JULY 23, 2020: The global Cannabis extract market size is expected to be valued at USD 28.5 billion by 2027, according to a new report published by Grand View Research, Inc. It is projected to expand at a CAGR of 16.6% over the forecast period. Growing legalization of cannabis in various countries, preference for cannabis oil and tinctures, and adoption of medical marijuana for treating chronic diseases like arthritis, anxiety, and Alzheimer’s are the major factors propelling the growth.
Cannabis extracts have gained wide recognition in recent years and are expected to provide impetus to cannabis market growth. Based on product type, cannabis extracts are classified into oils and tinctures. The oils segment is expected to dominate the market in 2019 with a revenue of USD 4.8 billion and is anticipated to witness the fastest CAGR of 17.5%, over the forecast period.
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Based on extract type, the market is segmented into full spectrum cannabis extracts and cannabis isolates. The full spectrum cannabis extracts dominated the market in 2019, with a revenue of USD 4.3 billion, owing to the added advantage of the entourage effect. Various manufacturers prefer full spectrum cannabis products owing to their advantages over the isolates. Thus, the segment is expected to remain dominant over the forecast period.
Further key findings from the report suggest:
• In 2019, oils held the largest revenue share of 66.5% owing to ease of availability and low price of the product
• The full spectrum segment was valued at USD 4.3 billion in 2019, owing to its entourage effect-a synergistic relationship between cannabinoids and terpenes that exhibits an increase in the healing properties of each cannabinoid
• Marijuana isolates is anticipated to emerge as the second largest type segment over the forecast period, owing to several advantages that have increased its adoption. For instance, the purest form of isolates, such as CBD oil, have no psychoactive effects as they have no THC content
• In 2019, North America accounted for the largest share in the global cannabis concentrates market. This can be attributed to high utilization owing to government approvals
• Key players operating in the cannabis extract market include Canopy Growth Corporation; Aphria Inc.; Aurora Cannabis; Maricann Inc.; Tilray; Organigram Holdings Inc.; Tikun Olam, Ltd.; and The Cronos Group
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List to Data Sources
Chapter 2 Executive Summary
2.1 Market Summary
Chapter 3 Global Cannabis Extracts Market Variables, Trends & Scope
3.1 Market Segmentation
3.2 Cannabis Extracts Market Dynamics
3.2.1 Market Driver Analysis
3.2.1.1 Increasing Preference towards cannabis extracts such as oils and tinctures
3.2.1.2 Growing adoption of medical cannabis for treatment of chronic diseases
3.2.1.3 Growing legalization of medical cannabis in various countries
3.2.1.4 Elimination of black market through legalization of medical cannabis
3.2.2 Market Restraint Analysis
3.2.2.1 Lower market access of cannabis due to absence of legalization programs in several Asian and African countries
3.2.2.2 High pricing of medical cannabis in leading markets
3.2.2.3 Legalization of medical cannabis only for selected indications
3.2.2.4 Supply shortage of medical cannabis in various countries
3.2.3 Penetration & Growth Prospects Mapping
3.2.4 Global Cannabis Extracts trade route
3.2.5 Global Cannabis Extracts Demand And Supply Analysis
3.2.6 Global Cannabis Extracts Regulatory Scenario, By Country
3.2.6.1 U.S.
3.2.6.1.1 Cultivation/Production
3.2.6.1.2 Import/Export
3.2.6.1.3 Legal Status (CBD & THC)
3.2.6.1.4 Regulatory Bodies Involved
3.2.6.2 Canada
3.2.6.2.1 Cultivation
3.2.6.2.2 Production
Continued……………
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