Cannabis Extract Market Worth 2020, Analysis, Size, Share
ReportCrux Market Research has published a new report titled “Cannabis Extract Market Segmented by Product (Tinctures, Oils); by Extract type (Cannabis Isolates, Full spectrum); by Type of nature (Conventional, Organic); by Distribution (Indirect, Direct); by Application (Pharmaceutical, Textile & Paper, Cosmetics and Other) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
Cannabis Extract Market Size
According to the report, global demand for Cannabis Extract market was valued at approximately USD 7.09 Billion in 2019 and is expected to generate revenue of around USD 26.11 Billion by end of 2027, growing at a CAGR of around 17.8% between 2020 and 2027.
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Cannabis is derived from the hemp plants like Cannabis indica and Cannabis sativa, and which has an active ingredient known as THC (delta-9 tetrahydrocannabinol). The extracts that are derived from the concentrates of this cannabis are known as cannabis extracts. The key factors driving the global market for cannabis extracts include rising legalization of marijuana in various countries for recreational purpose as well medical use, increasing use of marijuana for the treatment of various chronic pain involved diseases, mental disorders, anxiety, depression and many others.
Legalization of marijuana in some countries has helped in declining the black-market sales, as well the tax charged by the government is also helping to create higher revenue opportunities.
The global market for the Cannabis Extract is segmented into product, extract type, type of nature, distribution, application and region.
Cannabis Extract Market Segmentation Analysis
Based on product type segment accounted for almost 64% share of the Cannabis Extract Market in 2019
Based on product, the market is segmented into tinctures and oils. Cannabis tinctures and oils have varied applications into medical field. These are usually used for treating various conditions like cancer, nausea, psychological disorders and similar. The oil segment acquired a larger share of about 64% of the overall market. This is due to its wider application into medical field.
Currently, preference to cannabis oil is more than cannabis tinctures as tracking the accurate consumption of smoked cannabis according to the prescribed dosage is crucial as compared to cannabis oils and extracts. Cannabis tinctures are prepared by dissolving the drug into alcohol and are taken sublingually. Tinctures work faster i.e. in less time of around 15 mins whereas oils require near about 40 mins to start working. This is expected to rise the demand for tinctures in the future and hence is expected to grow at the faster CAGR of 15.6% during the forecast period of 2020 to 2027.
Based on Extract type segment accounted for almost 58% share of the Cannabis Extract Market in 2019
By Extract Type:
Based on extract type, the market is categorized into cannabis isolates and full spectrum. The full spectrum segment dominated the market. It is expected to grow at the fastest CAGR of more than 21% and accounted for a share of near about 58% and was valued at USD 4.13 Billion.
Full spectrum extracts have more health benefits as compared to isolates, is also present in the authentic form in more than 100 other cannabinoids apart from CBD. This makes the full spectrum extracts to product the entourage effect which is a combination of terpenes and cannabinoids. This collaborative relation makes the full spectrum to intensify the healing properties of cannabinoid.
By Type of Nature:
Based on type of nature, the market is divided into Conventional and Organic. As there is a rising demand and trend for organic products globally, the market for organic cannabis is expected to surge during the forecast period. Apart from the manufacturers view, organic growers have better outcome as compared to conventional. Commercially available organic fertilizers, additives and growing media are expected to go long way in the recent years.
On the basis of distribution, the global market for cannabis extract is segmented into indirect and direct distribution channel. Wherein, the indirect distribution channel is further sub-segmented into convenience stores, supermarkets/hypermarkets, e-retailers and specialty stores. As there is more demand of cannabis extract into medicinal use, there is a high demand in pharmaceutical sector thus making the direct distribution channel have the larger market share.
The market is segmented into pharmaceutical, textile & paper, cosmetics and other by application. Cannabis extract has a wide range of applications in the field of pharmaceuticals as it is used in the treatment of various diseases like cancer, nausea, psychological disorders, neurological problems, HIV/AIDS and similar. Also, various countries have done the legalization of marijuana for medicinal use only. This increases the values share of the pharmaceutical industry/segment to have an upper hold as compared to rest industries.
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North America dominated the market by approximately 74.3% of the overall market
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America dominated the market by approximately 74.3% of the overall market and valued around USD 5.26 Billion in 2019. This high share can be attributed due to legalization of marijuana and hence the higher rate of adoption and utilization of the product. Cannabis has been legalized in 10 states in U.S. for recreational consumption since 2012 and the nationwide support for the legalization of cannabis is growing every year. 78% of the Americans in the age group of 18 to 34 years supported legalization of marijuana in 2018. According to SAMHSA; RTI International, in 2017, about 122 million people in the U.S. tried marijuana. Also, according to the latest statistics, the support for medical use of marijuana among all the age groups in the U.S. was around 77%. Cannabis has been approved in 33 states for the medical use, as of November 2018, and is used for the treatments associated with Cancer, AIDS, Glaucoma and others. Hence, factors such as increasing adoption for medical use and increasing support legalization of use of cannabis by the citizens will boost the market in North America in the coming years.
In 2019, Europe was followed by North America to account for the second largest revenue share. The legalization of marijuana in European countries for recreational purpose is still accompanied with strict rules. However, some countries have started to legalize cannabis for medicinal purpose. Italy is considered as the 4th largest consumer of cannabis in terms of concentrates and oil. Thus, the stringent rules in various European countries has limited the overall growth of cannabis market in Europe and thus hindering the growth on the global level.
Others regions like Asia-Pacific, Latin America and Middle East & Africa are also considered as promising markets in the near future. Israel is expected to grow at the fastest CAGR of 32.6% during the forecast period from 2020 to 2027. This high growth is anticipated due to increasing research activity, liberal government policies in the country, increased innovation techniques and a well-developed ecosystem. Recently, in June 2020, the government of Israel announced a plan the advance the cannabis legalization reforms wherein, the legalization laws will be eased for the medicinal use as well as for the recreational purpose.
Top key Players Analysis:
Major players in Cannabis Extract market are Dabble Extracts (U.S.), Colorado Cannabis Company (U.S.), Optimum Extracts (U.S.), Kynd Cannabis Company (U.S.), Aurora Cannabis (Canada), SLANG Worldwide (Canada), The Chronos Group (Canada), Canopy Growth Corporation (Canada), Maricann Group, Inc. (Canada), Aphria, Inc (Canada), Tilray (Canada), ABcann Medicinals, Inc. (Canada), Organigram Holding, Inc. (Canada), Peridot Labs (Canada), GW Pharmaceuticals, plc. (U.K.), Tikun Olam, Ltd. (Israel) among others. These industry leaders are aggressively adopting diverse strategies to grow their market share.
The report segments of global Cannabis Extract market are as follows:
By Extract Type
• Cannabis Isolates
• Full spectrum
By Type of Nature
— Convenience Stores
— Specialty Stores
• Textile & Paper
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o Southeast Asia
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East and Africa
o Saudi Arabia
o South Africa
o Rest of Middle East and Africa
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