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What Growth Rate Can Be Expected in the Cannabis Extract Market from 2024 Through 2033?

The cannabis extract market has expanded exponentially, expected to grow from $8.57 billion in 2023 to $10.49 billion in 2024 at a CAGR of 22.5%, fueled by the CBD market emergence, product diversity, recreational cannabis legalization, and consumer trends.

The cannabis extract market is expected to reach $22.26 billion by 2028, growing at a CAGR of 20.7%. This growth is attributed to health trends, consumer education, product customization, and integration in beauty and personal care. Trends include innovations in extraction technologies, full-spectrum extracts, focus on terpenes, product standardization, and industry collaborations.

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What Dynamics Are Shaping the Growth of the cannabis extract Market?

The cannabis extract market is witnessing significant growth, projected to continue through 2024 and beyond, driven by the increasing prevalence of chronic diseases such as those lasting a year or longer, requiring ongoing medical attention. This rise in chronic illnesses, highlighted by reports forecasting a nearly 20% increase in the US illness burden by 2040 and the statistic that six in ten Americans live with at least one chronic disease, underscores the demand for cannabis extract in treating chronic noncancer pain.

What Are the Essential Segments of the Cannabis Extract Market?

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

What Are the Defining Trends in the Evolving 136 Market?

Collaboration emerges as a significant trend in the cannabis extract market, with major companies forming partnerships to maintain competitiveness. In January 2023, Freedom Cannabis Inc., a Canada-based cannabis firm, and its joint venture partner, Cannabis Tolling Solutions (CTS), completed and began operating a new cannabis extract processing lab. This facility represents a new revenue stream for the partners, utilizing state-of-the-art hydrocarbon extraction equipment. Initially, the focus will be on producing zero-additives cannabis extract vape pen-ready products and full-spectrum cannabis extracts, expanding on their existing partnership.

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Which Regions Are Emerging as Leaders in the Cannabis Extract Market?

North America was the largest region in the cannabis extract market in 2023. The regions covered in the cannabis extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Cannabis Extract Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the cannabis extract market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Cannabis Extract Market Include

1. Cannabis Extract Market Executive Summary

2. Cannabis Extract Market Segments

3. Cannabis Extract Market Size And Template Market Growth Rate

4. Key Cannabis Extract Market Trends

5. Major Cannabis Extract Market Drivers

……

25. Key Mergers And Acquisitions In The Cannabis Extract Market

26. Top Cannabis Extract Companies

27. Cannabis Extract Market Opportunities And Strategies

28. Cannabis Extract Market, Conclusions And Recommendations

29. Appendix

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