Covina, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Cannabis extract refers to the concentrated and potent substances derived from the cannabis plant. These extracts contain various cannabinoids, terpenes, and other bioactive compounds found in the cannabis plant. Cannabis extracts are used for medicinal, recreational, and industrial purposes, and they come in various forms, including oils, tinctures, concentrates, and more.
The ongoing legalization of cannabis for medical and recreational use in various parts of the world is a significant driver of Cannabis Extract Market growth. As more regions decriminalize or regulate cannabis, the market expands to meet increased demand.
Recent Key Highlights –
- In July 2021, Kanabo launches cannabis extract formula for metered dosing. When Kanabo's VapePod vaporizer and its unique extract mix are delivered to UK patients later this month, they will be the first in all of Europe to get access to them. Patients of LYPHE Group's ecosystem, including The Medical Cannabis Clinic and Dispensary Green, will be able to access the VapePod under the brand name NOIDECS thanks to the agreement with LYPHE Group.
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Report Scope:
| Attribute | Details |
| Base year for estimation | 2020 |
| Forecast period | 2020 – 2026 |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Market Segmentation | By Type - Alcoholic (Cannabis-Infused Beers, Cannabis-Infused Wines, Cannabis-Infused Spirits, and Others and Non-Alcoholic (Cannabis Soda, Marijuana Tea, Marijuana Elixirs, and Cannabis Coffee and Cold Brew) By End-user - Mass Merchandisers, Specialty Store, Online Stores, and Others |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Analyst View:
The demand for cannabis extracts in the healthcare industry is being driven by the rising acceptance of cannabis for its possible medicinal benefits, such as pain management, anxiety alleviation, and epilepsy therapy. Compared to conventional smoking methods, cannabis extracts are more convenient, discrete, and precise in their dose, which is why many customers prefer them. This change in customer tastes is assisting market expansion.
Leading Players in Cannabis Extract Market:
- Organa Brands
- Canopy Growth Corporation
- Aphria Inc.
- Peridot Labs
- Colorado Cannabis Company
- Aurora Cannabis
- MARICANN INC.
- Kynd Cannabis Company
- Tilray
- Dabble Extracts
Recent Trends and Developments in the Cannabis Extract Market:
In the Cannabis Extract Market, recent trends reveal a landscape shaped by legalization, innovation, and diversification. Advancements in extraction techniques, including CO2 and solventless methods, are enhancing product quality. The market is expanding beyond oils to include diverse products like edibles and topicals, driven by consumer demand for varied consumption methods. Health and wellness applications, especially in CBD products, are a focal point, leading to a surge in research and pharmaceutical-grade developments. Quality control measures, e-commerce platforms, and sustainable cultivation practices are also key industry highlights, reflecting the sector's dynamic evolution.
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Some Key Highlights from the Report:
In the rapidly evolving Cannabis Extract Market, the ongoing global legalization of cannabis for medicinal and recreational use has spurred significant growth. Diverse products, including edibles and topicals, are meeting consumer demand for varied consumption methods. These extracts, known for their medicinal benefits like pain management and anxiety relief, are witnessing innovations in extraction techniques, enhancing their quality.
Leading players like Organa Brands and Canopy Growth Corporation are driving research, ensuring quality control, and focusing on sustainable practices. As consumer preferences shift towards discreet and precise dosing methods, the market continues to expand, reshaping the landscape of cannabis-related products.
Here are some key questions the Cannabis Extract Market:
- What is the current demand and projected growth for cannabis extracts in the market?
- How are regulations regarding cannabis extracts evolving, and what impact do they have on the industry?
- What are the major types of cannabis extracts, and how is the market segmented based on products and applications?
- Who are the key players in the cannabis extract market, and what are their market strategies?
- What are the evolving preferences of consumers regarding cannabis extract products?
- What technological advancements are shaping the production and quality of cannabis extracts?
- How is the supply chain structured for cannabis extracts, and what sustainable practices are being adopted in the industry?
- What are the primary challenges and risks faced by companies operating in the cannabis extract market?
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