Global Cannabis Extract Market: Overview
Cannabis is extracted from hemp plants including cannabis sativa and cannabis indica. The products extracted from cannabis concentrates are referred as cannabis extract. The concentrates consist of highly concentrated cannabinoids and terpenes. The product can also be derived by using isopropyl alcohol as a solvent or extracted from the grain.
Global Cannabis Extract Market: Growth Factors
The growth of the cannabis extract market can be attributed to the rise in the use of medical marijuana for treating severe ailments like arthritis, cancer, and Alzheimer. Apart from this, cannabis extracts are also used to treat neural disorders including epilepsy, anxiety, and depression. Additionally, many of the countries in North America and Latin America have legalized use of medical cannabis while some of the European countries are trying to liberalize the laws governing the use of cannabis. This aspect will propel the expansion of the cannabis extract industry across the globe. Moreover, it has been viewed that the taxation on the product will help the government to accrue more income and contribute substantially towards its overall revenue.
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Widespread usage of the product as antidepressant across the healthcare and pharma sectors will boost the growth rate of cannabis extract industry over the upcoming years. Apparently, growing need for effectively reducing the pain during the treatment of chronic diseases has triggered humungous demand for the product, thereby not only shaping the growth of the market but also adding new dimensions to it.
Global Cannabis Extract Market: Segmentation
The cannabis extract market can be sectored into the product, nature, extract type, application, and distribution. On the basis of the product, the industry can be segregated into tinctures and oils. Based on the type of nature, the cannabis extract market can be segmented into organic and conventional. In terms of extract type, the sector can be classified into isolates and full spectrum. Application wise, the cannabis extract industry can be divided into pharmaceutical, textile, paper, and cosmetic applications. Based on the distribution, the cannabis extract market can be divided into indirect and direct sales channels.
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Global Cannabis Extract Market: Regional Analysis
Region wise, the cannabis extract market can be divided into four main regions: Asia Pacific, Latin America, North America, and Europe. North America has made notable contributions towards the overall cannabis extract market size and is predicted to continue its market domination even in the near future. The growth of the regional market can be accredited to massive product penetration along with its use due to government approvals in countries such as Canada and the U.S.
Moreover, the European region is likely to contribute lucratively towards the overall market revenue over the ensuing years, subject to liberal policies adopted in the countries such as Germany, Spain, Luxembourg, and Italy pertaining to its use. In addition to this, a few of the countries in Europe have permitted the use of cannabis in the pharma sector.
Global Cannabis Extract Market: Competitive Players
Few of the main participants in the cannabis extract market are Canopy Growth Corporation, Organa Brands, Aphria Inc., Peridot Labs, Aurora Cannabis, Colorado Cannabis Company, MARICANN INC., Kynd Cannabis Company, Tilray, Dabble Extracts, GW Pharmaceuticals plc, Organigram Holdings Inc., Optimum Extracts, Tikun Olam, Ltd., and The Cronos Group.
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Global Cannabis ExtractMarket: Regional Segment Analysis
- North America
- The U.S.
- The UK
- The Asia Pacific
- Latin America