Cannabis Extract Market Growth Trajectory, Key Drivers And Trends

Posted by Biswadeep on October 30th, 2023

The Business Research Company’s Cannabis Extract Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Cannabis Extract Global Market Report 2023 evaluates cannabis extract market size, growth rate, drivers, trends, and major companies.

The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The global cannabis extract market size is expected to grow from .99 billion in 2022 to .49 billion in 2023 at a compound annual growth rate (CAGR) of 21.51%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the cannabis extract market is expected to reach .25 billion in 2027 at a CAGR of 21.08%.

The increase in prevalence of chronic diseases is expected to propel the cannabis extract market. Chronic diseases are illnesses that last a year or longer and require ongoing medical attention. The cannabis extract is effective in the treatment of chronic noncancer pain. For instance, according to the McKinsey report, it is anticipated that the US illness burden will rise by almost 20% through 2040. Furthermore, according to the Center for Disease Control and Prevention, six in ten Americans live with at least one chronic disease. As a result, the increasing prevalence of chronic diseases is driving the cannabis extract market.

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The cannabis extract market segments in the report are:

1) By Product Type: Oils, Tinctures

2) By Extract Type: Full Spectrum Extracts, Cannabis Isolates

3) By Sources: Hemp, Marijuana

4) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies

5) By Application: Textile, Cosmetic, Pharmaceutical, Paper

The table of contents in TBRC’s cannabis extract market report includes:

1. Executive Summary

2. Market Characteristics

3. Market Trends And Strategies

4. Impact Of COVID-19

5. Market Size And Growth

6. Segmentation

7. Regional And Country Analysis

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27. Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions

29. Future Outlook and Potential Analysis

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