30-Sep-2020 | Zion Market Research
According to the report by Zion Market Research, the analysts have anticipated the global cannabis extract market to grow at around 21.9% CAGR during 2019–2025. Also, in 2018, the valuation of the market was about USD 5.7 billion. Few of the prominent players active in the cannabis extract market include Optimum Extracts, Peridot Labs, Organa Brands, Kynd Cannabis Company, Dabble Extracts, and Colorado Cannabis Company, among others.
Rising Marijuana Legalization Boosting The Growth Of The Cannabis Extract Market
The growth of the cannabis extract market can be credited to factors such as the increasing marijuana legalization in several nations, the rising inclination for cannabis extracts like tinctures & oils, and rising implementation of medical marijuana for treating a range of chronic diseases like cancer, Alzheimer’s, anxiety, and arthritis. Further, the marijuana industry is flourishing owing to rising consciousness about its medical advantages. Moreover, legalization and/or decriminalization of medical marijuana in a few nations has resulted in a considerable drop in the black market as customers are turning to official buying of cannabis for medical use.
Increasing Demand For Organic Products To Propel The Organic Segment Of The Market
The global cannabis extract market is bifurcated based on application, distribution channel, nature, and region. The cannabis extract market, based on application, is categorized into cosmetic, paper & textile, and pharmaceutical industries. In the pharmaceutical industry, there are vast applications of cannabis extract; it is utilized for treating lethal diseases like neurological problems, posttraumatic stress disorder, and HIV/AIDS. Consequently, the demand is projected to witness an upsurge in the pharmaceutical industry in comparison to other industries thus boosting the growth of the cannabis extract market. Based on the distribution channel, the cannabis extract market is classified into indirect and direct channels. Further, the indirect channel is sub-categorized into convenience stores, supermarkets/hypermarkets, e-retailers, and specialty stores. The market, based on nature, is divided into conventional and organic. The sales value of organic products is likely to upsurge due to its increasing demand.
Increasing Application Range To Help North America Dominate The Market
North America, specifically the US, is anticipated to dominate the global cannabis extract market owing to the authorization of the product in a range of sectors, like textile & paper, pharmaceutical industries, and so on. Further, a few of the European nations have also started to utilize cannabis in the pharmaceutical industry. This is particularly witnessed in the UK, Spain, Greece, Germany, Luxembourg, Italy, and others. Nevertheless, the cannabis extracts are still illegitimate in nations, like the Netherlands. Consequently, in terms of volume sales and value, North America and Europe are projected to grab the maximum share in the global cannabis extract market during the forecast period.
Browse the full “Cannabis Extract Market By Product (Tinctures and Oils), Nature (Organic and Conventional), Extract Type (Isolates and Full Spectrum), Application (Pharmaceutical, Textile, Paper, and Cosmetic), and Distribution (Indirect Sales Channels and Direct Sales Channels): Global Textile Perspective, Comprehensive Analysis And Forecast, 2020 - 2026.” Report at https://www.zionmarketresearch.com/report/cannabis-extract-market
The global cannabis extract market is segmented as follows:
By Distribution Channel
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