Global Cannabis Extract market analysis 2024, Forecast To 2033

1 Mar, 2024

The cannabis extract market size has expanded exponentially, soaring from$8.57 billion in 2023 to$10.49 billion in 2024, reflecting a substantial compound annual growth rate (CAGR) of 22.5%. The historic growth is linked to the emergence of the CBD market, consumer preferences shifting towards natural products, the legalization of cannabis for recreational use, a wide array of product offerings, and extensive research and development efforts. Anticipated growth forecasts project the market to reach$22.26 billion by 2028, with a robust CAGR of 20.7%. This growth is attributed to health and wellness trends, consumer education initiatives, customization of extract products, and integration into beauty and personal care. Significant trends in the forecast period include innovations in extraction technologies, full-spectrum and broad-spectrum extracts, a heightened focus on terpenes, product standardization, quality assurance, and strategic collaborations and partnerships.

Global Cannabis Extract Market Key Driver

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, according to the McKinsey report, it is anticipated that the US illness burden will rise by almost 20% through 2040. Furthermore, according to the Center for Disease Control and Prevention, six in ten Americans live with at least one chronic disease. As a result, the increasing prevalence of chronic diseases is driving the cannabis extract market. In 2023, the cannabis extract market saw significant growth, reaching a value of $XX billion, and this growth trajectory is expected to continue through 2024 and beyond.

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Global Cannabis Extract Market Segments

The global 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
By Geography: The regions covered in the cannabis extract market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. 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.

Major Cannabis Extract Industry Players

Canopy Growth Corporation, Tikun Olam, Aurora Cannabis Inc., Aphria Inc., Tilray Inc., Mylan N.V., Alkem Labs, 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.

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Cannabis Extract Market Overview

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.

Cannabis Extract Global Market Report 2023 provides data on the global cannabis extract market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cannabis extract market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.