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

As per The Business Research Company’s Cannabis Extract Global Market Report 2023, the cannabis extract market is expected to show significant growth in the forecast period.

The global cannabis extract market is poised for substantial growth, with an anticipated rise from $6.99 billion in 2022 to $8.49 billion in 2023, boasting a noteworthy Compound Annual Growth Rate (CAGR) of 21.51%. The trajectory continues on this upward trend, with projections estimating the market to reach a substantial $18.25 billion in 2027, propelled by a CAGR of 21.08%.

Healing Nature: Cannabis Extracts in the Face of Chronic Diseases

– Rising Prevalence of Chronic Diseases

The driving force behind the growth of the cannabis extract market is the escalating prevalence of chronic diseases. Chronic diseases, enduring for a year or more and demanding sustained medical attention, have become increasingly prevalent. Cannabis extracts demonstrate effectiveness in treating chronic noncancer pain, positioning them as a promising solution for individuals grappling with prolonged health challenges.

– Alarming Statistics and Healthcare Burden

• A McKinsey report anticipates a nearly 20% rise in the US illness burden through 2040.
• According to the Center for Disease Control and Prevention, six in ten Americans live with at least one chronic disease.

As the burden of chronic diseases intensifies, the cannabis extract market emerges as a viable contender in addressing the health needs of a substantial population.

Market Players: Powerhouses in Cannabis Extract

Major players in the cannabis extract market play pivotal roles in shaping the industry landscape. Companies such as Canopy Growth Corporation, Tikun Olam, and Aurora Cannabis Inc. are at the forefront of driving innovation, ensuring product quality, and meeting the escalating demands of the market.

Collaboration Chronicles: A Trend in Cannabinoids Market

– Symbiotic Partnerships

Collaboration stands out as a key trend gaining prominence in the cannabinoids market. Industry giants are increasingly joining forces to navigate the competitive landscape. In a notable example, Pathway Rx, a Canada-based company, collaborated with the University of Lethbridge and other research entities to create personalized cannabis therapy for COVID-19 patients. The study focused on the impact of specific cannabis extracts on ACE2 and TMPRSS2 proteins, crucial entry points for the COVID-19 virus. Researchers altered the levels of these enzymes using cannabis sativa extracts, showcasing the potential of collaborative efforts in the cannabis extract market.

Diverse Segmentation: Unveiling Market Dimensions

– Comprehensive Product Types

The global cannabis extract market is intricately segmented, encompassing a diverse array of product types:

• Oils
• Tinctures

– Extracts and Sources

• Full Spectrum Extracts
• Cannabis Isolates
• Sources:Hemp, Marijuana

– Varied Distribution Channels

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

– Application Spectrum

• Textile
• Cosmetic
• Pharmaceutical
• Paper

Regional Dynamics: North America Takes the Lead

In 2022, North America emerged as the largest region in the cannabis extract market. The region’s dominance is expected to persist, reflecting the dynamic and evolving nature of the cannabis industry.

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

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The Cannabis Extract Global Market Report 2023  provides an in-depth analysis on the cannabis extract market size, trends and drivers, opportunities, strategies, and companies 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.

View More Related Reports –
Cannabis Products Global Market Report 2023
Cannabis Testing Global Market Report 2023
Organic Farming Global Market Report 2023

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