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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Cannabis extracts find wide applications in medical as well as recreational uses. As cannabis becomes legal in more parts of the world, the demand for cannabis extracts is rising. Cannabis extract products come in various forms including tinctures, topicals, capsules and others. These extracts provide the therapeutic benefits of cannabis in a more convenient manner. The growing acceptance of cannabis for both medical and recreational purposes is propelling the growth of the cannabis extract market.
Market key trends:
The growing acceptance of cannabis mentioned earlier can majorly be attributed to increasing legalization of both medical and recreational cannabis across various regions. According to the Alcohol and Drug Foundation, as of May 2022, over half the US population lives in a state where recreational adult use of cannabis is legal. Cannabis has been legalized for medical use in 39 states in the US. In countries across Europe as well, medical cannabis has been legalized in over 30 countries. Increased legalization is expected to further augment the demand for cannabis extracts over the forecast period.
SWOT Analysis
Strength: The cannabis extract market has witnessed high growth in recent years due to increasing legalization of cannabis for medical as well as recreational purposes in various countries. This is expected to drive the growth of the cannabis extract market during the forecast period.
Weakness: Presence of stigmas and social prejudices associated with cannabis usage in some regions are major challenges for the cannabis extract market. This limits the growth potential in certain parts of the world.
Opportunity: Increasing adoption of cannabis for treatment of chronic pain indications along with rising investment in cannabidiol extraction technology provides new opportunities for players in this market. Growing acceptance of cannabis for medical use in new regions also opens up newer markets.
Threats: Stringent regulations surrounding cannabis production and extracts formulation remains a key threat. Additionally, availability of alternative treatment options also poses challenge to cannabis extract market.
Key Takeaways
The global Cannabis Extract Market Demand is expected to witness high during the forecast period of 2023 to 2030. 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 10% over the forecast period 2023 to 2030.
Regional analysis: The North America region currently dominates the global cannabis extract market and is expected to retain its position during the forecast period as well. This can be attributed to early legalization of medical cannabis in countries like the US. The Asia Pacific region is expected to emerge as the fastest growing market for cannabis extracts owing to rising cannabis usage and growing investment in this sector across various countries in the region.
Key players: Key players operating in the Cannabis Extract Market are Anixter International Inc., AVI Systems Inc, AVI-SPL Inc., CCS Presentation Systems, Ford Audio-Video LLC, Avidex Industries, Herman ProAV, Kramer Electronics, Samsung, Vistacom Inc, Biamp Systems, proAV Limited, Professional Audio Visual Ltd., Cypress Technology Co., Ltd. (CYP), Pro AV Solutions Pty Ltd, Audio Technica, NETGEAR, LG Electronics, Logitech, Sony, Black Box Corporation, Guntermann & Drunck GmbH, Aten International Co., Ltd, Adder Technology Ltd, Rextron.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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