of SW Brewing Company, LLC (US), one of the leading independent craft brewers. SweetWater is a cannabis lifestyle brand that would help Aphria broaden its product offering.
Global Cannabis Extract Market: Segments
Oils segment to grow with the highest CAGR during 2020-30
Global Cannabis Extract Market is segmented by Product Outlook into Tincture and Oils. In 2019, the oil sector had the most revenue share in the cannabis extract industry, with a market value of USD 4.8 billion. Over the Forecast period, this category is expected to grow at the quickest rate. This is largely due to the product’s growing medicinal applications. It’s critical to keep track of how much Tetrahydrocannabinol (THC), CBD, and other ingredients you’re taking. As a result, when comparing the accuracy of cannabis oils and extracts to that of smoked cannabis, the preference for cannabis oils and extracts is significantly greater.
Laboratory applications to grow with the highest CAGR during 2020-30
Global Cannabis Extract Market is segmented by Extract type into Isolates and Full spectrum. Laboratory applications among these is expected to show maximum growth. Due to the added benefit of the entourage effect, full-spectrum cannabis extracts led the market in 2019, with a turnover of USD 4.3 billion. Full-spectrum cannabis products are preferred by many producers due to their benefits versus isolates. As a result, the segment is projected to maintain its dominance during the forecast period.
Increasing use of cannabis in healthcare
The worldwide cannabis extract market might benefit from an expansion in the use of medicinal marijuana to treat serious diseases including cancer, Alzheimer’s, and arthritis, as well as different neurological problems. Cancer is the second largest cause of mortality worldwide, according to the World Health Organization, with an estimated 9.6 million deaths in 2018. Furthermore, several nations in North and Latin America have legalized cannabis usage, while other European countries are attempting to liberalize cannabis legislation. This aspect contributes to the global growth of the cannabis extract business. Furthermore, the growing use of the product as an antidepressant in the healthcare and pharmaceutical industries would boost the cannabis extract market’s growth rate in the future years.
Legalization of Cannabis
Cannabis legalization is becoming increasingly popular in a number of nations across the world. Uruguay was the first country in the world to legalize marijuana entirely in 2013. As a result, several nations have legalized the use of cannabis for therapeutic purposes, which is expected to propel the cannabis extract market forward throughout the predicted timeframe.
Cannabis Extract Market: Key Players
Canopy Growth Corporation
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Organigram Holdings Inc.
Tikun Olam Ltd.
The Cronos Group
Global Cannabis Extract Market: Regions
Global Cannabis Extract market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. With a market share of more than 71%, North America dominated the global market in 2020. North America has made significant contributions to the entire size of the cannabis extract industry and is expected to maintain its dominance in the near future. The regional market’s expansion may be attributed to widespread product penetration as well as its use as a result of official approvals in countries such as Canada and the United States.
Global Cannabis Extract Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, Germany, France, Italy, Spain, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, Japan, South Korea, Southeast Asia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – GCC, South Africa and Rest of MENA
Global Cannabis Extract Market report also contains analysis on:
Cannabis Extract Market Segments:
By Product Outlook
Cannabis Extract Market Dynamics
Cannabis Extract Market Size
Supply & Demand
Current Market Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Cannabis Extract Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 7.02 billion
Revenue forecast in 2030 USD 37.67 billion
Growth Rate CAGR of 18.29% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD billion and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Product, Nature, Extract, Application
North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Canopy Growth Corporation, Aphria Inc., Aurora Cannabis, Maricann Inc., Tilray, Organigram Holdings Inc., Tikun Olam Ltd., The Cronos Group, Optimum extracts, Dabble extracts, and Other Prominent Players
Frequently Asked Questions
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