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  • Published On : Jul 2022
  • Code : CMI4927
  • Industry : Pharmaceutical
  • Pages : 192
  • Formats :

Cannabis sativa L. is a plant contain naturally occurring compounds which are called “cannabinoids”. There are two well know cannabinoids: Cannabidiol (CBD) and Tetrahydrocannabinol (THC), these compounds are directly extracted from the plant and which are used to manufacture the extracts. Till now U.S Food and Drug Administration has approved Epidiolex, which contains a purified form of the drug substance cannabidiol (CBD) for the treatment of seizures associated with Lennox Gastaut Syndrome or Drvate Syndrome in patient 2 years of age and older. FDA has also approved Marinol and Syndros for nausea associated with cancer chemotherapy and for the treatment of anorexia associated with weight loss in AIDS patients.

Cannabis and cannabis derived products are used to treat a number of medical condition including, AIDS wasting, epilepsy, neuropathic pain, spasticity associated with multiple sclerosis and cancer and chemotherapy induced nausea, migraine, anxiety and chronic pain.

The global cannabis extract market is estimated to be valued at US$ 9,125.8 million in 2022 and is expected to exhibit a CAGR of 17.3 % over the forecast period (2022-20230).

Figure 1. Global Cannabis Extract Market Value (US$ Mn), By Region, 2022

Cannabis Extract  | Coherent Market Insights

Increasing product launches is expected to drive the market growth of the global cannabis extract market over the forecast period.

For instance, on April 5, 2022, Tilray launched Solei Bites, the Solei brand’s first foray into edibles and the ready-to-eat THC edible available at the Société Québécoise du cannabis, Quebec's sole legal retailer for cannabis products.

Furthermore, on April 5, 2022, Manitoba Harvest, a wholly-owned subsidiary of Tilray, launched Hemp+ Matcha and Hemp+ Supergreens powders at 300 plus Whole Foods Market locations nationwide in U.S.

In February 2022, Canopy Growth Corp, a cannabis company announced the extension of the Ace Valley brand portfolio, with the launch of two new beverages Daylight and Moonwave, which are occasion-based ready-to-drink THC and CBD-infused drinks.

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Cannabis Extract Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2022: US$ 9,125.8 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 17.3 % 2030 Value Projection: US$ 32,597.2 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia PacificMiddle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Active Ingredient: Tetrahydrocannabinol (THC), Cannabidiol (CBD), Cannabigerol (CBG), Cannabinol
  • By Product Type: Oil, Shatter, Wax, Hash, Others (Gummies, Cream, etc.)
  • By Extract Type: Full Spectrum, Broad Spectrum, Isolates
  • By Indication: Muscle Disorder (Dystonia), Neurological Disorder (Parkinson Disease), Pain Management, Recreational Use
  • By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
Companies covered :

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.

Growth Drivers:
  • Increasing cancer prevalence
  • Increasing legalization and approvals of cannabidiol in the U.S and Europe and other regions
Restraints & Challenges:
  • Strict regulation of CBD products

Figure 2. Global Cannabis Extract Market Share (%), By Indication Type, 2022

Cannabis Extract  | Coherent Market Insights

Increasing cancer prevalence is expected to propel the global cannabis extract market over the forecast period.

For instance, according to Center for Disease Control and Prevention in the U.S in 2019, 1,752,735 new cancer cases were reported and 599,589 people died of cancer. For every 100,000 people, 439 new cases were reported and 146 people died of cancer.

Moreover, according to the report published by Globocan in 2020, in Europe, 4,398,443 new cases of cancer were diagnosed and 1,955,231 patients died in 2020.

Global Cannabis Extract Market – Impact of Coronavirus (COVID-19) Pandemic

The coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 a pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 525,467,084 cases of coronavirus disease (COVID-19) were reported till 27 May, 2022, across the globe.

According to the National Center for Biotechnology Information, 2021, the COVID-19 pandemic has played a very big role in driving increased usage rates of cannabis in the global market, during the pandemic, approximately half of the U.S. cannabis consumers reported using cannabis to help manage stress and anxiety. Furthermore, the shift to working from home coupled with constraints on social gatherings encouraged higher levels of cannabis consumption than that had been seen before the pandemic, driving retail cannabis sales 35% higher for the year 2020 than that had been previously forecasted for the legal U.S. markets.

Global Cannabis Extract Market: Restraint

Strict regulation of CBD products is a major restraint of a global cannabis extract market and one of the major reasons for restriction or ban on use of cannabis or cannabis derived products is its side effects.

Below are the side effects of using cannabis:

  • Cannabis could have adverse impact on the user’s mood, which includes anxiety, depression or paranoia
  • Incessant use of cannabis could lead or aggravate symptoms of schizophrenia. It could also lead to development of psychotic symptoms.

Key Players

Major 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.

Cannabis is an herbal drug, it has chemicals like cannabinoids, including tetrahydrocannabinol (THC) and cannabidiol (CBD). Cannabis extract can be obtained from any part of the cannabis plant including stems, flowers, and leaves.

Cannabis extracts are available in various product types like oil, shatter, wax, hash and others (gummies, cream, etc.). Cannabis and cannabis derived products are used to treat a number of medical condition including, muscle disorder (Dystonia), neurological disorder (Parkinson Disease), pain management and recreational use.

Market Dynamics

The increasing awareness of medical use of cannabis globally, rising research and development activities, and increasing adoption of inorganic growth strategies such as mergers, acquisitions, partnerships, and collaborations by key players operating in the market are the major factors that are expected to drive growth of the global cannabis extract market over the forecast period.

For instance, in May 2022, Jushi Holdings, Inc., a vertically integrated, multi state cannabis operator, launched the company’s first line of solventless live rosin extracts by its brand The Lab, initially it will exclusively carry The Lab Live Resin cartridges at beyond Hello retail locations in Pennsylvania.

Moreover, in 2021, Panaxia Labs Israel Ltd., a global pharma company, entered into a collaboration agreement with Neuraxpharm, Europe's Pharma Company focused on the treatment of Central Nervous System (CNS) disorders, and announced the expansion of their strategic collaboration into the Polish market, Under this agreement, the manufacture, commercialization, and distribution of Panaxia's advanced medical cannabis-based products will take place in Poland

Key features of the study:

  • This report provides an in-depth analysis of the global cannabis extract market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global cannabis extract market based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global cannabis extract market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global cannabis extract market

Detailed Segmentation:

  • Global Cannabis Extract Market, By Active Ingredient:
    • Tetrahydrocannabinol (THC)
    • Cannabidiol (CBD)
    • Cannabigerol (CBG)
    • Cannabinol
  • Global Cannabis Extract Market, By Product Type:
    • Oil
    • Shatter
    • Wax
    • Hash
    • Others (Gummies, Cream, etc.)
  • Global Cannabis Extract Market, By Extract Type:
    • Full Spectrum
    • Broad Spectrum
    • Isolates
  • Global Cannabis Extract Market, By Indication:
    • Muscle Disorder (Dystonia)
    • Neurological Disorder (Parkinson Disease)
    • Pain Management
    • Recreational Use
  • Global Cannabis Extract Market, By Distribution Channel:
    • Hospital Pharmacies
    • Retail Pharmacies
    • Online Pharmacies
  • Global Cannabis Extract Market, By Region:
    • North America
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Country
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Country
        • South Africa
        • Central Africa
        • North Africa
  • Company Profiles
    • Canopy Growth Corporation.*
      • Company Overview
      • Material Portfolio
      • Financial Performance
      • Key Highlights
      • Market Strategies
    • 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.
    • Organigram Holdings Inc.

“*” marked represents similar segmentation in other categories in the respective section

Frequently Asked Questions

The global cannabis extract market size is estimated to be valued at US$ 9,125.8 million in 2022 and is expected to exhibit a CAGR of 17.3 % between 2022 and 2030.
Market players are engaged in launching new products, increasing cancer prevalence, increasing legalisation of cannabis products which are expected to drive the growth of the market over the forecast period
Pain management is expected to hold major market share owing to increasing cancer prevalence across the world in the market.
North America holds the largest market share in the market
Major players operating in the 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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