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 of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The global Cannabis Extract market is witnessing significant growth due to the increasing awareness and acceptance of the medical and therapeutic benefits of cannabis extracts. The market is driven by the growing demand for cannabis-based products for the treatment of various medical conditions such as chronic pain, cancer, epilepsy, and multiple sclerosis, among others. Additionally, the legalization of cannabis for both medical and recreational purposes in several countries has further fueled the market growth.
However, the market still faces some obstacles, including strict government regulations, limited research on cannabis extracts, and the stigma associated with cannabis use. These factors hinder the market growth to some extent. Nonetheless, ongoing research and development activities, along with favorable regulatory changes, are expected to create lucrative opportunities for market players in the coming years.
Market Key Trends:
One of the key trends in the Cannabis Extract market is the increasing adoption of CBD (Cannabidiol) extracts for medical purposes. CBD, a non-psychoactive compound found in cannabis, is known for its therapeutic properties such as pain relief, anti-inflammatory effects, and anxiety reduction. The demand for CBD-based products has surged due to their potential benefits in managing various medical conditions. For instance, Epidiolex, an FDA-approved CBD-based medication, is used for treating specific types of epilepsy. This trend of using CBD extracts for medical purposes is expected to drive the growth of the Cannabis Extract market.
Segment Analysis:
The Cannabis Extract market is segmented based on the type of extract, with CBD extract dominating the market. CBD extract has gained significant popularity due to its numerous health benefits and the absence of psychoactive effects. It is widely used for treating conditions such as chronic pain, anxiety, sleep disorders, and epilepsy, among others. The dominance of CBD extract in the market is attributed to the increasing consumer preference for natural and plant-based alternatives for medical treatments.
Key Takeaways:
Market size:
The global Cannabis Extract market is expected to witness high growth, exhibiting a CAGR of 17.3% over the forecast period. This growth can be attributed to increasing consumer awareness about the medical benefits of cannabis extracts, the legalization of cannabis in several countries, and the rising demand for CBD-based products for medical purposes.
Regional analysis:
North America is the fastest-growing and dominating region in the Cannabis Extract market. The region has witnessed significant legalization and decriminalization efforts, leading to a growing market for cannabis extracts. Moreover, increasing acceptance and awareness among healthcare professionals and patients regarding the therapeutic benefits of cannabis extracts have further boosted the market growth in North America.
Key players:
Key players operating in the global Cannabis Extract market include 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. These players are actively involved in product development, partnerships, and mergers to expand their market presence and gain a competitive edge.
In conclusion, the global Cannabis Extract market is witnessing significant growth due to the increasing acceptance of cannabis-based products for medical purposes. The market is characterized by the dominance of CBD extracts and is expected to grow at a steady pace over the forecast period. However, regulatory hurdles and limited research on cannabis extracts continue to pose challenges to market growth. Nonetheless, with ongoing research and favorable regulatory changes, the market is poised for substantial growth in the coming years.