Increasing Product Innovations By Companies To Drive The Global Cannabis Concentrate Market Growth

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Psychoactive components like cannabinoid (CBD) and tetrahydrocannabinol (THC) are removed from the Cannabis Sativa, producing a transparent and golden semi-solid mass dubbed as cannabis concentrate. Generally, it is referred to as marijuana concentrate and is utilized as an intoxicant that leads to hallucinations and high moods in the users. The concentrate is accessible in several forms, like oil, butter, hashish, and so on. There are other many methods of guzzling cannabis concentrates, comprising inhalation, smoking, and ingestion. Further, a cannabis concentrate is also devoured via softgel capsules, gummies & chews, or as an additive in the F&B industry.

Smoking stays the most widespread form of consumption. Recently, there has been a momentous surge for cannabis concentrate in the pharmaceutical industry since recent times, with several doctors suggesting it for treating diseases like Alzheimer’s, cancer, arthritis, and so on. Besides chronic ailments, a cannabis concentrate is also recommended for anxiety, epilepsy, and depression. Cannabis consumption was unlawful in several countries until lately. But the global cannabis concentrate market has witnessed substantial growth potential owing to the decriminalization and legalization of cannabis in several countries across the world.

Further, manufacturers are procuring smaller firms to expand the production units to cater to the huge demand from consumers. A vital role is being played by rules in shaping the trends in the growth of the global cannabis concentrate market. Also, numerous health implications concerning the poor cannabis concentrate quality have bolted the cannabis concentrate extraction units until they fulfill the quality norms. Conversely, authorization of cannabis concentrate in several states across the globe has invigorated a deeper infiltration of cannabis concentrate within the end-use industries. Consequently, this has resulted in a broad growth of the specialty food product range entailing cannabis concentrate and has turned out to be a key food trend. Accessibility of varieties and innovation within the end-use products like user-friendly disposable cartridges serve as a key supporter of the global cannabis concentrate market growth.

In addition, the product development and production technology are complexly intertwined as new technology enables the producers to make improvements in the extraction methods of cannabis concentrate that either allows them to maintain the cannabis concentrate’s authenticity or to enhance its versatility. Cannabis concentrate within the food industry is deemed as more consumer-friendly & ethical and thus, is projected to drive the growth of the global cannabis concentrate market during the forecast period. In recent years, a comparatively new type of cannabis concentrate, rosin, has received recognition. As more cannabis concentrate products carry on to enter the market, vendors are also expanding the shelf-area for cannabis concentrate products, thereby boosting the expansion of the global cannabis concentrate market. To cite, Radient Technologies Inc., a firm involved in producing cannabis concentrate, procured Alberta Ltd., a firm involved in the processing of cannabis concentrate and hemp, in 2018.

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