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New York, April 24, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cannabis Extract Global Market Report 2023” – https://www.reportlinker.com/p06451072/?utm_source=GNW
, Terra Tech Corp., MedMen, Teva Pharmaceutical Industries Ltd., Organa Brands, Dabble Extracts, GW Pharmaceuticals PLC., and Organigram Holdings Inc.
The global cannabis extract market is expected to grow from $6.99 billion in 2022 to $8.49 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 cannabis extract market is expected to reach $18.25 billion in 2027 at a CAGR of 21.08%.
The cannabis extract market consists of sales shatter, wax and hash.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cannabis extract refers to a compound that comes from the cannabis plant called Cannabidiol (CBD). Typically, it is an oil, that manufacturers add to various products, such as creams and lotions and people use CBD extract as a treatment for a range of diseases.
North America was the largest region in the cannabis extract market in 2022. The regions covered in the cannabis extract report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main type of cannabis extract are oils and tinctures.Oils in the cannabis extract market refer to an oleoresin that is extracted from cannabis such as hemp and marijuana plant.
The main types of extracts are full spectrum extracts and cannabis isolates sourced from hemp and marijuana. The cannabis extract are distributed through hospital pharmacies, retail pharmacies, and online pharmacies to be used in textile, cosmetic, pharmaceutical, and paper industry.
The increasing 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.
Collaboration is the key trend gaining popularity in the cannabinoids market.Major companies operating in the market are collaborating with each other to sustain in the market.
For instance, in May 2020, Pathway Rx, a Canada-based company, created a personalized cannabis therapy in collaboration with the University of Lethbridge and other research businesses to treat COVID-19 patients.The study focused on the effects of specific cannabis extracts on the ACE2 and TMPRSS2 proteins, which are embedded in cellular membranes and act as a major entrance point for the COVID-19 virus to enter host cells.
The level of these enzymes was changed by the researchers using cannabis sativa extracts.
In January 2022, BevCanna Canada-based comprehensive health and wellness beverage and natural products company acquired Embark Health Inc. for an undisclosed amount. With this acquisition, BevCanna will diversify its portfolio of distinctive brands, contribute important intellectual property, and expand its portfolio of adult-use cannabis products. Embark is a Canada-based company that manufactures a variety of topicals, edibles, liquid and powder beverage mixes, and cannabis concentrates.
The countries covered in the Cannabis Extract market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cannabis extract market research report is one of a series of new reports that provides cannabis extract market statistics, including cannabis extract industry global market size, regional shares, competitors with a cannabis extract market share, detailed cannabis extract market segments, market trends and opportunities, and any further data you may need to thrive in the cannabis extract industry. This cannabis extract market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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