Cannabis Extract Market : Segmented by Product (Tinctures, Oils); by Nature, (Organic, Conventional); by Extract (Isolates, Full spectrum); by Application (Pharmaceutical, Textile, Paper, Cosmetic) and Region - Global Analysis of Market Size, share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report 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
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.
Canopy Growth Corporation
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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:
Cannabis Extract Market Segments:
|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|
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