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Process Analytical Technology Market Predicted to Grow at a CAGR of 13.8% between 2023 and 2032 | Market.us – GrassNews
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Process Analytical Technology Market Predicted to Grow at a CAGR of 13.8% between 2023 and 2032 | Market.us

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New York, April 18, 2023 (GLOBE NEWSWIRE) — The global process analytical technology market size is expected to be worth around USD 10.6 billion by 2032 from USD 3.0 Billion in 2022, growing at a CAGR of 13.8% during the forecast period 2023 to 2032. Process Analytical Technology (PAT) is a system of tools, technologies, and strategies that are used in the manufacturing industry to monitor and control manufacturing processes in real time. The goal of PAT is to ensure that manufacturing processes are consistent and produce products that meet predefined quality standards. This may include the use of various sensors, process analyzers, and control systems that are integrated into the manufacturing process. By using PAT, manufacturers can optimize their processes and reduce the risk of product failure or non-compliance with regulatory standards.

process analytical technology market

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Key Takeaway:

  • By technology, in 2022, the Process Analytical Technology market was dominated by the spectrography segment due to its increased usage.
  • By product & service, the analyzers segment dominated the largest market share in product and service type analysis and accounted for the largest revenue share in the Process Analytical Technology market in 2022.
  • By application, the large molecule segment dominated the largest market share in application type analysis.
  • By measurement, in 2022, the in-line segment dominated the largest market share.
  • By end-user, the pharmaceutical manufacturer’s segment is dominated the largest market share in end-user analysis.
  • In 2022, North America dominated the market with the highest revenue share of 33.8%.
  • Europe is the fastest-growing market for PAT, driven by the growth of the pharmaceutical and biotechnology industries in the region.

Factors affecting the growth of the Process Analytical Technology industry?

  • There are several factors that can have an impact on the growth of the Process Analytical Technology industry. Some of these factors include:
  • Increased demand for quality control: The need for higher-quality products is driving the growth of the PAT industry. As the regulatory environment becomes more stringent and customers become more demanding, manufacturers are seeking ways to improve their production processes and ensure consistent quality.
  • Advancements in analytical technology: Advances in analytical technology have made it possible to collect and analyze data in real time, enabling manufacturers to optimize their production processes and reduce waste. This has led to the development of new PAT tools and techniques that are more accurate, reliable, and cost-effective.
  • Automation of manufacturing processes: The use of automation in manufacturing processes is driving the growth of the PAT industry. Automation has made it possible to collect and analyze large amounts of data in real time, allowing manufacturers to make better decisions and optimize their production processes.
  • Rising healthcare costs: The rising cost of healthcare is driving the need for more efficient manufacturing processes in the pharmaceutical industry. PAT can help pharmaceutical manufacturers reduce costs by improving production efficiency, reducing waste, and ensuring consistent product quality.
  • Increased awareness of environmental concerns: Environmental concerns are driving the need for more sustainable manufacturing processes. PAT can help manufacturers reduce waste and energy consumption, leading to more sustainable and environmentally friendly production processes.

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Market Growth

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One of the key drivers of the growth of the PAT market is the increasing demand for quality control and assurance in the manufacturing industry. The need for consistent product quality and regulatory compliance is driving the adoption of PAT solutions across a range of industries, including pharmaceuticals, food and beverages, chemicals, and others. Advancements in analytical technology, such as the development of new sensors and data analytics tools, are also driving the growth of the PAT market. the market for Process Analytical Technology is expected to grow significantly in the coming years due to the increasing demand for quality control, advancements in analytical technology, and the need for consistent product quality and regulatory compliance across various industries.

Regional Analysis

The North American market for process analytical technology is expected to be the most lucrative, both in terms of revenue and market share, during the period 2022-2032. In 2022, the region saw a boom in process analytical technology due to the presence of major pharmaceutical, food and beverage, and chemical companies in the region. The high adoption of PAT solutions in the pharmaceutical industry, along with the stringent regulatory environment, is driving the growth of the market in this region.  The regional market for Process Analytical Technology reached a revenue share above 33.8%.

The adoption of advanced analytics and process optimization technologies is driving the growth of the process analytical technology (PAT) market in North America, with the US being the largest market in the region. In Europe, the growth of the pharmaceutical and biotechnology industries is propelling the expansion of the PAT market, with Germany, France, and the UK being the largest markets for PAT in the region.

To know about the regional trends and drivers that will have an impact on the market – Request a sample report!

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Scope of the Report
Report Attribute Details
Market Value (2022) USD 3.0 Billion
Market Size (2032) USD 10.6 Billion
CAGR (from 2022 to 2032) 13.8%
North America Revenue Share 33.8%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

Today, cancer is the leading cause of death worldwide. According to the World Health Organization (WHO), with around 10 million deaths in 2020 worldwide. It is the second leading cause. About one-sixth of worldwide deaths are caused by cancer. Additionally, 19.3 million cases of cancer were reported in 2020. This number is expected to rise to 30.2 million by 2040. Various cancers can be caused by factors like excessive alcohol consumption, tobacco use, unhealthy lifestyle, lack of exercise, and other conditions. The mortality rate can be decreased if cancer is detected early. Process Analytical Technology aids in identifying biomarkers and proteins that help in the detection of the disease. The most common cancer diagnostic tests are imaging, endoscopy, genetic testing, biopsy, and laboratory tests. Market growth is further supported by the increasing number of tests being performed.

Market Restraints

The market for Process Analytical Technology will face additional challenges over the forecast period because of the increased adoption of the refurbished diagnostic imaging system, strict regulatory guidelines, low benefit-to-cost ratio biomarkers, and higher capital investments. C.T. Scan is not recommended due to high radiation exposure and can cause helium shortage.

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Market Opportunities

As the demand for quality control and process optimization increases in various industries, the prospects for process analytical technology (PAT) are also expected to grow. The development of innovative technologies such as portable spectroscopy, multi-dimensional chromatography, and microfluidics is expanding the capabilities of PAT and creating new opportunities for its application. The growth of emerging markets in regions such as Asia-Pacific and Latin America offers significant prospects for the expansion of the PAT market. With the costs of PAT technologies becoming more affordable, small and medium-sized enterprises (SMEs) are increasingly adopting these technologies to enhance their production processes and compete with larger companies.

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Report Segmentation of the Process Analytical Technology Market

Technology Insight

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The spectroscopy segment is the most dominated in the global process analytical technology market, contributing to 43.1% of the total revenue share in 2022. This technology provides real-time information about the chemical and physical properties of a product and includes sub-segments such as near-infrared spectroscopy, Raman spectroscopy, and Fourier transform infrared spectroscopy. The chromatography technology segment, which involves separating components from a mixture, is widely used in the pharmaceutical and biotechnology industries and accounted for a 10.3% CAGR in 2022.

Product & Service Insight

The analyzers segment is expected to be the most profitable, accounting for 32% of the market share in 2022. The sensors and probes product segment is estimated to have a CAGR of 11.3%. Analyzers are used to monitor process parameters such as temperature, pressure, and pH in various industries such as oil and gas, chemicals, and petrochemicals. This dedicated equipment is crucial in providing real-time analysis of process data.

Application Insight

The dominant segment in the global process analytical technology market is the large molecule segment. This segment pertains to the use of sophisticated analytical tools and technologies for the production and development of drugs based on large molecules, which include proteins, peptides, antibodies, and nucleic acids. The manufacturing processes for these types of drugs are complicated, and their analysis requires specialized analytical technologies capable of monitoring and regulating critical parameters.

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Measurement Insight

The in-line segment is expected to be the most dominated in the global process analytical technology market, with the largest revenue share of 42.5% during the forecast period. On the other hand, the on-line segment is projected to have a CAGR of 11.3% during the forecast period. In-line measurement refers to the measurement of process parameters during the manufacturing process, while on-line measurement pertains to the measurement of process parameters outside the manufacturing process, but in close proximity to it.

End-User Insight

The pharmaceutical manufacturer’s segment is projected to be the most profitable in the global process analytical technology market, with the largest revenue share of 32.5% during the forecast period. Meanwhile, the biotechnology manufacturers segment is expected to have the fastest growth during the forecast period. PAT tools and techniques are extensively used in the pharmaceutical industry to monitor drug production processes, maintain product quality, and enhance manufacturing efficiency.

If you want to get a better understanding of the report, you can access a PDF sample, which includes the complete table of contents, list of exhibits, selected illustrations, and example pages @ https://market.us/report/process-analytical-technology-market/request-sample/

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Market Segmentation

Based on Technology

  • Spectroscopy
  • Molecular Spectroscopy
  • Atomic Spectroscopy
  • Mass Spectrometry
  • Chromatography
  • High-Performance Liquid Chromatography
  • Gas Chromatography
  • Others
  • Particle Size Analysis
  • Gas Chromatography
  • Others

Based on Product & Service

  • Analyzers
  • Sensors & Probes
  • Samplers
  • Software & Services

Based on Application

  • Small Molecules
  • Large Molecules
  • Manufacturing Applications
  • Other Applications

Based on Measurement

  • Off-line Measurement
  • In-line Measurement
  • At-line Measurement
  • On-line Measurement

Based on End User

  • Pharmaceutical Manufacturers
  • Biopharmaceutical Manufacturers
  • Contract Research and Manufacturing Organizations
  • Other End Users

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape

The PAT market is highly competitive, with several key players operating in the market. These companies are focusing on various strategies such as new product development, partnerships, collaborations, and mergers and acquisitions to maintain their market position and increase their market share. Companies are also investing in research and development to develop innovative solutions and expand their geographical presence through partnerships and collaborations. For example, in 2020, PerkinElmer Inc. announced the launch of its new process analyzer, the Lactoscope FT-A, for milk and dairy analysis. This new product is expected to help the company increase its market share in the dairy industry.

Some of the major players include:

  • PerkinElmer Inc.
  • Shimadzu Corporation
  • Carl Zeiss AG
  • Mettler-Toledo International Inc.
  • Emerson Electric Co.
  • ABB Ltd.
  • Danaher Corporation
  • Thermo Fisher Scientific Inc.
  • Agilent Technologies Inc.
  • Bruker Corporation
  • Sartorius AG
  • Hamilton Company
  • Repligen Corporation

Recent Development of the Process Analytical Technology Market

  • In 2021- Agilent Technologies announced a collaboration with PureHoney Technologies to develop a new platform for rapid and comprehensive cannabis analysis.
  • In 2021- Yokogawa Electric Corporation launched a new cloud-based PAT solution called “OpreX Analyzer”.
  • In 2021- ABB Ltd. launched a new PAT solution called “ABB Ability Smart Sensor for chemical dosing” which enables the efficient use of chemicals in industrial processes.

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Cannabis

IM Cannabis Shares Commence Trading on 6:1 Consolidated Basis

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TORONTO and GLIL YAM, Israel, July 12, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company” or “IM Cannabis“), a leading medical cannabis company with operations in Israel and Germany, is pleased to announce that, further to its press release dated July 5, 2024, effective today the Company’s common shares (“Common Shares“) are trading on the Canadian Securities Exchange (the “CSE“) and Nasdaq Stock Market LLC (“NASDAQ“) on a 6:1 post-consolidated basis (the “Consolidation“).

The Company’s trading symbol remains “IMCC” on both the CSE and NASDAQ. The Company’s new CUSIP and ISIN numbers are 44969Q406 and CA44969Q4060, respectively.

After giving effect to the Consolidation, the Common Shares were reduced from 13,394,136 to 2,232,357 Common Shares. No fractional Common Shares were issued in connection with the Consolidation. Instead, all fractional Common Shares equal to or greater than one-half resulting from the Consolidation were rounded to the next whole number, otherwise, the fractional Common Share were cancelled. The exercise price and/or conversion price and number of Common Shares issuable under any of the Company’s outstanding convertible securities were proportionately adjusted in connection with the Consolidation.

Computershare Investor Services Inc., the Company’s registrar and transfer agent for the Common Shares, has mailed letters of transmittal to registered shareholders of record as of July 12, 2024 providing instructions for the exchange of their Common Shares as soon as practicable following the effective date. Registered shareholders may also obtain a copy of the letter of transmittal by accessing the Company’s SEDAR+ profile at www.sedarplus.ca. Until surrendered, each Common Share certificate or direct registration system statement representing pre-consolidated Common Shares will represent the number of whole post-consolidated Common Shares to which the holder is entitled as a result of the Consolidation. No action is required by beneficial holders to receive post-consolidation Common Shares in connection with the Consolidation. Beneficial holders who hold their Common Shares through intermediaries (e.g., a broker, bank, trust company investment dealer or other financial institution) and who have questions regarding how the Consolidation will be processed should contact their intermediaries with respect to the Consolidation.

About IM Cannabis Corp. 

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IM Cannabis (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has focused its resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.

The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IM Cannabis’ products throughout the entire value chain. In Germany, the IM Cannabis ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements“). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to the Company amplifying its commercial and brand power to become a global high-quality cannabis player.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to maintain the listing requirements of the CSE and NASDAQ; the Company’s ability to focus on Israel, Germany and Europe; the Company’s ability to realize upon the stated benefits of the partial legalization of cannabis in Germany; and the Company amplifying its commercial and brand power to become a global high-quality cannabis player. The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the CSE and NASDAQ; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical Herbs Ltd. (collectively, the “Group“) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East; the risk of the Company’s inability to capitalize upon the partial legalization of cannabis in Germany; and risks the Company will be unable to amplify its commercial and brand power and/or be unable to become a global high-quality cannabis player.

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Please see the other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual report dated March 28, 2024, which is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations, and opinions of management on the date such forward-looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de

Oren Shuster, Chief Executive Officer
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com

Logo – https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg

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Cannabis

Legal Cannabis Market Share Value Projected to Reach USD 194.5 Billion, at 16.9% CAGR by 2034: Prophecy Market Insights

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Covina, July 11, 2024 (GLOBE NEWSWIRE) — The study concludes that the global legal cannabis market size and share is expected to grow at a CAGR of 16.9% between 2024 and 2034. The market revenue of USD 47 Billion in 2024 is expected to grow up to USD 194.5 Billion by 2034.

Cannabis was an illicit drug before, but its legalization process is on fast track today in many nations around the globe, opening a multibillion-dollar market with huge growth potential. The said market is bifurcated into two categories: medical cannabis, used for the treatment of various diseases, and recreational cannabis, for fun and other purposes. Most marijuana consumers are young, especially millennials. Males use it more than females, while the level of consumption is also predicated by class and thereby affects the rate of consumption. Psychographics show that marijuana consumers are social, open to experiences, and concerned about health; the last two probably represent a broader moving trend to natural products and alternate medicine.

The legal cannabis market offers a huge amount of variety, starting from flowers to extracts and consumables like cookies and chocolate that can be applied topically on the skin. Concentrations are gaining their following and popularity because of their potency. Also very popular are the edibles—baked goods, particularly cookies, and sweets—that appeal to those who crave discreetness and effectiveness all at once in consumption.

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Our Free Sample Report includes:

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  • Overview & introduction of market study
  • Revenue and CAGR of the market 
  • Drivers & Restrains factors of the market 
  • Major key players in the market 
  • Regional analysis of the market with a detailed graph
  • Detailed segmentation in tabular form of market 
  • Recent developments/news of the market 
  • Opportunities & Challenges of the Market

Some of the Key Market Players:

  • Aurora Cannabis
  • Cresco Labs
  • Jazz Pharmaceuticals
  • Verano Holdings
  • Canopy Growth Corporation
  • Green Thumb Industries
  • Trulieve Cannabis
  • MedMen
  • Aphria
  • Cronos Group
  • Curaleaf
  • GW Pharmaceuticals, plc.
  • The Green Organic Dutchman

To Know More on Market Players, Download a Free Sample Report Here: https://www.prophecymarketinsights.com/market_insight/Insight/request-pdf/5434    

Analyst View:

Global cannabis regulations differ, but most countries are legalizing it fast, thereby creating a multibillion-dollar market with huge growth potential. The market segments include cannabis for recreation and cannabis for medical use. Young people form a huge part of the cannabis users, particularly the millennial group who exhibit a social class influence. Due to early legalization and permissive rules, North America is the leader of the legal cannabis business concerning product variety. The constantly changing process of the market keeps including new and different consumers and substances like CBD or substances for euphoric-balming effects.

Legal Cannabis Market: Report Scope
Report Attributes Details
Market value in 2024 USD 47 Billion 
Market value in 2034 USD 194.5 Billion
CAGR 16.9% from 2024 – 2034
Base year 2023
Historical data 2019-2022
Forecast period 2024-2034

Market Dynamics:

Drivers:

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Growing Recognition and Legalization

  • Together, the increasing number of countries legalizing cannabis and the health benefits derived from medical marijuana easily make the global legal cannabis market ripe for significant growth. North America dominates the market due to major contributors such as the US, Canada, the UK, Germany, and Australia. The medicinal properties of cannabis will most probably drive massive growth in the medical cannabis market. Recreational use of marijuana is projected to have the fastest growth rate, and, as such, create jobs and boost the economy. The growth of the market results from geographical expansion, regulatory frameworks, and technological enhancements.

Increasing Customer Requirements

  • It’s the change in consumer expectations that’s driving big shifts in the legal cannabis sector. Companies are rolling out new product lines to cater to health-conscious consumers who demand a wider variety of cannabis-infused products. Where consumers want organically grown and pesticide-free cannabis, quality, and safety also rank very high. Consumers demand personalized experiences, where buyers and dispensaries are very important in guiding clientele to the right products. Moreover, there is an increase in sustainability and social responsibility due to customers valuing companies advocating for them. Technological integration is also being utilized to enhance convenience and engagement measures.

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Market Trends:

Benefits of Medicine and Research

  • Growth opportunities in legal cannabis mainly come from the legalization of their consumption, primarily for medical use. There are several medical diseases where the benefits of the use of cannabis have been proved, and the FDA has approved quite a few drugs derived from this plant. Improved cultivation, extraction, and testing technologies are also able to raise the quality and safety of products. The medicinal properties of cannabis are also opening up new options in treatment today, especially with those disorders resistant to traditional medications. Growing awareness of the potential economic opportunities that cannabis avails itself to could further drive the development of new innovative products and treatments, thereby accelerating market growth.

Segmentation:

Legal Cannabis Market is segmented based on Source, Compound, Products, and Region.

Source Insights

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  • From the flowers, which have classically been the traditional form of cannabis for as long as anyone can remember, to a large collection of strains with different cannabinoid levels, the flower truly captures the capabilities of the plant. Seed oil is another source that is not psychoactive in nature but is popular mainly due to its abundance of vital fatty acids and possible health benefits. Other sources are concentrated and super-potent cannabis products like trichomes, kief, and live resin. The infused product market is bound to grow with rising demand for seed oil. All in all, cannabis continues changing to best accommodate these different types of customers.

Compound Insights

  • Tetrahydrocannabinol is the widest cannabinoid used and has euphoric-balming effects. With increasing education among consumers, it can maintain its market share. One of the non-psychotic components is CBD, which helps in pain management and sleep quality, amongst others. Balanced THC & CBD: This segment caters to customers looking for a balanced experience by balancing the analgesic, relaxing properties of THC with the anxiety-reducing, focused properties of CBD.

Product Insights

  • Cannabis oil is quite often a concentrate, one can administer it topically for pain, consume it right out of the container, or use it in edibles. Cannabis drinks, like coffee, bubbling water, and spiked drinks, offer a more discreet and convenient way of consumption. Cannabis candies and chocolates are also other discreet and controlled ways. The legal cannabis sector is always experimenting with new products, vaporizers, topicals, edibles, baked foods, and sprays. Cannabis is also used for pet treats quite frequently. It is believed to expand the market for edibles as much as consumer acceptability and legalization expand.

Reduce a full report cost up to 30% with a custom report by requesting here: https://www.prophecymarketinsights.com/market_insight/Insight/request-customization/5434

Recent Development:

  • In July 2024, Hundreds of pro-cannabis advocates took to Bangkok’s streets to protest a possible ban on general use. The Thai government floated plans to relist the plant as a narcotic, two years after it was decriminalized, earlier this year. A health ministry drug control committee approved the proposal, which would see cannabis only allowed for medical and research purposes.
  • In July 2024, NIST’s New Hemp Reference Material Will Help Ensure Accurate Cannabis Measurements. NIST’s Hemp Plant Reference Material will aid labs in accurately measuring THC, CBD, and other compounds in cannabis products, aiding forensic labs in distinguishing between legal hemp and federally controlled marijuana. It will also assist producers and state regulators in ensuring the safe use and accurate labeling of cannabis products.

Regional Insights

  • North America: The charge is currently being led from North America, due to early legalization and relatively permissive laws in countries like Canada and a number of US states. With so many goods on offer against the backdrop of a clientele base very loyal to their products, almost everything is put in place to create an almost perfect environment. The growth of the North American legal cannabis business is aided by many things, especially the medicinal and recreational markets, consumer demand, and lastly, medicinal research. The largest players are represented by Canopy Growth and Aurora Cannabis. The country with the most rapid growth relocated to Canada.
  • Asia Pacific: Asia is increasingly tolerating the use of medical marijuana, mainly in South Korea and Thailand, the growing disposable money of relatively less developed countries at large will set the stage for marijuana legalization for recreational use when regulations change.

Browse Detail Report on “Legal Cannabis Market Size, Share, By Source (Flowers, Seed oil, others), By Compound (Tetrahydrocannabinol, Cannabidiol, Balanced THC & CBD), By Product (Cannabis Oil, Cannabis Beverages, Cannabis Chocolates & Gummies, Others) By Application (Medical, Scientific, Industrial, and Horticultural purposes) and Region – Trends, Analysis and Forecast till 2034” with complete TOC @ https://www.prophecymarketinsights.com/market_insight/legal-cannabis-market-5434

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Prophecy’s expertise area covers products, services, latest trends, developments, market growth factors, and challenges along with market forecasts in various business areas such as Healthcare, Pharmaceutical, Biotechnology, Information Technology (IT), Automotive, Industrial, Chemical, Agriculture, Food and Beverage, Energy, and Oil and Gas. We also offer various other services such as data mining, information management, and revenue enhancement suggestions.

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Cannabis

Global CBD Oil Market Size To Exceed USD 26.72 Billion By 2033 | CAGR of 18.36%

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New York, United States , July 09, 2024 (GLOBE NEWSWIRE) — The Global CBD Oil   Market Size Expected to Grow from USD 4.95 Billion in 2023 to USD 26.72 Billion by 2033, at a CAGR of 18.36% during the forecast period 2023-2033.

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Cannabidiol oil is another name for CBD oil. (CBD), which originates from cannabis plants, such as hemp and marijuana, can possess anxiolytic, anti-inflammatory, and analgesic properties. These characteristics have led to research on CBD oil as a possible treatment for a number of diseases, including anxiety disorders, chronic pain, and epilepsy. The demand for CBD-infused beauty and skincare products has surged, indicating consumers’ growing inclination towards natural and comprehensive skincare treatments. Growing amounts of CBD, which is well-known for its potential anti-inflammatory and antioxidant properties, are being added to skincare formulae to address issues including acne, inflammation, and aging. Governments from a number of states and countries are supporting its use in drugs and other medical treatments, which is expected to expand and increase these products’ sales and distribution throughout the course of the projected period. However, manufacturers continue to work to increase awareness among customers and provide informative packaging to make it clear what the consumer wants to get out of the items. Consequently, the attempts to support the marketing operations may present opportunities for the global cannabidiol oil market.  

Browse key industry insights spread across 232 pages with 110 Market data tables and figures & charts from the report on the “Global CBD Oil Market Size, Share, and COVID-19 Impact Analysis, By Source (Marijuana, Hemp), By Product (Full-Spectrum CBD Oil, Broad-Spectrum CBD Oil, CBD Isolate), By Application (Food & Beverages, Pharmaceuticals, Pet Care, Cosmetics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033″

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The hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe.   

Based on the source, the CBD oil market is categorized into marijuana, and hemp. Among these, the hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe. Increased demand for pharmaceuticals and increased public awareness of health issues are likely to drive significant growth in the market for hemp-derived cannabidiol. The pharmaceutical industry predicts that when consumer disposable income increases and cannabis becomes legal, demand for the substance will rise.

The full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe.    

Based on the product, the CBD oil market is categorized into full-spectrum CBD oil, broad-spectrum CBD oil, and CBD isolate. Among these, the full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe. It indicates the combined benefits of many drugs may be more beneficial than CBD individually. With regard to the entourage effect, full-spectrum CBD oil is expected to have more medicinal benefits than CBD isolation. People may get improved relief from symptoms like pain, inflammation, anxiety, and more.

The pharmaceuticals segment is expected to hold a significant share of the CBD oil market   during the anticipation timeframe.

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Based on the application, the CBD oil market is categorized into food & beverages, pharmaceuticals, pet care, cosmetics, and others. Among these, the pharmaceuticals segment is expected to hold a significant share of the CBD oil market during the anticipation timeframe. the growing number of research investigations evaluating CBD’s physical effects on particular medical conditions. These products are used as an alternative by a substantial, knowledgeable, and conscientious consumer base to lessen mental stress and nervousness.

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North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe.

North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe. Interest from consumers in and tolerance to CBD have significantly increased in the US, which has significantly affected the market share and position of the area. North America is currently the largest market region because to ongoing development, pre-existing infrastructure, and growing public awareness of the potential benefits of CBD.

Europe is expected to grow at the fastest CAGR growth of the CBD oil market during the anticipation timeframe. The legalization of cannabis in a number of European countries has created new markets for CBD products, which will attract investment and encourage the creation of new goods. Moreover, the rise of CBD-infused goods in industries like wellness, food and drink, healthcare, and cosmetics encourages market progress in Europe and positions the region as a significant CBD oil market over the projection period.

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Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the CBD oil market are Aurora Cannabis Inc., BIOTA Biosciences LLC, CannazALL, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol, Avicanna, Endoca BV, Folium Biosciences, Gaia Botanics, Green Roads Inc., Happie Hemp Pvt. Ltd., Kazmira LLC, Medical Marijuana Inc., and others.

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Recent Developments

  • On January 2023, the acquisition of Goodbody Botanicals Ltd. by British Cannabis, a pioneer in the CBD market, represents a major advancement in our leadership in the wellness industry. This acquisition represents a significant expansion of our manufacturing capacity and an improvement in our ranking on the UK Food Standards Agency’s (FSA) list of authorized products, signifying more than just the joining of two firms.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the CBD oil market based on the below-mentioned segments: 

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Global CBD Oil Market, By Source

  • Marijuana
  • Hemp

Global CBD Oil Market, By Product

  • Full-Spectrum CBD Oil
  • Broad-Spectrum CBD Oil
  • CBD Isolate

Global CBD Oil Market, By Application

  • Food & Beverages
  • Pharmaceuticals
  • Pet Care
  • Cosmetics
  • Others

Global CBD Oil Market, By Regional

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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