Cannabis concentrate is a condensed mass having THC or tetrahydrocannabinol as the key constituent. The growth of the market can be contributed mainly to the rising authorization of marijuana use. In addition, the rising marijuana approval for medicinal applications in treating lethal conditions, like cancer, post-traumatic stress disorder, and Parkinson’s, is also projected to drive the growth of the cannabis concentrates market. Furthermore, the rising cannabis concentrates use for recreational applications is anticipated to primarily boost the cannabis concentrate market growth. To cite, on May 21, 2019, MediPharm Labs Australia obtained its cannabis manufacturing license, making the firm a pioneer in the cannabis industry and allowing it to grab great avenues in the immediate future.
Rosin Of Product Segment Expected To Witness A Substantial Growth In The Forecast Period
The global cannabis concentrate market is bifurcated based on end-use, product type, and region. The product type segment of the market is classified into budder, shatter, live resin, rosin, and others. Rosin is the most recent range of concentrates within the cannabis concentrate market and is anticipated to grow at a rapid pace in comparison to other concentrates, as a result of its user-friendly nature. Of cannabis concentrates accessible in the market, shatter is the trendiest type owing to its high potency and purity. The cannabis concentrate market, based on end-use is divided into recreational, food industry, pharmaceutical, and others.
Rising Product Demand To Help North America Dominate The Global Cannabis Concentrate Market
The largest share of the global cannabis concentrate market is anticipated to be captured by North America cannabis on account of the rising product demand in the US. The rising alertness about the health advantages of cannabis is expected to further propel the market growth in this region during the forecast period. Also, European countries are increasingly taking up medicinal cannabis programs. Further, German political parties are mulling over making cannabis concentrates legal for recreational uses in the forthcoming years, thus driving the cannabis concentrate market growth in these regions. Also, the Asia Pacific cannabis concentrate market is projected to boost substantially on account of the increasing approval of medical marijuana and escalating R&D spending for treating lethal diseases such as AIDS and cancer.
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Legalization Of Marijuana Use Expected To Boost The Growth Of The Cannabis Concentrate Market
According to Zion Market Research analysis, the valuation of the global cannabis concentrate market in 2018 was around USD 3.73 billion and is projected to produce about USD 13.78 billion by 2025, at a CAGR of approximately 17.8% during 2019–2025. Few of the prominent players active in the global cannabis concentrate market include Aurora Cannabis, Canopy Growth Corporation, Cannabis Science, Tikun Olam, Maricann Group, Aphria, VIVO Cannabis, Tilray, STENOCARE, Medical Marijuana, Terra Tech, MedMen, and Cronos Group.