Cannabis Extract Market, By Products (Oils and Tinctures), By Nature (Organic and Conventional), By Application (Pharmaceutical and Cosmetic & Paper & Textile Industries), By Distribution Channel (Direct and Indirect Channels), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Report Code: PMI422520 | Publish Date: February 2024 | No. of Pages: 172

Global Cannabis Extract Market Overview

Cannabis Extract Market was valued at US$ 5.1 Billion in 2024 and is projected to grow at a CAGR of 3.10% to reach US$ 38.3 Billion by 2034.

Cannabis is mainly originated from Indian hemp plants, such as Cannabis indica and Cannabis sativa. The extracts resulting from cannabis concentrates are called as Cannabis Extract. The chief lively chemical in cannabis is THC (delta-9 tetrahydrocannabinol). Cannabis concentrates has various forms, including phoenix tears, oils, shatter, wax, hash and even in vaporizers. They hold very high concentration of terpenes and cannabinoids. Cannabis has an extensive range of application in pharmaceutical and healthcare sectors as an antidepressant agent. Cannabis extract is obtained using isopropyl alcohol or grain as a solvent.

Global Cannabis Extract Market Dynamics

Growing preference towards cannabis extracts such as oils and tinctures

Cannabis oil and tinctures are mainly used for treatment of various conditions like cancer, psychological disorders, and nausea. In terms of legality, laws relating to extracts are quite tolerant due to non-psychoactive properties of Cannabidiol (CBD) oils similar to other products such as resins and buds. Due slowly lessening social stigma of smoking cannabis buds and their easy consumption in vapor or in the form of gummies are expected to gain momentum and the increase in demand over the forecast period.

Growing adoption of medical cannabis for treatment of chronic diseases

Growing prevalence of cancer is major factor boosting the market for cannabis extract over the forecast period. As per World Health Organization (WHO), in 2015, cancer was the second leading cause of deaths worldwide with appropriately 8.8 Million deaths worldwide. Growing disease burden of chronic pain results in increased requirement of therapies which in turn is anticipated to drive the cannabis extract market over the forecast period. Further, due to age limitations and the exact calculation of dose, kids are given cannabis oils instead of buds.

However, high pricing of cannabis extract in leading markets and lower market access of cannabis due to absence of legalization programs in several Asian and African countries is expected to limit growth of the target market.

Global Cannabis Extract Market Segmentation

The cannabis extract market is segmented based on product, nature, application, distribution channel, and region.

On the basis of product, the global cannabis extract market is segmented into oils and tinctures. On the basis of nature, the global market is classified into organic and conventional. Based on application, the global market is classified into pharmaceutical and cosmetic & paper & textile industries. Based on distribution channel, the global market is classified into direct and indirect channels

Regional Insights:

On region the cannabis extract market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is driving the overall cannabis extract market size and is projected to continue its dominance throughout the forecast period. The growth is mainly projected due to massive product penetration coupled with its use due to government approvals in countries such as U.S and Canada. Further, the European is likely to account for lucratively growth towards the overall market revenue over the coming years, subject to liberal policies adopted in the countries such as Spain, Germany, Luxembourg, and Italy. Additionally, a few of the countries in Europe have allowed to use cannabis in the pharma sector.

Attribute

Details

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Million & CAGR from 2024 – 2034

Market Segmentation

By Product - Oils and Tinctures

By Nature– Organic and Conventional

By Application– Pharmaceutical and Cosmetic & Paper & Textile Industries

By Distribution Channel– Direct and Indirect Channels

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2026. For the purpose of this study, has segmented the global cannabis extract market report based on product, nature, application, distribution channel, and region.

Global Cannabis Extract Market, By Product:

  • Oils
  • Tinctures

Global Cannabis Extract Market, By Nature:

  • Organic
  • Conventional

Global Cannabis Extract Market, By Application:

  • Pharmaceutical
  • Cosmetic & Paper & Textile Industries

Global Cannabis Extract Market, By Distribution Channel:

  • Direct
  • Indirect Channels

Global Cannabis Extract Market, By Region:

      • North America
          • U.S.
          • Canada
      • Europe
          • Germany
          • UK
          • France
          • Russia
          • Italy
          • Rest of Europe
      • Asia Pacific
          • China
          • India
          • Japan
          • South Korea
          • Rest of Asia Pacific
      • Latin America
          • Brazil
          • Mexico
          • Rest of Latin America
      • Middle East & Africa
          • GCC
          • Israel
          • South Africa
          • Rest of Middle East & Africa

Global Cannabis Extract Market Key Players

The key players operating the global cannabis extract market includes Organa Brands, Canopy Growth Corporation, Aphria Inc., Peridot Labs, Colorado Cannabis Company, Aurora Cannabis, MARICANN INC., Kynd Cannabis Company, Tilray, and Dabble Extracts. These companies have established strategic partnerships with extractors and other parties in the value chain to considerably strengthen their market position. For instance, Canopy Growth Corporation, partnered with Danish Cannabis ApS, and started a new joint venture called Spectrum Denmark ApS. This venture aims establishing the foothold of the company in the European market.

Global Cannabis Extract Market Company Profile

  • Organa Brands
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Canopy Growth Corporation
  • Aphria Inc.
  • Peridot Labs
  • Colorado Cannabis Company
  • Aurora Cannabis
  • MARICANN INC.
  • Kynd Cannabis Company
  • Tilray
  • Dabble Extracts

 “*” marked represents similar segmentation in other categories in the respective section

FAQs

The Cannabis Extract Market is segmented into Product, Nature, Application, Distribution Channel

Various factors, including the increasing acceptance of medical and recreational cannabis, legalization trends, growing awareness of the health benefits of cannabis extracts, and advancements in extraction technologies, are driving the growth of the Cannabis Extract Market.

The Cannabis Extract Market faces challenges such as regulatory uncertainties, concerns related to the psychoactive effects of certain cannabis products, and the complex legal landscape surrounding cannabis use, which act as restraints on its global expansion.

By region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is estimated to witness a significantly high revenue share over the forecast period, indicating its dominance in the Cannabis Extract Market.

The key players operating in the target market include Canopy Growth Corporation, Aphria Inc., Peridot Labs, Colorado Cannabis Company, Aurora Cannabis, Maricann Inc., Kynd Cannabis Company, Tilray, and Dabble Extracts.