Cannabis Extract Market Size
Overview and Scope
Cannabis extract refers to a compound that comes from the cannabis plant called cannabidiol (CBD). Typically, it is an oil, that manufacturers add to various products, such as creams and lotions, and people use CBD extract as a treatment for a range of diseases.
Sizing and Forecast
The cannabis extract market size has grown exponentially in recent years. It will grow from $8.57 billion in 2023 to $10.49 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth in the historic period can be attributed to emergence of cbd market, consumer trends toward natural products, cannabis legalization for recreational use, diverse product offerings, research and development.
The cannabis extract market size is expected to see exponential growth in the next few years. It will grow to $22.26 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%. The growth in the forecast period can be attributed to health and wellness trends, consumer education initiatives, customization of extract products, integration in beauty and personal care. Major trends in the forecast period include innovation in extraction technologies, full-spectrum and broad-spectrum extracts, focus on terpenes, product standardization and quality assurance, collaborations and partnerships..
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Segmentation & Regional Insights
The cannabis extract market covered in this report is segmented –
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
North America was the largest region in the cannabis extract market in 2023. The regions covered in the cannabis extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in prevalence of chronic diseases is expected to propel the cannabis extract market. Chronic diseases are illnesses that last a year or longer and require ongoing medical attention. The cannabis extract is effective in the treatment of chronic noncancer pain. For instance, according to the McKinsey report, it is anticipated that the US illness burden will rise by almost 20% through 2040. Furthermore, according to the Center for Disease Control and Prevention, six in ten Americans live with at least one chronic disease. As a result, the increasing prevalence of chronic diseases is driving the cannabis extract market.
Key Industry Players
Major companies operating in the cannabis extract market report are Canopy Growth Corporation, Tikun Olam, Aurora Cannabis Inc., Aphria Inc., Tilray Inc., Mylan N.V., Alkem Labs, 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.
The cannabis extract market report table of contents includes:
1. Executive Summary
2. Cannabis Extract Market Characteristics
3. Cannabis Extract Market Trends And Strategies
4. Cannabis Extract Market – Macro Economic Scenario
5. Global Cannabis Extract Market Size and Growth
…..
31. Global Cannabis Extract Market Competitive Benchmarking
32. Global Cannabis Extract Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Cannabis Extract Market
34. Cannabis Extract Market Future Outlook and Potential Analysis
35. Appendix
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