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What Is the Forecast for the Cannabis Extract Market Growth in 2025?
In the last few years, the cannabis extract market has experienced significant exponential growth. It is projected that the market will further increase in size from $10.38 billion in 2024 to $12.7 billion in 2025, with a compound annual growth rate (CAGR) of 22.3%. The growth observed during the historic period is largely due to factors such as the rise of the CBD market, the consumer inclination towards natural products, the legalization of cannabis for recreational use, an array of product offerings, and ongoing research and development activities.
What Is the Forecast for the Cannabis Extract Market Size Through 2029?
The market size for cannabis extract is forecasted to witness a significant surge in the coming years, reaching $26.47 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 20.1%. The projected growth in this period can be credited to the rise in health and wellness trends, initiatives to educate consumers, product customization of extracts, and their use in beauty and personal care integration. Key trends during the forecast period involve advancements in extraction technologies, the use of full-spectrum and broad-spectrum extracts, emphasis on terpenes, standardized and quality assured products, alongside collaborations and partnerships.
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What are the Key Market Players in Cannabis Extract Market and How They’re Evolving?
Major companies operating in the cannabis extract market are Canopy Growth Corporation, Tikun Olam, Aurora Cannabis Inc., Aphria Inc., Tilray Inc., GW Pharmaceuticals PLC, The Cronos Group, The Supreme Cannabis Company Inc., Elixinol Global Limited, Westleaf Cannabis Inc., Medipharm Labs Corp., The Valens Company Inc., Curaleaf Holdings Inc., Innovative Ind Props, Green Thumb Industries, Verano Holdings, Trulieve Cannabis Corp., Cresco Labs Inc., Delta 9 Cannabis Inc., BZAM Ltd., Sundial Growers Inc., Decibel Cannabis Company, Auxly Cannabis Group, Red White & Bloom Brands, Jazz Pharmaceuticals PLC, Organigram Inc., MedReleaf Corp., Terrascend Corp.
What Are the Primary Growth Drivers in the Cannabis Extract Market?
The rise in the number of chronic diseases is anticipated to boost the cannabis extract market. Chronic illnesses, which persist for a year or more and necessitate consistent medical care, can be effectively managed with cannabis extract, particularly for non-cancer related chronic pain. For example, the World Health Organization, a specialized UN agency based in Switzerland, reported in September 2023 that there were 41 million deaths annually, accounting for 74% of total deaths from non-communicable diseases (NCDs) or chronic diseases worldwide. Consequently, the escalating prevalence of chronic diseases is propelling the cannabis extract market forward.
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What Are the Leading Segments in the Global Cannabis Extract Industry?
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
What Are the Key Market Trends in the Cannabis Extract Industry?
The foremost trend being observed in the cannabis extract market is collaboration. Dominant businesses in the sector are teaming up to maintain their standing. For example, in January 2023, Freedom Cannabis Inc., a Canadian cannabis firm, and Cannabis Tolling Solutions (CTS), a Canadian cannabis extraction service provider, declared that their new cannabis extract lab was fully operational. This lab serves to offer the joint venture partners a new source of income generated from producing cannabis extracts. The new facility showcases cutting-edge hydrocarbon extraction tools. To begin with, the companies intend to supply cannabis extract vape goods free of additives and full-spectrum cannabis extracts, otherwise known as ‘diamonds and sauce’. Freedom Cannabis provides the CTS team the opportunity to reach the legal concentrates market and their joint venture expansion with the opening of the new extracts lab adds to their pre-existing partnership.
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What Is the Regional Outlook for 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.
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This Report Delivers Insight On:
1. How big is the cannabis extract market, and how is it changing globally?
2. Who are the major companies in the cannabis extract market, and how are they performing?
3. What are the key opportunities and risks in the cannabis extract market right now?
4. Which products or customer segments are growing the most in the cannabis extract market?
5. What factors are helping or slowing down the growth of the cannabis extract market?
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