Edible Cannabis is fastest growing segment fueling the growth of Cannabis Extract Market

 

Cannabis Extract Market 

The global Cannabis Extract Market is estimated to be valued at US$ 10,704.56 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Cannabis extract refers to the oils, waxes, and other products derived from the cannabis plant. These extracts contain concentrated amounts of cannabinoids like tetrahydrocannabinol (THC) and cannabidiol (CBD) that produce desired effects in users. Cannabis extracts are used to make edibles, vaping oils, topicals, and other medical and recreational products.

 

Market key trends:

One of the key trends in the cannabis extract market is rising demand for edible products infused with cannabis extracts. Edibles provide an alternative mode of consumption to smoking, and allow precise dosage which has driven their popularity. Edibles come in the form of baked goods, chocolates, gummies and beverages infused with cannabis extracts. Easy dosing and discreet nature of edibles has made them popular among new users and health-conscious consumers. This has propelled various players to offer innovative edible products, fueling the growth of the overall cannabis extracts market.

Segment Analysis

The global cannabis extract market is segmented on the basis of product type, extraction method, application and end use. Based on product type, the market is segmented into oil, distillates and isolates. The oil segment held the largest market share in 2019 on account of its wide range of use as an ingredient in a variety of cannabis-infused products. The distillates segment is expected to grow at the fastest rate over the forecast period owing to its high concentration of cannabinoids and wide range of applications.

 

Key Takeaways

The Global Cannabis Extract Market Size is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing legalization of cannabis for medical and adult-use across various regions.

 

Regional analysis:

North America dominated the global market in 2019 and is expected to maintain its dominance over the forecast period. This is attributed to the favorable cannabis regulations and growth of cannabis cultivation in countries like the US and Canada. Europe is anticipated to exhibit the fastest growth rate owing to increasing cannabis legalization in countries like Germany, Italy, Denmark and Switzerland.

 

Key players:

Key players operating in the cannabis extract market are 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. Canopy Growth Corporation held the largest market share in 2019 due to their extensive production capabilities and international operations.

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