Newark, July 25, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 3.6 billion in 2022 Cannabis Extract Market will reach USD 23.1 billion by 2032. The need for alternate cannabis consumption methods, rising public knowledge of cannabis' potential therapeutic benefits, and rising medical marijuana acceptance all contribute to the growth of the cannabis extract industry. Furthermore, improvements in extraction techniques have made it possible to produce extracts of excellent quality and with exact cannabis profiles. Different nations' laws and regulations also have an impact on the market. The accessibility, distribution, and market development of cannabis extracts are influenced by the changing worldwide cannabis regulations in each country.
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Key Insight of the Cannabis Extract Market
Europe is anticipated to expand at the fastest CAGR of 22.3% over the projection period.
Europe is expected to grow at the fastest CAGR of 22.3% over the forecast period. In a few European nations, cannabis has been employed in the medicinal industry. In Spain, the United Kingdom, Germany, and other nations, this is particularly true. The second-largest source of revenue came from Europe. Legalization in Europe, together with stringent laws and rules controlling sales and cultivation, might, nevertheless, restrain the overall expansion in Europe and, therefore, the global sector. Potential marijuana markets with future development potential include Germany, Australia, Poland, Uruguay, Colombia, and Israel.
In the cannabis extract market, the full-spectrum segment is anticipated to expand at the highest CAGR of 21.8% over the projection period.
The full-spectrum segment is anticipated to expand at the highest CAGR of 21.8% over the projection period. The compounds known as terpenes that are naturally present in cannabis plants are also preserved in full-spectrum extracts. Terpenes are fragrant substances that enhance the flavor and fragrance of cannabis and may possibly possess individual medicinal benefits. Terpenes and cannabis work together to create the entourage effect, which affects the extract's overall effects and the user's entire experience.
In the cannabis extract market, the Oil segment is anticipated to expand at the highest CAGR of 21.6% over the projection period.
The oil segment is anticipated to expand at the highest CAGR of 21.6% over the projection period. Stress and anxiety are reduced as well as sleep difficulties are treated with cannabis oil. As more patients choose cannabis oils over flowers, the demand for cannabis oil is anticipated to grow over the course of the projected period. The most reliable cannabis comes from isolates and extracts that have been obtained by isolation. These isolates also provide a variety of advantages that have increased their popularity over time. Due to the low/no THC content, their purest form of existence tests negative for Cannabis and exhibits no psychoactive effects at all.
In the cannabis extract market, the marijuana segment is anticipated to expand at the highest CAGR of 23.2% over the projection period.
The marijuana segment is anticipated to expand at the highest CAGR of 23.2% over the projection period. Marijuana extracts are distinguished by their high THC concentration, which, depending on the particular strain and extraction technique utilized, can vary from medium to very high levels. Medicinal cannabis users who prefer THC's high effects are the main consumers of these extracts. The cannabis extract market's marijuana sector largely serves recreational cannabis users looking for THC's euphoric and intoxicating effects. In this market, extracts including oils, concentrates, and edibles are often consumed. These goods enable accurate dosage and may deliver a strong and rapid effect.
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Market Dynamics
Driver
The market for cannabis extracts has a wide range of goods available to meet the demands and tastes of various customers. There are several choices, ranging from CBD oil products and medicines to vape cartridges, sweets, and topicals. The market for cannabis extracts has grown and become more popular overall as a result of product variety and market segmentation.
Opportunity
Cannabis extracts' potential for use in medicine presents a substantial growth opportunity. There is potential for the development of cannabis-derived medicines and prescription drugs as research into the therapeutic effects of cannabinoids continues to grow. Businesses that can successfully manage regulatory restrictions, carry out rigorous clinical trials, and provide regulated medical-grade extracts have a chance to enter the pharmaceutical sector and offer alternative therapeutic choices.
Some of the major players operating in the cannabis extract market are:
• The Cronos Group
• Maricann Inc
• Organigram Holdings Inc.
• The Cronos Group
• Aphria Inc
• Tikun Olam
• CANOPY GROWTH CORPORATION
• Tilray
• Aurora Cannabis
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Key Segments cover in the market:
By Extract Type
• Cannabis Isolates
• Full Spectrum Extracts
By Product Type
• Tinctures
• Oil
By Source
• Hemp
• Marijuana
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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