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Westford, USA, Feb. 16, 2023 (GLOBE NEWSWIRE) — The North America region to keep dominating the cannabis extraction equipment market throughout the forecast period. The industry is expanding as a result of the growing use of cannabis extracts like oils and tinctures as well as the legalization of marijuana for the treatment of various chronic diseases including neurological disease, cancer/tumor, arthritis & joint pain, and stress. In addition to smoking, cannabis tinctures, and oils can be utilized to make topical and edible products. These are frequently used for both recreational activities like vaping and medical diseases like cancer, mental illness, and nausea. Hence, all these factors are estimated to drive market growth during the forecast period.
SkyQuest found during research that in 2000, Canada legalized the medicinal usage of cannabis. The usage of the drug for recreational and medical purposes was decriminalized by legislation in the early 2000s. On October 17, 2018, Canada became the first country to fully legalize marijuana possession and sales. Canada is the only country that has fully legalized it as of the time of writing. It is no longer considered illegal in many U.S. states, including some that allow recreational usage.
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Browse in-depth TOC on “ Cannabis Extraction Equipment Market”
Pages – 221
Tables – 63
Figures – 64
Chemical substances from the cannabis plant, such as THC or CBD, are concentrated in a cannabis extraction, an oil-like substance. The trichomes, which are rich in cannabinoids, are mechanically separated from the plant biomass using cannabis extraction equipment. After being separated from the water and biomass, the trichomes are used to produce high-quality hash.
Prominent Players in Cannabis Extraction Equipment Market
- Rough Brothers, Inc. (US)
- Precision Extraction Solutions (US)
- Eden Labs (US)
- Isolate Extraction Systems Inc. (US)
- Extraktl Ab (US)
- Extractiontek Solutions (US)
- Capna Systems (US)
- Mrx Extractors (US)
- Luna Technologies (India)
- Vitalis Extraction
- SFE Process
- Henan Huatai Cereals and Oil Machinery Co., Ltd.
- Gibraltar Industries
- Accudyne Systems
- Cedarstone Industries
Hemp Extraction Segment to Dominate the Market Growth Owing to Its Increasing Usage in Medical Field
The hemp extraction market segment dominated the global cannabis extraction equipment market in 2021 and is anticipated to continue to do so for the duration of the assessment period. The need for hemp extraction equipment is being driven by the usage of hemp as an alternative therapy for a number of medical ailments, including arthritis, eczema, high cholesterol, constipation, and other disorders. Further, the growing prevalence of these medical ailments across the world is predicted to boost segment growth. SkyQuest observed during healthcare research that more than 35% of responders in a medical study who used CBD to address medical conditions, such as arthritis and/or joint pain, felt that it was effective and CBD also lessened signs and symptoms of inflammation.
Owing to the US being the largest consumer and provider of cannabis in the world in 2021, North America will hold a dominant position in the global cannabis extraction equipment market. Following the passage of the US farm bill in 2018, investments in the cannabis extraction equipment sector grew. Further, the growing support from the government to cultivate cannabis and significant investment by key market players in the research development activities for the development of high-tech extraction equipment is predicted to boost segment growth.
Extraction Equipment Segment to Gain Largest Market Share Owing to Increasing Usage of Cannabis in Cancer Treatment
The extraction equipment type segment held the biggest market share in 2021 and is anticipated to continue doing so throughout the duration of the analysis period. The growth of the segment can be attributed to the rising demand for cannabis for cancer treatment. In addition to being used to lessen the side effects of chemotherapy, studies have shown that CBD has a number of anti-cancer properties that can help prevent various types of cancers and boost overall immunity. Moreover, the increasing prevalence of cancer across the world is estimated to boost segment growth during the upcoming years. SkyQuest noted that in the United States, 1,752,735 new cases of cancer were reported in 2019, while 599,589 people passed away from the disease.
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The cannabis extraction equipment market in the Asia Pacific is anticipated to capture a significant market share. The growth of the market can be dedicated to the expanding healthcare sector and agriculture sector in the region. Australia and New Zealand are predicted to hold 34.1% of the market in the Asia-Pacific region. Furthermore, the growing support from governments of various regions to cultivate cannabis with a low level of THC is predicted to accelerate market growth. SkyQuest found that a major state of India, Uttarakhand become the first state of the country to permit the large-scale farming of hemp for industrial purposes.
The research report on the cannabis extraction equipment market provides a thorough description of the market, production capabilities, and current changes like expansions, acquisitions, investments, and capacity expansions. It also analyses market competition. The research also provides a thorough analysis of the market using Porter’s five forces, which delivers insightful information on the dynamics and competition of the market.
Key Developments in the Cannabis Extraction Equipment Market
- Gibraltar Industry unveiled Delta Ethanol Extraction CUP-5, a new product for cannabis processors, in January 2022. The business has developed novel and cutting-edge closed-loop cold alcohol extraction technology.
- Cultio has received a $116,000 loan from Sweet Leaf Madison Capital (SLMC), a national provider of tailored financial solutions for the middle-market cannabis business. The money will be used for the acquisition of extraction equipment.
- East West Pharma Group, Inc. (“EWPG”), a Wyoming corporation, and ECGI announced the signing of a Letter of Intent (the “LOI”) highlighting the conditions within which ECGI will acquire the key staff, copyrighted material, and current and future business operations of EWPG. EWPG is a portfolio company of ECGI HOLDINGS INC., D/B/A Elite Cannabis Group Incorporated, a Nevada-based company pivoting into the legal cannabis
- EnWave Corporation declared that a significant Canadian cannabis company (the “Cannabis Partner”) and it have agreed to a royalty-bearing commercial license arrangement. According to that, the Cannabis Partner is authorized to use EnWave’s patented Radiant Energy Vacuum dehydration technology to create cannabis goods in Canada on a non-exclusive basis.
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Key Questions Answered in the Cannabis Extraction Equipment Market Research Report
- What is the global market’s estimated size and growth rate during the forecast period?
- What are the major drivers and key trends shaping the market’s growth?
- Which regions are expected to witness the fastest growth in the market?
- Who are the market’s prominent players, and what strategies do they adopt to maintain their position?
- What are the challenges market participants face, and how are they addressing them?
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