Cannabis Extract Market: Unveiling Growth Trajectories
The global Cannabis Extract Market has witnessed remarkable growth in recent years, fueled by evolving regulatory landscapes, increasing consumer acceptance, and expanding applications across various industries. Cannabis extracts, derived from the cannabis plant, encompass a wide range of products including oils, tinctures, concentrates, and isolates, offering diverse therapeutic and recreational benefits.
The global cannabis extract market is estimated to be valued at US$ 9,125.8 million in 2022 and is expected to exhibit a CAGR of 17.3 % over the forecast period (2022-2030).
Key Takeaways
The Key players operating in the Cannabis Extract Market Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., MedMen, Teva Pharmaceutical Industries Ltd., and Organigram Holdings Inc.
In the dynamic landscape of the Cannabis Extract Market Size, certain key takeaways emerge. Firstly, the market is witnessing a shift towards higher potency and purity of extracts, driven by consumer preferences for more potent and effective products. Additionally, the emergence of novel extraction techniques and technologies is revolutionizing the production process, enabling manufacturers to extract a wider range of cannabinoids and terpenes, thereby enhancing the therapeutic potential of cannabis extracts.
Market Drivers
Several factors are driving the exponential growth of the Cannabis Extract Market. Firstly, the growing recognition of the medicinal properties of cannabis extracts, particularly in managing chronic pain, anxiety, and other health conditions, has spurred demand among consumers seeking alternative treatment options. Moreover, the legalization of cannabis for medical and recreational purposes in various regions has opened up new avenues for market expansion, attracting investments and fostering innovation in product development and distribution channels.
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