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How has the cannabis extract market grown in recent years?

Over the past few years, the size of the cannabis extract market has seen a substantial increase. The market is set to expand from a value of $10.38 billion in 2024 to $12.7 billion in 2025, reflecting a compound annual growth rate (CAGR) of 22.3%. The growth observed in the historic period is primarily due to factors such as the advent of the CBD market, consumer inclination for natural products, legalization of cannabis for recreational purposes, a wide range of product offerings, and ongoing research and development.

How is the cannabis extract market size expected to evolve during the forecast period?

Expectations suggest notable expansion in the size of the cannabis extract market in the upcoming years. The expected rise is up to $26.47 billion by 2029, following a Compound Annual Growth Rate (CAGR) of 20.1%. The increase in this forecast period can be accredited to various health and wellness inclinations, customer awareness programs, adaptation of extracts items, and amalgamation in beauty and personal care. The prominent drifts within this prediction period encompass advancements in extraction methods, full-spectrum and broad-spectrum extracts, concentration on terpenes, standardization and quality assurance of products, along with alliances and cooperations.

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Which key drivers are propelling the cannabis extract market’s growth?

The escalating occurrence of enduring ailments is anticipated to fuel the growth of the cannabis extract market. These enduring ailments are conditions that persist for a year or more and necessitate continual medical supervision. Cannabis extract is found to be successful in treating persistent noncancer pain. For example, as reported by the World Health Organization, a Switzerland-based specialized subsidiary of the United Nations, in September 2023, there were about 41 million fatalities, accounting for 74% of deaths due to non-communicable diseases (NCDs) or chronic ailments globally each year. Consequently, the rising incidence of chronic diseases is a key driver for the expansion of the cannabis extract market.

What are the market segments in the cannabis extract industry?

The cannabis extract market 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

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Which leading companies are shaping the growth of the cannabis extract market?

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.

What key trends are currently impacting the cannabis extract market’s development?

Partnership is becoming the prominent trend in the cannabis extract industry. Leading corporations in this market are partnering up to maintain their market presence. Freedom Cannabis Inc., based in Canada, and its collaborator, Cannabis Tolling Solutions (CTS), a Canadian company specializing in cannabis extraction services, announced in January 2023 the official opening and functionality of their contemporary cannabis extraction lab. The facility will offer a new income source by producing cannabis extracts and is equipped with cutting-edge hydrocarbon extraction technology. Initially, the firms will generate cannabis extract vape pen-ready products free of additives and comprehensive cannabis extracts, commonly termed as ‘diamonds and sauce’. The legal concentrates market is accessible through Freedom Cannabis to the CTS group, extending their pre-existing partnership with the inauguration of the extraction lab.

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Which geographic areas are influencing the growth of 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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