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The cannabis extract market has witnessed an exponential surge, skyrocketing from $8.57 billion in 2023 to $10.49 billion in 2024, boasting an impressive CAGR of 22.5%. This remarkable growth in recent years can be attributed to the emergence of the CBD market, consumer preferences leaning towards natural products, the legalization of cannabis for recreational use, diverse product offerings, and robust research and development initiatives.

Anticipating Sustained Momentum

Projections for the future are equally promising, with the market size expected to reach a staggering $22.26 billion in 2028, maintaining a robust CAGR of 20.7%. The anticipated growth in the forecast period is driven by health and wellness trends, consumer education initiatives, customization of extract products, and integration into beauty and personal care. Notable trends in the forecast period include innovations in extraction technologies, a focus on full-spectrum and broad-spectrum extracts, the prominence of terpenes, product standardization and quality assurance, and strategic collaborations and partnerships.

Rising Cancer Rates: A Catalyst for Market Expansion

Cancer’s Impact on Market Growth:

The increasing prevalence of cancer is expected to be a pivotal factor driving the growth of the cannabis extract market. Cannabis extract has proven beneficial in alleviating symptoms and side effects associated with cancer treatment.

• According to the American Cancer Society (April 2022):
  • 92 million new cases of cancer in the US
  • A slight increase from 1.89 million cases in 2021

Role of Cannabis Extract in Cancer Treatment:

• Addresses neuropathy, nausea, pain, vomiting, appetite, and weight loss
• Stimulates autophagy and impacts signaling pathways leading to apoptosis

Read More On The Cannabis Extract Market Report 2024 – https://www.thebusinessresearchcompany.com/report/cannabis-extract-global-market-report

Innovation Redefines the Market: Advanced Medicinal Formulations

Pioneering Companies and Medicinal Formulas:

Major players in the cannabis extract market, including Canopy Growth Corporation, Aurora Cannabis Inc., and GW Pharmaceuticals PLC, are at the forefront of introducing advanced medicinal formulations.

Example of Innovation: Kanabo Group PLC (July 2021):

• Launch of VapePod, a medical-grade handheld vaporizer
• Delivers precise and accurate microdoses of cannabis extract
• Benefits include quicker inhalation, higher bioavailability, and enhanced patient data

Strategic Acquisitions Amplify Product Portfolios:

BevCanna’s Acquisition of Embark Health (January 2022):

• BevCanna, a Canada-based health and wellness company, acquires Embark Health Inc.
• Diversifies portfolio with distinctive brands and important intellectual property
• Expands product offerings in the adult-use cannabis market

Segmentation Insights:

Product Types:

1. Oils
2. Tinctures

Extract Types:

1. Full Spectrum Extracts
2. Cannabis Isolates

Sources:

1. Hemp
2. Marijuana

Distribution Channels:

1. Hospital Pharmacies
2. Retail Pharmacies
3. Online Pharmacies

Applications:

1. Textile
2. Cosmetic
3. Pharmaceutical
4. Paper

Regional Dynamics:

North America emerged as the largest region in the cannabis extract market in 2023, reflecting the region’s significant contribution to the industry’s growth.

Conclusion: A Thriving Green Horizon

As the cannabis extract market continues its remarkable ascent, driven by factors ranging from health trends to innovative medicinal formulations, stakeholders should prepare for a future marked by sustained growth and evolution. The intersection of medicinal advancements and strategic business moves positions the market as a pivotal player in the rapidly evolving landscape of health and wellness.

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