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DUBLIN--(BUSINESS WIRE)--Sep 22, 2022--
The "Cannabis Extract Market Size, Share & Trends Analysis Report by Product Type (Oil, Tinctures), by Extract Type (Full Spectrum Extracts, Cannabis Isolates), by Sources (Hemp. Marijuana), by End Use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global cannabis extract market size is expected to reach USD 15.5 billion by 2030. according to this report, it is expected to expand at a CAGR of 20.6% over the forecast period. The growth is attributed to the rising usage of cannabis for recreational and medical purposes. Various nations have legalized cannabis usage which has reduced the sale in the black market and increased legal product purchases.
The industry has also opened revenue-generating opportunities for various countries through government-imposed taxes on cannabis oil and tinctures that are commonly used to treat various ailments, including anxiety, nausea, and cancer. The rising prevalence of cancer is also a significant factor. The growing burden of chronic pain has also increased the demand for treatments related to pain management and thus, positively impacting the growth.
Based on product type, the oil segment held the largest revenue share of 63.0% in 2021 and is also expected to grow at the fastest rate. The product's rising medical application is one of the supporting aspects. Based on the extract, the full spectrum segment dominated with a revenue share of 69.7% in 2021. The segment has been exploding in the overall market expansion due to the increased usage of marijuana for medical and recreational applications. Legalizing marijuana has resulted in increased product purchases through legal channels, reducing black market sales in several nations.
North America held the largest revenue share of 78.9% in 2021. The legalization of cannabis extract in many sectors, such as pharmaceutical and other industries, has increased demand for the product throughout North America, particularly in the United States.
The economic downturn brought on by the COVID-19 pandemic has affected every industry. The cannabis industry went through a series of testing. As industries seek to position themselves through the coronavirus pandemic or even beyond whenever the pandemic scenario is finally resolved, commercial contracts, financials, and customers' responses are being scrutinized more than ever. But the pandemic also provided an opportunity for numerous manufacturers to streamline their operational models, eliminate inefficiencies, and rethink their launch or expansion plans.
Cannabis Extract Market Report Highlights
Market Dynamics
Market Drivers
Market Restraints
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Global Cannabis Extracts Market Variables, Trends & Scope
Chapter 4 Cannabis Extracts Market: Product Type Estimates & Trend Analysis
Chapter 5 Cannabis Extracts Market: Extracts Type Estimates & Trend Analysis
Chapter 6 Cannabis Extracts Market: Sources Estimates & Trend Analysis
Chapter 7 Global Legal Cannabis Market: End-Use Estimates & Trend Analysis
Chapter 8 Cannabis Extracts Market: Regional Estimates & Trend Analysis, by Cannabis Type, Product Type & Application
Chapter 9 Competitive Landscape
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/yx02ps
View source version on businesswire.com:https://www.businesswire.com/news/home/20220922005568/en/
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KEYWORD:
INDUSTRY KEYWORD: CANNABIS NATURAL RESOURCES
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/22/2022 07:58 AM/DISC: 09/22/2022 07:58 AM
http://www.businesswire.com/news/home/20220922005568/en