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How Will the Growth Rate of the Cannabis Extract Market Shape Industry Trends by 2034?

The cannabis extract market size has grown exponentially in recent years. It will grow from $10.38 billion in 2024 to $12.7 billion in 2025 at a compound annual growth rate (CAGR) of 22.3%. The growth in the historic period can be attributed to emergence of CBD market, consumer trends toward natural products, cannabis legalization for recreational use, diverse product offerings, research and development.

The cannabis extract market size is expected to see exponential growth in the next few years. It will grow to $26.47 billion in 2029 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to health and wellness trends, consumer education initiatives, customization of extract products, integration in beauty and personal care. Major trends in the forecast period include innovation in extraction technologies, full-spectrum and broad-spectrum extracts, focus on terpenes, product standardization and quality assurance, collaborations and partnerships.

How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the cannabis extract Market?

The increase in prevalence of chronic diseases is expected to propel the cannabis extract market. Chronic diseases are illnesses that last a year or longer and require ongoing medical attention. The cannabis extract is effective in the treatment of chronic noncancer pain. For instance, in September 2023, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. As a result, the increasing prevalence of chronic diseases is driving the cannabis extract market.

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Who Are the Key Market Players Influencing the Growth of the Cannabis Extract Industry?

Major companies operating in the cannabis extract market are:

• Canopy Growth Corporation_x000D_

• Tikun Olam_x000D_

• Aurora Cannabis Inc._x000D_

• Aphria Inc._x000D_

• Tilray Inc._x000D_

What Key Market Trends Are Shaping the Future of the Cannabis Extract Industry?

Collaboration is the key trend gaining popularity in the cannabis extract market. Major companies operating in the market are collaborating with each other to sustain in the market. For instance, in January 2023, Freedom Cannabis Inc., a Canada-based cannabis company, and its joint venture partner, Cannabis Tolling Solutions (CTS), a Canada-based provider of cannabis extraction services, announced the completion and full operation of their new cannabis extract processing lab. This lab will provide the joint venture partners with a new revenue stream for creating cannabis extracts. The newly built space uses state-of-the-art hydrocarbon extraction equipment. Initially, the companies will provide zero-additives cannabis extract vape pen-ready goods and full-spectrum cannabis extracts, also referred to as ‘diamonds and sauce’. The CTS team’s access to the legal concentrates market is made possible by Freedom Cannabis, and the announcement of the extracts lab’s opening expands on their already-existing partnership.

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Which Market Segments Are Driving Strategic Growth and Trends in the Cannabis Extract Market?

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

Which Regions Are Emerging as Leaders in 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.

What Defines the Scope of the Cannabis Extract Market?

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.

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