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The global cannabis extract market size was valued USD 7.9 billion in 2020 and is projected to reach USD 31.5 billion by 2028, expanding at a CAGR of 16.6% during the forecast period, 2021–2028. The growth of the market is attributed to the growing use of medical marijuana to treat chronic diseases such as arthritis, Alzheimer's, and cancer, as well as mental disorders such as depression, anxiety, and epilepsy.

Cannabis is typically derived from Indian hemp plants such as Cannabis sativa and Cannabis indica. THC (tetrahydrocannabinol) is the primary active chemical in cannabis. Cannabis extract refers to the extracts derived from cannabis concentrates. Cannabis concentrates can be found in a variety of forms, such as oils, phoenix tears, shatter, wax, hash, and even vaporizers. They have a high cannabinoid and terpene concentration. As an antidepressant agent, cannabis has a wide range of applications in the healthcare and pharmaceutical industries. As a solvent, grain or isopropyl alcohol is used to extract cannabis.

Cannabis oil and tinctures are commonly used to treat a variety of conditions such as psychological disorders, nausea, and cancer. In terms of legality, extract laws are quite lenient due to the non-psychoactive properties of cannabidiol (CBD) oils when compared to other products, such as buds and resins.

Rising prevalence of cancer is expected to drive the cannabis extract market during the forecast period. According to the World Health Organization (WHO), cancer was the second leading cause of death worldwide in 2015, accounting for approximately 8.8 million deaths.

Market Trends, Drivers, Restraints, and Opportunities

  • The ease of use in the form of vapor or gummies, as well as the slowly fading social stigma associated with smoking cannabis buds are expected to help the market to gain in the coming years.
  • Increasing marijuana use for medical and recreational purposes is expected to boost the market growth during the forecast period.
  • Growing disease burden of chronic pain is expected to drive the medical marijuana market due to increasing demand for therapies related to pain management.
  • Rising legalization of medical cannabis in various countries is anticipated to propel the market growth during the forecast period.
  • Taxation levied by government state bodies to generate significant revenue is projected to create immense opportunities for the market players.

Key Players

  • Aphria Inc.
  • Canopy Growth Corporation
  • Aurora Cannabis; Maricann Inc.
  • Organigram Holdings Inc.
  • The Cronos Group
  • TilrayTikun Olam, Ltd.

 

Competitive Landscape

Key players competing in the cannabis extract market include Aphria Inc., Canopy Growth Corporation, Aurora Cannabis, Maricann Inc., Organigram Holdings Inc., The Cronos Group, and TilrayTikun Olam, Ltd.

These players have formed strategic alliances with extractors and other value chain participants in order to significantly strengthen their market position. For instance, Canopy Growth Corporation formed a joint venture with Danish Cannabis ApS. This venture aims to strengthen the company's position in the market in Europe.

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