The Cannabis Extract Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cannabis Extract Global Market Report 2024, 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.
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.
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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
Collaboration is the key trend gaining popularity in the cannabis extract market. Major companies operating in the market are collaborating with each other to sustain in the market. For instance, in January 2023, Freedom Cannabis Inc., a Canada-based cannabis company, and its joint venture partner, Cannabis Tolling Solutions (CTS), a Canada-based provider of cannabis extraction services, announced the completion and full operation of their new cannabis extract processing lab. This lab will provide the joint venture partners with a new revenue stream for creating cannabis extracts. The newly built space uses state-of-the-art hydrocarbon extraction equipment. Initially, the companies will provide zero-additives cannabis extract vape pen-ready goods and full-spectrum cannabis extracts, also referred to as ‘diamonds and sauce’. The CTS team’s access to the legal concentrates market is made possible by Freedom Cannabis, and the announcement of the extracts lab’s opening expands on their already-existing partnership.
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
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26. South America Cannabis Extract Market
27. Brazil Cannabis Extract Market
28. Middle East Cannabis Extract Market
29. Africa Cannabis Extract Market
30. Cannabis Extract Market Competitive Landscape And Company Profiles
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