Cannabis Extract Market Forecasts, Market Trends and Impact Analysis (2024 - 2031)
The "Cannabis Extract Market" is focused on controlling cost, and improving efficiency. Moreover, the reports offer both the demand and supply aspects of the market. The Cannabis Extract market is expected to grow annually by 14.4% (CAGR 2024 - 2031).
This entire report is of 140 pages.
Cannabis Extract Introduction and its Market Analysis
The global Cannabis Extract market research report highlights the growing popularity of cannabis-based products, particularly extracts, due to increasing awareness of their health benefits and therapeutic properties. The target market for Cannabis Extract includes both medical and recreational users, with key factors driving revenue growth being legalization efforts, expanding product offerings, and shifting consumer preferences towards alternative medicine. Companies like Trulieve, Curaleaf, and Green Thumb Industries are dominating the market with their innovative product lines and expansion strategies. The report recommends investing in research and development to capitalize on emerging market trends and regulatory changes to stay competitive in the rapidly evolving Cannabis Extract industry.
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The global cannabis extract market is witnessing significant growth, with various extraction methods such as sub/supercritical CO2 extraction, ethanol extraction, hydrocarbon extraction, solvent-less extraction, and others gaining popularity. These extracts are used for both recreational and medical purposes, catering to a wide range of consumers.
Regulatory and legal factors play a crucial role in shaping the market conditions for cannabis extracts. In many regions, the use of cannabis extracts for recreational purposes is legal, leading to a surge in demand. However, the medical segment also presents opportunities for growth, as more countries are recognizing the therapeutic benefits of cannabis extracts.
It is essential for companies operating in the cannabis extract market to adhere to strict regulations and laws to ensure compliance and maintain consumer trust. Market players must keep a close eye on changing regulations and adapt their strategies accordingly to stay ahead in this rapidly evolving market. Overall, the cannabis extract market shows promising growth prospects, driven by increasing consumer awareness and favorable regulatory environment.
Top Featured Companies Dominating the Global Cannabis Extract Market
The competitive landscape of the cannabis extract market is characterized by the presence of several key players, including Trulieve, Curaleaf, MedMen, Green Thumb Industries, Cresco Labs, Harvest House of Cannabis, Columbia Care, Acreage Holdings, Halo, and Planet 13. These companies are leading the way in the production and distribution of high-quality cannabis extracts, such as oils, tinctures, concentrates, and edibles.
Trulieve, Curaleaf, and MedMen are among the largest vertically integrated cannabis companies in the United States, with operations in multiple states. They offer a wide range of cannabis extract products to both medical and recreational consumers. Green Thumb Industries, Cresco Labs, and Harvest House of Cannabis are also prominent players in the market, with a focus on premium extracts and innovative delivery methods.
Columbia Care, Acreage Holdings, Halo, and Planet 13 are expanding their presence in the cannabis extract market through strategic partnerships and acquisitions. They are leveraging their brand recognition and distribution networks to reach a wider audience of cannabis consumers.
These companies are driving the growth of the cannabis extract market by investing in research and development, expanding their product offerings, and enhancing their marketing and distribution strategies. As a result, the market for cannabis extracts is projected to see significant growth in the coming years.
In terms of sales revenue, some of these companies have reported impressive figures. For example, Trulieve reported sales of over $500 million in 2020, while Curaleaf reported sales of over $1 billion in the same year. MedMen, Green Thumb Industries, and Cresco Labs have also reported strong sales revenue, further highlighting the market potential for cannabis extracts.
- Trulieve
- Curaleaf
- MedMen
- Green Thumb Industries
- Cresco Labs
- Harvest House of Cannabis
- Columbia Care
- Acreage Holdings
- Halo
- Planet 13
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Cannabis Extract Market Analysis, by Type:
- Sub/Supercritical CO2 Extraction
- Ethanol Extraction
- Hydrocarbon Extraction
- Solvent-less Extraction
- Others
Sub/supercritical CO2 extraction, ethanol extraction, hydrocarbon extraction, solvent-less extraction, and other extraction methods are used to extract cannabis compounds. These methods help in boosting the demand for cannabis extract by producing high-quality, potent extracts with minimal impurities. CO2 extraction is preferred for its clean and selective extraction process, while ethanol extraction is cost-effective. Hydrocarbon extraction is valued for its efficiency in extracting terpenes, solvent-less extraction offers a chemical-free option, and other methods provide various unique profiles. Overall, different extraction techniques cater to diverse consumer preferences, driving the growth of the cannabis extract market.
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Cannabis Extract Market Analysis, by Application:
- Recreational
- Medical
Cannabis extract is used both recreationally and medically. Recreational use involves consuming cannabis extract to achieve a high or relaxation effect, typically through smoking, vaping, or edibles. Medical use involves treating various health conditions such as chronic pain, epilepsy, and anxiety, typically through oils, tinctures, or topical products. The fastest growing application segment in terms of revenue is the medical sector, as more research is being conducted on the potential therapeutic benefits of cannabis extract. As regulations surrounding cannabis continue to evolve, the medical application of cannabis extract is expected to further drive revenue growth.
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Cannabis Extract Industry Growth Analysis, by Geography:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The Cannabis Extract market is expected to witness significant growth in regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America, particularly the United States and Canada, is anticipated to dominate the market due to the increasing legalization of cannabis for medical and recreational purposes. Europe, led by countries like Germany, France, and the ., is also expected to witness substantial growth. The market in Asia-Pacific, especially in countries like China, Japan, and India, is expected to grow at a rapid pace. Latin America and the Middle East & Africa are also projected to contribute to the market growth. The market share percent valuation for North America is estimated to be around 40%, followed by Europe at 30%, Asia-Pacific at 20%, Latin America at 5%, and the Middle East & Africa at 5%.
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