Cannabis Extract Market to Garner Growth 18.6% by 2030
OTTAWA, Feb. 24, 2021 (GLOBE NEWSWIRE) — The global cannabis extract market size was estimated US$ 7.8 billion in 2020.
Cannabis Extracts involve a wide group of products that comprises any excerpt of the cannabis plant, comprising extracts from hemp and marijuana. These excerpts contain high degree of cannabinoids like THC and CBD, much greater by weight when compared with dehydrated cannabis stems, leaves, or flowers. The near future holds immense possibilities for the cannabis extracts business due to the growing legalization of cannabis in several nations around the world. The requirement for cannabidiol (CBD) products is undergoing strong progress, which is expected to only quicken in the near future. Products ranging from balms and lotions in the topical group to beverages and edibles are aiming health and well-being, the increasing variety of CBD commodities are generating development prospects for the business.
The United Nations lately estimated that higher than 180 million individuals globally among the ages of 15 and 64 (greater than 4% of this age category) consume cannabis yearly. No less than 20 countries have executed medical cannabis legislations, including Canada, Australia, Germany, and Colombia.
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Factors such growing use of cannabis for medicinal purpose, implementation of unambiguous legal framework related to marijuana use in developed nations, increasing prevalence of cancer, increasing use of marijuana as antidepressants, and increasing focus of companies on development of sustainable extractions methods are driving the growth of cannabis extract market. Moreover, increasing prevalence of arthritis and other chronic disorders is further propelling the growth of cannabis extract market. Additional features that are expected to fuel this business are increasing awareness regarding benefits of cannabis in developing regions.
A tendency for the authorization of cannabis is being recognized across numerous countries throughout the world. Uruguay was the first nation in the world to completely legalize marijuana in the year 2013. Subsequently, multiple countries have legitimated the use of cannabis for therapeutical applications, which is anticipated to fuel the progress for the cannabis extract market through forecast time-duration.
It has been more than two years since Canada decided to legitimately regulate cannabis for recreational usage, becoming only the second nation after Uruguay, and the first chief G7 economy to do so. Although authorized access to cannabis was previously available for medical usage, this marked a pioneering policy change away from the illegalization of the preparation and the individuals who utilize it in a nation of around 40 million persons.
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- Among the type segment, conventional cannabis extract dominated the overall market in 2020. The conventional type of cannabis is grown extensively as it enables high production output of cannabis extract.
- The solvent-based segment accounted for the major share of revenue in the extraction method segment with more than 65% share in 2020 due to the high popularity of solvent-based cannabis extraction methods. The extraction method which involves the use of solvents is a preferred method of the cannabis extraction industry, especially in manufacturing extracts for personal care ingredients, pharmaceuticals, and food. Some solvents are favored due to their efficiency, effectiveness, and FDA-approval.
- Pharmaceutical accounted for the largest revenue in the application segment. Medications comprising a synthetic arrangement of dronabinol have been permitted by the U.S. FDA for years. In 2018, Epidiolex (a seizure medication) became the inaugural Cannabis-derived CBD medication to be permitted in the United States. Moreover, numerous medical formulations comprising of cannabis extract are in the pipeline.
- Canopy Growth Corporation and Aphria Inc. accounted for a significant share of the global cannabis extract market.
The report includes information for Asia Pacific, North America, Latin America, Europe, Middle East, and Africa. In 2020, North America dominated the worldwide market with a market share of higher than 71%. U.S. indicated the highest slice in North America principally due to increasing legalization of cannabis for medicinal usage. Moreover, high awareness regarding medicinal benefits of cannabis extract products such as CBD oil and tinctures also supported the high market portion of North America.
Europe was the subsequent significant market chiefly due to high consumption of cannabis oil in Italy. Anticipated approvals for cannabis use in the European region are also expected to lift the demand for cannabis extract in the anticipated time-span. Israel is also a key market due to high research activity. The Latin American region is projected to grow at a significant CAGR in the estimate period due to increasing investment by key companies on latest technologies. Asia Pacific, Middle East and African region will display noticeable growth.
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Key Market Players and Strategies:
The key companies functioning in the worldwide cannabis extract market are Kynd Cannabis Company, Organa Brands, Colorado Cannabis Company, Peridot Labs, Canopy Growth Corporation, Aurora Cannabis, MARICANN INC., and Aphria Inc. among others.
Increased expenditure on investigation and advancement accompanied by collaborations, acquisitions, and mergers are the vital strategies undertaken by companies operational in the worldwide cannabis extract industry. Furthermore, leading businesses are spending heavily on research and development for the development of new extraction methods.
Major Market Segments Covered:
By Extraction Method
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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