Newark, Oct. 22, 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 business is growing as a result of the legalisation of cannabis use for the treatment of many chronic conditions, such as anxiety, arthritis, cancer, and Alzheimer's disease, as well as the increased demand for cannabis extracts like oils and tinctures. Growing understanding of cannabis's many therapeutic benefits is driving the market's growth.
Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 3.6 Billion |
| Market Size in 2032 | USD 23.1 Billion |
| CAGR | 20.4% |
| No. of Pages in Report | 236 |
| Segments Covered | Extract Type, Product Type, Source |
| Drivers | Rise in adoption of cannabis extract |
| Opportunities | Possibilities for new product development and product diversification |
| Restraints | Restrict market expansion |
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Key Insight of the Cannabis Extract Market
North America emerged as the most significant market, with 77.3% market revenue share in 2022.
North America dominated the market, with a market share of around 77.3% in 2022. According to recent data, over 57.3% of Americans support the usage of marijuana to treat conditions including cancer and ease pain and inflammation. Thus, factors like the legalisation of cannabis, its increasing acceptance by the general public, and its more effective use for medical purposes are promoting the expansion of the regional business.
The full-spectrum segment accounted for the largest market share of 69.6% in 2022.
The full-spectrum segment dominated the market, with a market share of around 69.6% in 2022. Extracts with a full spectrum are often associated with the "entourage effect." This idea suggests that mixing terpenes, other plant chemicals, and cannabis components in their natural proportions may have synergistic effects that boost the therapeutic value of the extract.
The oil segment accounted for the largest market share of 62.6% in 2022.
The oil segment dominated the market, with a market share of around 62.6% in 2022. The benefits of cannabis and items produced from it are widely acknowledged. For example, in Canada, pharmacists themselves instruct customers on the benefits and drawbacks of cannabis use as well as the limitations of the human body.
The marijuana segment accounted for the largest market share of 82.9% in 2022.
The marijuana segment dominated the market, with a market share of around 82.9% in 2022. This market's growth can be attributed to its medical value. Among the plant's more than 100 active ingredients is the THC compound, which gives consumers a high.
Market Dynamics
Driver: Rise in adoption of cannabis extract
The legalisation of cannabis for either medical or recreational use in some nations has had a substantial impact on the market for cannabis extracts. New markets and commercial opportunities for the extraction and sale of cannabis are created by the legalisation of cannabis in more places. As more people become aware of the potential health benefits of cannabis, attitudes towards and adoption of the drug by the general population have shifted. Customers are searching for alternative cannabis intake methods, like as extracts, because of its convenience, precision in dosing, and discretion. The increasing demand from consumers is driving growth in the cannabis extracts market.
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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
Key Segments cover in the market:
By Extract Type:
• Cannabis Isolates
• Full Spectrum Extracts
By Product Type:
• Tinctures
• Oil
By Source:
• Hemp
• Marijuana
By Region
• Asia Pacific (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). 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.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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