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How Big Is The Cannabis Extract Market Today And What Is Its Future Size?
The dimensions of the cannabis extract market have expanded rapidly in the last few years. It’s projected to climb from $10.38 billion in 2024 to $12.6 billion in 2025, displaying a compound annual growth rate (CAGR) of 21.3%. Factors contributing to this growth in the historic period include the rise of the CBD market, consumer inclination towards natural products, the legalization of cannabis for leisure purposes, a variety of product offerings, and research and development.
The market size for cannabis extract is projected to experience a swift expansion in the coming years, reaching $25.93 billion by 2029 and growing at a compound annual growth rate (CAGR) of 19.8%. This estimated growth during the projection period could result from factors such as wellness and health trends, educational endeavours for consumers, personalized extract product offerings, and inclusion within the beauty and personal care sector. Key tendencies anticipated to unfold within the forecast period encompass enhancements in extraction methods, comprehensive and extensive-spectrum extracts, emphasis on terpenes, product homogeneity and quality verification, as well as strategic alliances and partnerships.
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What External And Internal Drivers Are Influencing The Cannabis Extract Market?
The rise in chronic diseases is anticipated to boost the cannabis extract market. Chronic diseases, which persist for more than a year and require continual medical treatment, can effectively be treated with cannabis extract. The World Health Organization, a specialized Switzerland-based agency of the United Nations, revealed that in September 2023, there were 41 million fatalities, or 74% of deaths worldwide, caused by non-communicable diseases (NCDs) or chronic diseases annually. Hence, the escalating incidences of chronic diseases are propelling the cannabis extract market forward.
How Is The Cannabis Extract Market Categorized Across Applications And Types?
The cannabis extractmarket covered in this report is segmented –
1) By Product Type: Oils; Tinctures
2) By Extract Type: Full Spectrum Extracts; Cannabis Isolates
3) By Sources: Hemp; Marijuana
4) By Distribution Channel: Hospital Pharmacies; Retail Pharmacies; Online Pharmacies
5) By Application: Textile; Cosmetic; Pharmaceutical; Paper
Subsegments:
1) By Oils: CBD Oils; THC Oils; Full-Spectrum Oils
2) By Tinctures: CBD Tinctures; THC Tinctures; Herbal Infused Tinctures
Which Emerging Trends Are Reshaping The Cannabis Extract Market Landscape?
Collaboration is increasingly becoming the foremost trend in the cannabis extract market. Major players in this industry are joining forces to keep up with market trends. Freedom Cannabis Inc, a company based in Canada that deals with cannabis, alongside its companion Cannabis Tolling Solutions (CTS), also Canadian, specializing in providing cannabis extraction services, unveiled in January 2023 a new fully operational cannabis extract processing lab. This establishment will give both entities a fresh income source by producing cannabis extracts. The state-of-the-art hydrocarbon extraction equipment is the technology propelling this new space. At the beginning, the firms’ focus will be on providing vape pen-ready products and full-spectrum cannabis extracts, also known as ‘diamonds and sauce’ with zero-additives. Thanks to Freedom Cannabis, the CTS now has entry into the legal concentrates market, shifting their already existing relationship to a new level with this recent lab announcement.
Who Are The Global Leaders Steering The Cannabis Extract Market Forward?
Major companies operating in the cannabis extract market are Canopy Growth Corporation, Tikun Olam, Aurora Cannabis Inc., Aphria Inc., Tilray Inc., GW Pharmaceuticals PLC, The Cronos Group, The Supreme Cannabis Company Inc., Elixinol Global Limited, Westleaf Cannabis Inc., Medipharm Labs Corp., The Valens Company Inc., Curaleaf Holdings Inc., Innovative Ind Props, Green Thumb Industries, Verano Holdings, Trulieve Cannabis Corp., Cresco Labs Inc., Delta 9 Cannabis Inc., BZAM Ltd., Sundial Growers Inc., Decibel Cannabis Company, Auxly Cannabis Group, Red White & Bloom Brands, Jazz Pharmaceuticals PLC, Organigram Inc., MedReleaf Corp., Terrascend Corp.
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What Are The Emerging Regional Trends Driving The Cannabis Extract Market?
North America was the largest region in the cannabis extract market in 2024. The regions covered in the cannabis extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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