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

Regional Analysis

Cannabis Extract Market Regional Insights

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North America remains the dominant region in the global cannabis extract market and is estimated to hold 34.7% of the market share in 2024. The U.S. is leading the way with strong industry presence across various states that have legalized medical and recreational use. With legislation and regulations in place, the market has flourished with new product launches, licensing approvals, facility expansions and partnerships. Leading Canadian companies have also established large production capacities to cater to both domestic and international demand. The regional market benefits from developed infrastructure for cultivation, processing and distribution. Ease of access and established distribution channels have ensured the availability of a wide range of products. However, pricing pressures remain due to overcapacity in some markets. While imports are currently negligible, exports are steadily rising with pharma companies eyeing new medical applications.

Europe has emerged as the fastest growing regional market for cannabis extracts globally. Germany represents a major portion of the European market supported by early legalization of medical cannabis in 2017. Since then, the country has seen a flurry of activities including licensing new cultivators, product launches and retail expansion plans. Neighboring countries like Italy, Netherlands and Poland are also witnessing increasing adoption. The growth is driven by rising patient population, evolving regulatory environment, growing awareness and expanding medical applications. While current import levels are substantive to bridge the gap between demand and domestic supply, local production capacities are being built up aggressively. This is anticipated to make the region self-sufficient in the coming years. However, the fragmented regulations across countries pose both challenges and opportunities for the market.