Cannabis Extract Market, By Active Ingredient (Tetrahydrocannabinol, Cannabidiol, Cannabigerol, and Cannabinol), By Product Type (Oil, Shatter, and Others), By Extract Type (Full spectrum, Broad Spectrum, and Isolates), By Indication (Muscle Disorder, Neurological Disorder, Pain Management, and Recreation use), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : May 2024

Code : CMI4927

Pages :192

Formats :

Excel and PDF

Industry : Pharmaceutical

Cannabis Extract Market Size and Trends

Global cannabis extract market is estimated to be valued at USD 12.38 Bn in 2024 and is expected to reach USD 38.13 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 17.4% from 2024 to 2031.

Cannabis Extract Market Key Factors

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The cannabis extract market is expected to grow at a steady pace during the forecast period. Factors such as the growing medical application of cannabis extracts and an increase in expenditure on legal cannabis are expected to drive the market growth. Various countries and states have legalized the medical use of cannabis which has increased the demand for cannabis extracts as they provide precisely formulated cannabis doses to patients. The gradual reduction in the social stigma associated with cannabis usage is also helping the market to grow. However, challenges such as difficulty in international trade of cannabis extracts owing to legal restrictions in many countries and complexity of production processes may hamper the market growth during the forecast period.

Increasing Product Launches by Key Market Players

Increasing product launches is expected to drive the growth of the global cannabis extract market over the forecast period. For instance, on April 5, 2022, Tilray, a pharmaceutical company, launched Solei Bites, the Solei brand’s first foray into edibles and the ready-to-eat THC edible available at the Société Québécoise du cannabis, Quebec's sole legal retailer for cannabis products.

/p>Wide Range of Medical Applications of Cannabis Extracts

The medical use of cannabis and its extracts are gaining more acceptance which is a key factor driving the growth of the cannabis extract market globally. Due to its analgesic, anti-inflammatory, and other therapeutic properties, cannabis is showing a great potential in treating many medical conditions such as chronic pain, arthritis, cancer, epilepsy, Alzheimer's, Parkinson's etc. Many research studies carried out in recent years have demonstrated its effectiveness in alleviating symptoms and improving quality of life of patients suffering from these ailments.