Global Cannabis Concentrate Market to Witness Healthy Growth with its Increasing use as a Drug Substance

Cannabis Concentrate

Cannabis is also known as marijuana and nowadays widely used as a psychoactive drug from the Cannabis plant. A cannabis concentrate is a highly potent Tetrahydrocannabinol (THC) concerted mass that appears like butter or honey. Due to this characteristic, it is often called budder or honey oil. Cannabis concentrates can be made in a commercial setting. Most common techniques used to prepare concentrated form are dry processing, dry ice processing, water-based processing, pressure with heat, nonflammable carbon dioxide solvents, flammable solvents such as butane, propane, ether, or alcohol.

The global cannabis concentrate market is projected to register healthy growth over the forecast period. This is owing to increasing use of cannabis concentrate in pharmaceutical applications. Drugs containing a synthetic form of THC have been approved long back by the U.S. FDA. The drug containing cannabis extract are widely used to treat Gastaut syndrome, anorexia, cancer, multiple sclerosis, etc. Besides, growing use of cannabis extract for food sector and recreational activities will further boost the market growth. However, restrictions on the use of marijuana in many countries may affect the growth of the market. In contrast with this, increasing research activities around the world to use cannabis extract in new drug formulations will provide better growth opportunities to the market.

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Like all other markets, COVID-19 pandemic had a severe impression on the cannabis concentrate market as well. Reduced number of customers and supply shortage amid strict lockdowns imposed by several governments directly impacted on the overall revenue generation during the pandemic period.

The global cannabis concentrate market is categorized based on type, application, and region. Based on type, the global market for cannabis concentrate is segmented into rosin, budder, live resin, and others. By application, the market is bifurcated into pharmaceuticals, food industry, recreational, and others.

North America is the leading user of cannabis concentrate, the market growth in the region is expected to remain steady over the forecast period. Increasing use of cannabis concentrate in food, leisure, and pharmaceutical applications are the key factors contributing to the large share of the market for North America. The Asia Pacific is expected to be the second largest regional market for cannabis concentrate followed by Europe. Latin America is expected to register the fastest growth during the forecast period. This is mainly due to increasing use of cannabis concentrate for leisure activities.

Some key players operating in the global cannabis concentrate market are Aurora Cannabis, Canopy Growth Corp, Tikun Olam, Goodness Growth Holdings, Inc., Aphria, Tilray, Cannabis Science, Maricann Group, VIVO Cannabis, Medical Marijuana, STENOCARE, Terra Tech, Cronos Group, and MedMen among others.

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In 2021, Goodness Growth Holdings, Inc., a science-focused cannabis company and IP developer, declared the launch of Kings & QueensTM, a novel cannabis brand introducing a line of cannabis concentrates with cured and live resin badder, sugar, budder, and sauce.

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