Global Cannabis Extract Market, 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), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 9,125.8 million in 2022 and expected to exhibit a CAGR of 17.3% over the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Legalization of cannabis products by the regulatory authorities is expected to drive the market growth over the forecast period.
For instance, in March, 2021, the Cannabis Control Board (CCB) of New York State’s office of cannabis management approved several resolutions implementing New York’s Marihuana Regulation & Taxation Act (MRTA), the MRTA legalizes adult use cannabis (also known as recreational marijuana) in New York State.
Moreover, increasing expansion of product stores is expected to drive the market growth over the forecast period.
For instance, in June 2022, High Tide, Inc., a retail focused cannabis company announced that its Canna Cabana retail store located at 2102 street west in Saskatoon, Saskatchewan, Canada has begun selling recreational cannabis products and consumption accessories for adult use.
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.
The coronavirus pandemic has negatively impacted the development, production, and supply of raw materials especially in private sector. The existence of strict regulations by regulatory authorities and the high cost of cannabidiol products are some of the major factors limiting the growth of the market. In addition, the absence of legalization initiatives in many Asian and African countries is another main factor impeding the global cannabis extract market growth.
Browse 53 Market Data Tables and 43 Figures spread through 218 Pages and in-depth TOC on “Anterior Cruciate Ligament (ACL)/Posterior Cruciate Ligament (PCL) Reconstruction Devices Market” - Global Forecast to 2030, 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), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the global Cannabis Extract Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cannabis-extract-market-4927
Key players operating in the market are focusing on the adoption of inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions, in order to strengthen their position in the global market. For instance, in May 2022, First Columbia Gold Group (FCGD), operating as FineCannabisGoods.com, a company with focus on cannabis, cannabis related products and services acquired Green Diamond Farms LLC of southeast Michigan, the acquisition will help the company in optimizing the availability of its products
Key Takeaways of the Global Cannabis Extract Market:
- The global cannabis extract market is expected to exhibit a CAGR of 17.3 % over the forecast period, owing to rising launches of products. For instance, in March 2022, Cresco Labs, a vertically integrated multistate operator and wholesaler of branded cannabis products announced the launch of its high supply, Good News, and Remedi brands Florida, U.S.
- Among indication type, pain management segment is expected to account for the largest market share during the forecast period, owing to increasing the prevalence of cancer. For instance, according to the Cancer.Net in 2020, an estimated 2,261,419 new cases were diagnosed in women across the world in 2020.
- 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.
