by Cannabis extract refers to concentrated chemical compounds that are found in the Cannabis plant. Some key extracts derived from Cannabis include CBD isolate, THC distillate, full-spectrum oil, and terpene blends. These extracts have a wide range of medical uses and are used for relieving chronic pain, reducing anxiety and insomnia, controlling epileptic seizures, and alleviating cancer treatment side effects. The cannabis extract market has witnessed robust growth in recent years due to the legalization of medical marijuana in various countries and increasing awareness about the therapeutic benefits of cannabis compounds like CBD and THC.
The global Cannabis Extract Market is estimated to be valued at US$ 10,704.56 Mn 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:
One of the major trends witnessed in the global cannabis extract market is the increasing acceptance of cannabis as an alternative treatment for various medical conditions. Numerous scientific studies have found cannabis extracts to be effective for relieving symptoms of chronic illnesses like cancer, epilepsy, multiple sclerosis, arthritis, etc. This has pushed governments across countries to legalize medical cannabis. Moreover, cannabis extracts are now being explored for their potential in treating conditions like Alzheimer’s disease, Parkinson’s disease, autism, and more. The growing R&D activities focused on medical applications of cannabis compounds will continue to drive the demand for cannabis extracts over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the cannabis extract market is low as large investments are required to enter this market. Also, existing players have established supply chains and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is high as there are numerous products and players in the market providing cannabis extracts. Buyers can negotiate on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers that supply cannabis plant extracts to extract manufacturers.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives available for the unique therapeutic properties offered by cannabis extracts.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players offering differentiated products. Players compete based on product quality, price, innovation, and brand value.
Key Takeaways
The global Cannabis Extract Market Growth is expected to witness high over the forecast period driven by growing therapeutic applications and legalization of cannabis-based products in many countries. The global Cannabis Extract Market is estimated to be valued at US$ 10,704.56 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
North America currently dominates the market owing to favorable regulations and increasing investments for cannabinoid research in the US and Canada. Europe is also expected to offer lucrative opportunities with countries like Germany allowing medical cannabis. The Asia Pacific region offers high growth potential with countries considering legalizing medical cannabis.
Key players: Key players operating in the cannabis extract market include 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. Players compete on factors such as product range, quality, and pricing.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
