Cannabis extract has compounds such as cannabidiol (CBD) and tetrahydrocannabinol (THC) that have therapeutic properties. Cannabis extracts are used to treat medical conditions such as chronic pain, arthritis, cancer, epilepsy, and neurological disorders. The extracts provide advantages such as consistent dosage and ease of consumption compared to raw cannabis. The global demand for medicinal cannabis is increasing rapidly due to growing awareness and legalization of medical marijuana in many countries.
The global Cannabis Extract Market is estimated to be valued at US$ 10704.56 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 key trends:
The key trend propelling the growth of the Global Cannabis Extract Market Size is the increasing demand and consumption of medicinal cannabis products globally. According to the United Nations Office on Drugs and Crime, around 50 countries have legalized the use of medical cannabis as of 2019. This growing acceptance and legislation of medical marijuana is increasing its demand and consumption worldwide. Furthermore, a rise in awareness among people regarding health benefits of cannabis is also driving the sales of cannabis extracts used for medicinal purposes. Moreover, active research and development to discover new therapeutic applications of cannabis extracts for treating various medical conditions are further fueling market growth.
SWOT Analysis
Strength: Cannabis extracts have various medical applications for conditions like chronic pain, depression, anxiety, epilepsy, etc. The market is growing due to legalization of medical cannabis in many countries.
Weakness: Stringent regulations and legal barriers in many countries hinder the growth of the market. Changing consumer preferences can impact demand.
Opportunity: Increasing adoption of cannabis extracts in medical applications is a major opportunity. Its legalization for recreational use will further boost the market. Rapid urbanization and rising disposable incomes also support growth.
Threats: Presence of substitutes like alternative pain relief medicines pose a threat. High production costs and supply chain challenges can negatively impact profits.
Key Takeaways
The global Cannabis Extract Market is expected to witness high growth at a CAGR of 17% during the forecast period of 2023 to 2030.
North America dominates the market currently due to legalization of cannabis for medical use in major countries like US and Canada. The region accounts for over 40% market share.
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. These players are focused on enhancing production through R&D and strategic partnerships to cater to rising demand.
*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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