Cannabis Extract Market Is Expected To Poised For Growth Due To Wide Range Of Medical Applications And Health Benefits

 
Cannabis Extract Market

The Cannabis Extract Market is a fast-growing industry focused on processing and extracting medical compounds and oils from cannabis plants. Cannabis extracts offer advantages over dried plants, including consistent dosing and easy consumption. Cannabis extracts contain cannabinoids like CBD and THC that are used to treat conditions such as chronic pain, epilepsy, insomnia, and anxiety.

The global Cannabis Extract Market is estimated to be valued at US$ 10,704.56 million in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

Growth Accelerated by Rising Adoption of Cannabis Extracts

The key trend driving growth in the Cannabis Extract Market is the rising adoption of cannabis extracts over dried plants. Cannabis extracts allow for precise and consistent dosing through easy-to-use formats like oils, edibles, and topicals. Extracts also provide faster relief compared to smoking dried flowers since cannabinoids are pre-activated. Furthermore, extracts allow cannabis products to be incorporated into a wide variety of consumer packaged goods. The growing popularity of convenient and consistent extract formats is expected to propel market growth over the forecast period.


Segment Analysis
The global cannabis extract market is dominated by the oil sub-segment. Cannabis extract oils are gaining popularity due to their wide range of medical applications and health benefits. The major cannabis extract oil types that are available commercially are CBD oils and THC oils. CBD oils have several medical benefits and are legally allowed to be sold in many countries due to low psychoactive properties. This drives the oil sub-segment's market dominance in the global cannabis extract industry.

Key Takeaways
The global Cannabis Extract Market Analysis is expected to witness high over the forecast period of 2023 to 2030. The global Cannabis Extract Market is estimated to be valued at US$ 10,704.56 million in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

Regional analysis suggests that North America is currently dominating the global market due to early legalization of medical cannabis in countries like the US and Canada. The region is expected to continue its dominance over the forecast period owing to increasing cultivation and production of cannabis for both medical and recreational uses. The Asia Pacific region is expected to grow at the fastest rate during the forecast period owing to rising adoption of cannabis for medical use in countries like Australia, China, India, South Korea, Thailand etc.

Key players operating in the cannabis extract market are Anixter International Inc., AVI Systems Inc, AVI-SPL Inc., CCS Presentation Systems, Ford Audio-Video LLC, Avidex Industries, Herman ProAV, Kramer Electronics, Samsung, Vistacom Inc, Biamp Systems, proAV Limited, Professional Audio Visual Ltd., Cypress Technology Co., Ltd. (CYP), Pro AV Solutions Pty Ltd, Audio Technica, NETGEAR, LG Electronics, Logitech, Sony, Black Box Corporation, Guntermann & Drunck GmbH, Aten International Co., Ltd, Adder Technology Ltd, Rextron.

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