New York, NY, Feb. 03, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Cannabis Concentrate Market By Product Type (Vape, Live Resins, Oil, Wax, Shatter, and Others), By End-Use (Recreational, Medical, Food Industry, and Others), and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019–2026”.
“According to the research study, the global Cannabis Concentrate Market was estimated at USD 1,785 Million in 2019 and is expected to reach USD 5,940 Million by 2026. The global Cannabis Concentrate Market is expected to grow at a compound annual growth rate (CAGR) of 17% from 2019 to 2026”.
Cannabis, also referred to as marijuana, grass, or pot, is a psychoactive drug extracted from the flowers of the cannabis plant. The drug is prominently consumed for recreational and medical purposes. Owing to the rising health benefits such as evident treatment of severe disorders through cannabis consumption, the global demand for the cannabis concentrate market is experiencing phenomenal growth. The drug is consumed either as vape through pots or can be consumed directly by ingesting cannabis-infused edible products such as cookies and chocolates.
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Our Free Sample Report Includes:
- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
- COVID-19 Pandemic Outbreak Impact Analysis Included
- 190+ Pages Research Report (Inclusion of Updated Research)
- Provide Chapter-wise guidance on Request
- 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of table & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)
Key Questions Answered in this Report
1) What was the impact of COVID-19 on the Cannabis Concentrate Market?
2) What is the market size, share of the Cannabis Concentrate Market?
3) Who are the top market players in Cannabis Concentrate Market?
4) What will be the future market of the Cannabis Concentrate Market?
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Rising cannabis legalization & its growing medical applications are considerably propelling the global market
The global sprint for legalizing marijuana has been initiated after a South American country, Uruguay, legalized cannabis in 2013. So far, over 20 countries including Canada, Australia, and Columbia have legalized cannabis consumption for recreational purposes. Owing to the considerable increase in the number of countries legalizing marijuana, the global cannabis concentrate market is projected to expand exponentially.
Top Market Players
Some of the key players fueling the global cannabis concentrate market are Indiva Limited, Westleaf Inc., Canopy Growth Corporation, MediPharm Labs, Aurora Cannabis Inc., World Class Extractions Inc., Medical Marijuana Inc., Radient Technologies Inc., Neptune Wellness Solutions, StillCanna Inc., and Valens GroWorks Corporation.
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Based on several clinical trials and medical research, cannabis has several health-related benefits. Many pharmaceutical companies have manufactured cannabinoid medicines for multiple health conditions and several federal agencies have approved those drugs as well, thereby fueling the demand for the global cannabis concentrate market. For instance, the USFDA has approved two cannabinoid drugs, Nabilone and Dronabinol, for treating side-effects from chemotherapy.
Stringent country-specific guidelines for cannabis legalization likely to impede the global cannabis concentrate market
Each region, including a country or a state, has set its regulations for cannabis legalization, which makes the global legal structure more complex. The intricate regulatory system in a region with different cannabis legalization rules in adjoining states impedes the cannabis market, thereby hampering the global cannabis concentrate market growth throughout the projected period.
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“Vape” category in the market’s product type segmentation attains the dominating position across the globe
Based on the product type, vape holds the leading position in the global cannabis concentrate market and is likely to be the fastest-growing segment during the forecast period. However, products under the shatter category are the purest form of concentrates comprising 50 to 90% of cannabis compounds by weight.
Rising Marijuana consumption trend in us pushing the North America cannabis concentrate market
As per the regional analysis in 2019, North America has captured the major share in the global cannabis concentrate market in terms of revenue. Cannabis concentrate products are gaining popularity in North America owing to the growing trend of marijuana consumption among adult U.S. residents, thereby significantly driving the regional cannabis concentrate market by 2026.
In February 2019, a significantly growing Calgary (Canada)-based cannabis industry, Westleaf Inc. acquired 100% stocks of Canndara Canada Inc., a retail cannabis company, for USD 36.3 million.
The report also offers an in-depth analysis of the market share of each industry player and gives an outline of the market position of key players in the cannabis concentrate market. Moreover, the study offers wide coverage of key strategic improvements witness in the market such as acquisitions & mergers, new product launches, collaborations, joint ventures, R&D activities, and global expansion of key players of the global cannabis concentrate market.
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Rising health benefits such as evident treatment of severe disorders, the global demand for the cannabis concentrate market is fueling at a substantial rate. Moreover, the list of cannabis legalizing countries has been extending rapidly during the past few years, which is likely to drive the global cannabis concentrate market. However, the cannabis concentrate market is being hampered owing to the complex cannabis legalization regulatory structure.
For a comprehensive study, the analysts have segmented the global cannabis concentrate market by segmenting it based on product type, end-use, and regions. By product type, the market is segmented into a vape, live resins, oil, wax, shatter, and others. By end-use, the market is categorized into recreational, medical, food industry, and others.
Browse the full “Cannabis Concentrate Market By Product Type (Vape, Live Resins, Oil, Wax, Shatter, and Others), By End-Use (Recreational, Medical, Food Industry, and Others), and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019–2026″ report at https://www.fnfresearch.com/global-cannabis-concentrate-market-by-product-type-vape
The global cannabis concentrate market is segmented as:
Global Cannabis Concentrate Market: By Product Type
- Live Resins
Global Cannabis Concentrate Market: By End-Use
- Food Industry
Key Insights from Primary Research
- Based on our primary research, the Global Cannabis Concentrate market is set to expand substantially at a rate of nearly 17%.
- Via details attained from our primary research, the global cannabis concentrate market surpassed the valuation of around USD 1,785 million in 2019.
- The primary respondents stated that North America anticipates capturing more than one-third revenue share of the global cannabis concentrate market in 2019. Thus the region is likely to grow at a maximum rate from 2020 to 2026.
- The “vape” category, according to our experts will lead in the product type segmentation since it held the leading position in terms of revenue in 2019.
- The “medical” category under end-use segmentation held more than half the share of the global market and thus it is likely to grow at a significant rate during the forecast period.
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