The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s cannabis extract market report forecasts the cannabis extract market size to grow to $18.25 Billion by 2027, with a CAGR (compound annual growth rate) of more than 21%.

Learn More On The Cannabis Extract Market Report 2023 – https://www.thebusinessresearchcompany.com/report/cannabis-extract-global-market-report

Cannabis Extract Market Size Forecast
The global cannabis extract market is expected to grow from $6.99 billion in 2022 to $8.49 billion in 2023 at a compound annual growth rate (CAGR) of 21.51%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cannabis extract market size is expected to reach $18.25 billion in 2027 at a CAGR of 21.08%.

North America held the largest cannabis extract market share.

Key Cannabis Extract Market Driver ­– Increase In Prevalence Of Chronic Diseases
For instance, according to the McKinsey report, it is anticipated that the US illness burden will rise by almost 20% through 2040. Furthermore, according to the Center for Disease Control and Prevention, six in ten Americans live with at least one chronic disease. As a result, the increasing prevalence of chronic diseases is driving the cannabis extract market.

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Key Cannabis Extract Market Trend – Collaboration
Major companies operating in the market are collaborating with each other to sustain in the market. For instance, in May 2020, Pathway Rx, a Canada-based company, created a personalized cannabis therapy in collaboration with the University of Lethbridge and other research businesses to treat COVID-19 patients. The study focused on the effects of specific cannabis extracts on the ACE2 and TMPRSS2 proteins, which are embedded in cellular membranes and act as a major entrance point for the COVID-19 virus to enter host cells. The level of these enzymes was changed by the researchers using cannabis sativa extracts.

Cannabis Extract Market Segment
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

Cannabis Extract Market Major Players and Strategies
Major players in the cannabis extract market are Canopy Growth Corporation, Tikun Olam, Aurora Cannabis Inc., Aphria Inc., Tilray Inc., Maricann Inc., The Cronos Group, Peridot Labs, Cannabis Science Inc., Terra Tech Corp., MedMen, Teva Pharmaceutical Industries Ltd., Organa Brands, Dabble Extracts, GW Pharmaceuticals PLC., and Organigram Holdings Inc.

In January 2022, BevCanna Canada-based comprehensive health and wellness beverage and natural products company acquired Embark Health Inc. for an undisclosed amount. With this acquisition, BevCanna will diversify its portfolio of distinctive brands, contribute important intellectual property, and expand its portfolio of adult-use cannabis products. Embark is a Canada-based company that manufactures a variety of topicals, edibles, liquid and powder beverage mixes, and cannabis concentrates.

The Cannabis Extract Global Market Report 2023 covers regional data on cannabis extract market size, cannabis extract market trends and drivers, opportunities, strategies, and cannabis extract market competitor analysis. The countries covered in the cannabis extract market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Cannabis extract refers to a compound that comes from the cannabis plant called cannabidiol (CBD). Typically, it is an oil, that manufacturers add to various products, such as creams and lotions, and people use CBD extract as a treatment for a range of diseases.

View More Reports Related To The Cannabis Extract Market –
Cannabis Products Global Market Report 2023
Cannabis Testing Global Market Report 2023
Cannabis Cultivation Global Market Report 2023

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