The increasing legalization of marijuana for medical and recreational purposes has augmented the demand for cannabis extracts that offer several health benefits. Cannabis extracts are concentrated preparations of cannabinoids obtained from cannabis plants that are widely used to treat a variety of medical conditions such as chronic pain, anxiety, epilepsy, and cancer. These extracts provide consumers and patients with consistent Cannabinoid profiles and make cannabis dosing more precise. The global Cannabis Extract Market is estimated to be valued at US$ 12,331.66 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the cannabis extract market is increasing legalization of medical marijuana across various countries. According to the new report, over 30 U.S. states and 22 countries worldwide have approved cannabis for medical use. Most of these states and countries have legalized marijuana extracts high in CBD content for medical applications. As more places adopt medical marijuana programs, the demand for cannabis extracts, especially CBD extracts, is expected to increase tremendously. This rapid policy change has opened up new opportunities for cannabis extract manufacturers worldwide.
Segment Analysis
The global cannabis extract market is dominated by cannabis concentrates sub segment. Cannabis concentrates accounted for over 60% share in 2021 due to high demand for concentrates for medical use. Cannabis concentrates are more potent and have higher cannabinoid concentration than flower and are preferred for medical applications such as relief from chronic pain, inflammation etc.
Key Takeaways
The Global Cannabis Extract Market Share is expected to witness high growth over the forecast period of 2024 to 2031, registering a CAGR of 23%.
Regional analysis: North America is expected to be the largest as well as fastest growing regional market for cannabis extract. The USA and Canada have legalized cannabis for both medical and recreational use driving the growth of the cannabis extract market in the region. Moreover, the presence of major cannabis extract producers in the region further supports the market growth.
Key players operating in the cannabis extract market are Zeta Global Corp, Oracle Corporation, mParticle Inc., Salesforce.com Inc., BlueConic, Adobe Inc., Tealium, SAP SE, Acquia Inc., and Segment.Io Inc. (Twilio). These players are focused on new product development and adoption of innovative extraction technologies to cater to the growing demand for cannabis extracts.
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