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What Are the Projected Market Size and Growth Rates for the Cannabis Extract Market From 2025 To 2029?
The exponential increase in the size of the cannabis extract market has been evident in recent years, predicting a growth from $10.38 billion in 2024 to a significant $12.6 billion in 2025, witnessing a compound annual growth rate (CAGR) of 21.3%. Factors contributing to its growth during the historic period include the emergence of the CBD market, the consumer shift towards natural products, the legalization of cannabis for recreational purposes, a wide range of product offerings, and ongoing research and development.
In the coming years, the cannabis extract market size is anticipated to witness a swift expansion. The market is estimated to escalate to $25.93 billion in 2029, experiencing a compound annual growth rate (CAGR) of 19.8%. This surge during the forecast period can be credited to factors such as health and wellness trends, initiatives for consumer education, customization in extract merchandise, and integration into beauty and personal care. Expected trends for the forecast phase encompass advancements in extraction technologies, full-spectrum and broad-spectrum extracts, emphasis on terpenes, product standardization, quality assurance, and alliances and collaborations.
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What Are the Core Growth Drivers Propelling the Cannabis Extract Market Forward?
The cannabis extract market is projected to surge due to the escalating incidence of chronic diseases. These are medical conditions that persist for a year or more and necessitate continuing medical care. Cannabis extract has been found to be beneficial for managing chronic noncancer pain. To illustrate, the World Health Organization, a specialised agency of the United Nations headquartered in Switzerland, reported that in September 2023, 41 million deaths worldwide, equating to 74% of total fatalities resulting from non-communicable diseases or chronic diseases occurred. Therefore, the rising occurrence of chronic ailments is propelling the growth of the cannabis extract market.
What Segment Types Define the Cannabis Extract Market Structure?
The cannabis extractmarket 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
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Which Geographic Areas Hold the Strongest Growth Potential 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.
Which Emerging Trends that Are Influencing theCannabis Extract Industry Evolution?
The main trend rising in prominence in the cannabis extract market is cohesion. Key corporations in the market are teaming up in order to remain viable. For example, in January 2023, Freedom Cannabis Inc., a Canadian cannabis enterprise, and its partner, Cannabis Tolling Solutions (CTS), also a Canadian-based provider of extraction services, unveiled their fully operational, newly established cannabis extract lab. This facility will furnish the partners with an additional income stream through the production of cannabis extracts. They leverage cutting-edge hydrocarbon extraction machinery in the newly constructed facility. To begin with, these firms intend to supply vape pen-ready cannabis extract products devoid of additives and full-spectrum cannabis extracts, otherwise known as ‘diamonds and sauce’. Freedom Cannabis facilitates CTS team’s entry into the legal concentrate market, and the reveal of the extract lab’s commencement broadens their pre-existing collaboration.
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What Is the Definition 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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