What Does the Market Size Analysis Predict for the Cannabis Extract Market?
The cannabis extract market has seen unprecedented growth in recent years, expanding from $10.38 billion in 2024 to projected $12.7 billion in 2025 at a Compound Annual Growth Rate (CAGR) of 22.3%. Triggers for this dynamic growth include the surge in the CBD market, shifting consumer preferences towards natural products, legalization of recreational cannabis, diverse product offerings, and increased research and development.
Moving into the future, the cannabis extract market is projected to continue its exponential growth, reaching$26.47 billion in 2029 at a CAGR of 20.1%. Health and wellness trends, consumer education programs, customization of products, and integration with beauty and personal care are key factors promising to drive this growth. In the forecast period, the following trends are expected to impact the market: innovation in extraction technologies, full-spectrum and broad-spectrum extracts, focus on terpenes, product standardization and quality assurance, and strategic collaborations and partnerships.
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What Are the Primary Growth Drivers in the Cannabis Extract Market?
The substantial increase in chronic diseases globally is projected to drive the cannabis extract market notably. Chronic diseases, which are conditions lasting a year or longer requiring ongoing medical attention, can be effectively managed using cannabis extracts, specifically for treating chronic noncancer pain. As per the World Health Organization, there were 41 million deaths in September 2023 due to non-communicable diseases or chronic diseases, accounting for 74% of the global death toll. This growing prevalence of chronic diseases underlines the potential of the cannabis extract market.
What Are the Essential Segments of the Cannabis Extract Market?
The cannabis extract market is subdivided into below segments –
1) By Product Type: Oils, Tinctures
2) By Extract Type: Full Spectrum Extracts, Cannabis Isolates
3) By Sources: Hemp, Marijuana
4) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
5) By Application: Textile, Cosmetic, Pharmaceutical, Paper
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Who Are the Principal Players in the Cannabis Extract Market?
Canopy Growth Corporation, Tikun Olam, Aurora Cannabis Inc., Aphria Inc., Tilray Inc., GW Pharmaceuticals PLC, The Cronos Group, The Supreme Cannabis Company Inc., Elixinol Global Limited, Westleaf Cannabis Inc., Medipharm Labs Corp., The Valens Company Inc., Curaleaf Holdings Inc., Innovative Ind Props, Green Thumb Industries, Verano Holdings, Trulieve Cannabis Corp., Cresco Labs Inc., Delta 9 Cannabis Inc., BZAM Ltd., Sundial Growers Inc., Decibel Cannabis Company, Auxly Cannabis Group, Red White & Bloom Brands, Jazz Pharmaceuticals PLC, Organigram Inc., MedReleaf Corp., Terrascend Corp are the major companies operating in the cannabis extract market.
What Are the Emerging Trends in the Cannabis Extract Market?
Collaboration is a key trend in the cannabis extract market. Companies are collaborating to sustain in the competitive market. For example, Freedom Cannabis Inc. and Cannabis Tolling Solutions announced the completion and operation of their new cannabis extract processing lab in January 2023. This joint venture will create a new revenue avenue by producing cannabis extracts. The lab, featuring state-of-the-art hydrocarbon extraction equipment, will initially offer zero-additives, vape pen-ready cannabis extracts and full-spectrum cannabis extracts.
Which Region Dominates the Global Cannabis Extract Market?
In 2024, North America was the largest region in the cannabis extract market. The cannabis extract market report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Cannabis Extract Market Report 2025 Offer?
Cannabis extract refers to a compound that comes from the Cannabis plant called Cannabidiol (CBD). It is typically an oil, which manufacturers add to various products, such as creams and lotions. CBD extract is used as a treatment for different diseases. The Cannabis Extract Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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