The
global Cannabis Extract
Market size
is expected to be valued at USD 28.5 billion by 2027, according to a new report
published by Grand View Research, Inc. It is projected to expand at a CAGR of
16.6% over the forecast period. Growing legalization of cannabis in various
countries, preference for cannabis oil and tinctures, and adoption of medical
marijuana for treating chronic diseases like arthritis, anxiety, and
Alzheimer’s are the major factors propelling the growth.
Cannabis
extracts have gained wide recognition in recent years and are expected to
provide impetus to cannabis market growth. Based on product type, cannabis
extracts are classified into oils and tinctures. The oils segment is expected
to dominate the market in 2019 with a revenue of USD 4.8 billion and is
anticipated to witness the fastest CAGR of 17.5%, over the forecast period.
Based on
extract type, the market is segmented into full spectrum cannabis extracts and
cannabis isolates. The full spectrum cannabis extracts dominated the market in
2019, with a revenue of USD 4.3 billion, owing to the added advantage of the
entourage effect. Various manufacturers prefer full spectrum cannabis products
owing to their advantages over the isolates. Thus, the segment is expected to
remain dominant over the forecast period.
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sample copy or view summary of this report@ https://www.grandviewresearch.com/industry-analysis/cannabis-extract-market
Further key
findings from the report suggest:
- In 2019, oils held the largest revenue
share of 66.5% owing to ease of availability and low price of the product
- The full spectrum segment was valued at
USD 4.3 billion in 2019, owing to its entourage effect-a synergistic
relationship between cannabinoids and terpenes that exhibits an increase
in the healing properties of each cannabinoid
- Marijuana isolates is anticipated to emerge
as the second largest type segment over the forecast period, owing to
several advantages that have increased its adoption. For instance, the
purest form of isolates, such as CBD oil, have no psychoactive effects as
they have no THC content
- In 2019, North America accounted for the
largest share in the global cannabis concentrates market. This can be
attributed to high utilization owing to government approvals
- Key players operating in the cannabis
extract market include Canopy Growth Corporation; Aphria Inc.; Aurora
Cannabis; Maricann Inc.; Tilray; Organigram Holdings Inc.; Tikun Olam,
Ltd.; and The Cronos Group
About
Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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