Global Cannabis Extract Market Is Estimated To Witness High Growth Owing

Cannabis Extract Market
Cannabis Extract Market 

 

The Global Cannabis Extract Market is estimated to be valued at US$ 9,125.8 million in 2022 and is expected to exhibit a CAGR of 17.3% over the forecast period of 2022-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
The cannabis extract market offers a wide range of products derived from the cannabis plant, such as oils, tinctures, capsules, edibles, and topical creams. These products are used for various purposes, including therapeutic and recreational use. The use of cannabis extract has gained significant traction in the medical industry due to its potential in treating conditions such as chronic pain, epilepsy, multiple sclerosis, and nausea associated with chemotherapy. Moreover, the increasing legalization of cannabis in several countries for medical and recreational purposes is expected to drive market growth.

Market Dynamics:
The market dynamics of the cannabis extract market are primarily driven by two factors. Firstly, the increasing legalization of cannabis across various countries is creating new growth opportunities for the market. Countries such as Canada, Uruguay, and several states in the United States have already legalized the use of cannabis for medical and recreational purposes. This has led to an increase in the production and consumption of cannabis extract products. Secondly, the growing adoption of medical cannabis for the treatment of various conditions is driving market growth. With the increasing awareness among patients and healthcare providers about the potential therapeutic benefits of cannabis extract, there has been a surge in demand for these products. Additionally, the expanding research and development activities in the cannabis industry are expected to further fuel market growth. Overall, the market for cannabis extract is poised to witness high growth in the coming years, driven by the increasing legalization of cannabis and the growing adoption of medical cannabis for

SWOT Analysis:

Strength: The cannabis extract market is experiencing high growth due to the increasing acceptance and legalization of cannabis for medicinal and recreational purposes. The market is driven by the growing demand for cannabis-based products and the expanding consumer base. Moreover, advancements in extraction techniques and the development of innovative products are further bolstering market growth.

Weaknesses: One weakness of the cannabis extract market is the lack of standardized regulations and guidelines across different regions. This inconsistency poses challenges for industry players in terms of product quality, safety, and compliance. Another weakness is the social stigma and negative perception surrounding cannabis, which limits market potential and adoption.

Opportunities: One opportunity in the cannabis extract market lies in the untapped potential of emerging markets, such as Asia-Pacific and Latin America, where cannabis legalization is gaining traction. These regions offer significant growth prospects for market players to expand their operations and tap into a growing consumer base. Additionally, the increasing use of cannabis extracts in the pharmaceutical industry presents opportunities for developing novel therapeutics and treatment options.

Threats: Two threats facing the cannabis extract market include regulatory uncertainties in certain jurisdictions, which may hinder market expansion and investment opportunities. Additionally, competition from alternative cannabinoid sources, such as synthetic cannabinoids and biosynthesized cannabinoids, pose a threat to the market's growth.

Key Takeaways:

The global cannabis extract market is expected to witness high growth, exhibiting a CAGR of 17.3% over the forecast period of 2022-2030. This growth is driven by the increasing acceptance and legalization of cannabis, growing demand for cannabis-based products, and advancements in extraction techniques.

In terms of regional analysis, North America is currently the fastest-growing and dominating region in the cannabis extract market. This is due to the legalization of cannabis in several states in the US and Canada, along with the presence of key market players in the region.

Key players operating in the cannabis extract market include Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., MedMen, Teva Pharmaceutical Industries Ltd., and Organigram Holdings Inc. These players have established their presence in the market through partnerships, mergers and acquisitions, and product innovation.

Read More:

https://www.newsstatix.com/future-prospects-of-the-cannabis-extract-market/

 

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