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What Growth Rate Can Be Expected in the Cannabis Extract Market from 2024 Through 2033?

The cannabis extract market has expanded exponentially, expected to grow from $8.57 billion in 2023 to $10.49 billion in 2024 at a CAGR of 22.5%, fueled by the CBD market emergence, product diversity, recreational cannabis legalization, and consumer trends.

The cannabis extract market is expected to reach $22.26 billion by 2028, growing at a CAGR of 20.7%. This growth is attributed to health trends, consumer education, product customization, and integration in beauty and personal care. Trends include innovations in extraction technologies, full-spectrum extracts, focus on terpenes, product standardization, and industry collaborations.

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What Dynamics Are Shaping the Growth of the cannabis extract Market?

The cannabis extract market is witnessing significant growth, projected to continue through 2024 and beyond, driven by the increasing prevalence of chronic diseases such as those lasting a year or longer, requiring ongoing medical attention. This rise in chronic illnesses, highlighted by reports forecasting a nearly 20% increase in the US illness burden by 2040 and the statistic that six in ten Americans live with at least one chronic disease, underscores the demand for cannabis extract in treating chronic noncancer pain.

What Are the Essential Segments of the Cannabis Extract Market?

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

What Are the Defining Trends in the Evolving 136 Market?

Collaboration emerges as a significant trend in the cannabis extract market, with major companies forming partnerships to maintain competitiveness. In January 2023, Freedom Cannabis Inc., a Canada-based cannabis firm, and its joint venture partner, Cannabis Tolling Solutions (CTS), completed and began operating a new cannabis extract processing lab. This facility represents a new revenue stream for the partners, utilizing state-of-the-art hydrocarbon extraction equipment. Initially, the focus will be on producing zero-additives cannabis extract vape pen-ready products and full-spectrum cannabis extracts, expanding on their existing partnership.

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Which Regions Are Emerging as Leaders in the Cannabis Extract Market?

North America was the largest region in the cannabis extract market in 2023. The regions covered in the cannabis extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Cannabis Extract Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the cannabis extract market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Cannabis Extract Market Include

1. Cannabis Extract Market Executive Summary

2. Cannabis Extract Market Segments

3. Cannabis Extract Market Size And Template Market Growth Rate

4. Key Cannabis Extract Market Trends

5. Major Cannabis Extract Market Drivers

……

25. Key Mergers And Acquisitions In The Cannabis Extract Market

26. Top Cannabis Extract Companies

27. Cannabis Extract Market Opportunities And Strategies

28. Cannabis Extract Market, Conclusions And Recommendations

29. Appendix

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The Business Research Company’s market reports offer an in-depth analysis on the market’s growth potential, major drivers, key trends and more.

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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