The global Cannabis Extract Market size is expected to reach US$ 31.5 billion by 2030 from US$ 31. billion in 2020 and is expected to grow at an impressive double-digit rate of 18.6% from 2021 to 2030.
The study includes drivers and restraints of this market. The study provides an analysis of the global Cannabis Extract Market for the period 2017-2030, wherein 2021 to 2030 is the forecast period and 2020 is considered as the base year.
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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Growth Factors
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.
Report Highlights
- 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.
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Key Market Players and Strategies
Increased expenditure on investigation and advancement accompanied by collaborations, acquisitions, and mergers are the vital strategies undertaken by companies operational in the worldwide cannabis extract industry. Furthermore, leading businesses are spending heavily on research and development for the development of new extraction methods.
Leading competitors contending in 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 Type
- Conventional
- Organic
By Extraction Method
- Solvent-Less
- Solvent
By Application
- Textile
- Cosmetic
- Pharmaceutical
- Paper
- Others
Regional Analysis:
The geographical analysis of the global Cannabis Extract Market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American market is again segmented into the US, Canada, and Mexico. Coming to the European market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global Cannabis Extract Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Key Questions Answered by the Report:
- What will be the size of the global Cannabis Extract Market in 2030?
- What is the expected CAGR for the Cannabis Extract Market between 2021 and 2030?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global Cannabis Extract Market?
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