SEATTLE, Feb. 17, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global cannabis extract market is estimated to be valued at US$ 10,738.1 Million in 2022 and is expected to exhibit a CAGR of 17.3% over the forecast period (2022-2030).
Key Trends and Analysis of the Global Cannabis Extract Market:
The key players operating in the market are focusing on formulating new product offerings infused with cannabidiol (CBD) oil to provide consumers with easy access. For instance, in February 2020, Colgate, an American brand principally used for oral hygiene products, acquired Hello Product, LLC, a company that provides personal care products, and launched a series of CBD oral care brands. The company aims to provide consumers with a series of efficient products to improve their daily life.
Furthermore, key players operating in the global cannabis extract market are focusing on adoption of inorganic growth strategies such as acquisitions to increase their market presence in the global market. For instance, in August 2019, Exactus, Inc., manufacturer of hemp-derived phytocannabinoid products, acquired Green Goddess Extracts, a contract manufacturer and formulator of hemp and vape products based in Florida, U.S. The acquisition will help expand Exactus, Inc.'s manufacturing capabilities.
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Key Market Takeaways:
The global cannabis extract market is expected to exhibit a CAGR of 17.3% during the forecast period, owing to the increasing product approvals and launches. For instance, in June 2019, Pure CBD Factory, an online pharmacy for cannabis medical products, announced the launch of Hemp CBD Oil Tinctures, available in three sizes as well as in the form of a topical cream used to help to ease pain. All products are organically produced and are Non-GMO certified according to the firm. This release aims to meet the growing global demand for CBD oil.
Among extraction method, solvent-based segment holds a dominant position in the global cannabis extract market due to the high popularity, efficiency, and effectiveness of solvent-based cannabis extraction methods.
Among region, North America is expected to dominate the global cannabis extract market over the forecast period. Favorable regulations for CBD usage, increasing awareness, adoption of cannabis extract products, growing consumer preference, and a rise in the number of manufacturers are some of the factors expected to drive market growth in the region. For instance, California was the main market for CBD (cannabidiol) in the U.S. in 2019, with estimated sales of 730 million U.S. dollars. The top three are Florida and New York along with California, with sales of approximately US$ 290 million and US$ 215 million, respectively.
Competitive Landscape:
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.
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Market Segmentation:
- Global Cannabis extract Market, By Product:
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- Oils
- Tinctures
- Global Cannabis extract Market, By Extract Type:
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- Full Spectrum Extracts
- Cannabis Isolates
- Global Cannabis extract Market, By Extraction Method:
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- Solvent Based
- Non-Solvent Based
- Global Cannabis extract Market, By Distribution Channel:
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- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Global Cannabis extract Market, By Region:
- North America
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- By Country
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- U.S.
- Canada
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- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
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- Asia Pacific
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- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
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- Middle East
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- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
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- Africa
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- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
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Related Market Intelligence Reports:
Cannabidiol Market, by Product (Oil, Tinctures, Suppository, Transdermal patches, Vape Oil, Isolates, Creams and Roll-on, Capsules, Tablet, and Others), by Source Type (Hemp and Marijuana), by Application (Medical (Chronic Pain, Mental Disorders, Cancer, Others), Personal Use, Pharmaceuticals, and Wellness (Food & Beverages, Personal Care & Cosmetics, Nutraceuticals Others)), by Distribution Channel (Hospital Pharmacies, Online Stores, and Retail Stores), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
US Cannabis Testing Services Market, by Test Type (Potency Testing, Terpene Profiling, Cannabinoid Profiling, (CBD Testing and THC Testing) Pesticide Screening, Residual Solvent Testing, Microbiological Screening and Other Tests), by End User (Cannabis Firms, Homecare Settings, and Research Institutes), and by States (Florida, Michigan, Pennsylvania, New Jersey, New York, and Other States) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
