18 June 2020
Visiongain has launched a new pharma report Cannabis Extract Market Report 2020-2030: Forecasts by Product (Oils, Tinctures), Type (Full Spectrum Extracts, Cannabis Isolates), and Geography (North America, Latin America, Europe, RoW).
The global cannabis extract market is anticipated to grow at a lucrative CAGR of xyz% and anticipated to reach USD xyz billion by 2020.
The key driving factors on this market are increased medical marijuana for the treatment, along with mental conditions such as depression, anxiety, and epilepsy, of chronic diseases such as arthritis, Alzheimer's, and cancer. The growing legalization of medical cannabis in different countries that facilitates access to patients is another factor that is anticipated to stimulate market growth.
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In the areas of the health, nutraceutical, health and welfare, and beverage sectors, CBD extracts are being used to treat distress ranging from chronic pain to anxiety, depression, to epileptic seizures.
The overall growth of the market has been driven by increased marijuana adoption for medical and recreational purposes. The legalization of marijuana has resulted in increasing purchases of products by legal means and in a decrease in sales in the Black market in some countries. The government's tax also is expected to create opportunities for countries to generate revenue.
Due to higher product acceptance and use due to the legalization of marijuana in the region, the largest share of revenue in North America in 2019, was worth USD xyz trillion. Ten years ago, 32 percent of the total population favored and 60 percent opposed legalization. Medical marijuana in 31 U.S. states including Guam, Puerto Rico, and Columbia was legalized in 2018.
Recent statistics show that some 57% of adults in the United States prefer the treatment of pain, inflammation, and cancer to use marijuana for medical purposes. Factors like cannabis legalization, increased public support, and increasing medicinal use of medicinal products will, therefore, boost the regional market growth.
Europe was the second-largest market in 2019. Italian consumption of cannabis oil and concentrates is regarded as the fourth most important. The legalization in European countries, coupled with strict sale and cultivation rules and regulations, could, however, limit European and global growth as a whole. Australia, Germany, Poland, Colombia, Uruguay, and Israel are also promising markets for marijuana.
From 2020 through 2030, Israel is expected to show a CAGR of over xyz% and will become a highly profitable market during the forecast period. This growth is due to factors like innovation, increased research, a well-developed ecosystem, and liberal government policies. In January 2017 the Government invested around $xyz million to study the impact of cannabis on conditions like the rejection of transplant organ and metabolic syndrome in 13 different research projects. The market of health marijuana over the forecast period is expected to be expanded by growing R&D investments.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and launching new products to strengthen their position in the global cannabis extract market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the Cannabis Extract Market.
For instance, on 21st April 2020; Clever Leaves, licensed producer of pharmaceutical-grade cannabis and hemp extracts, and Canopy LATAM Corporation, a wholly-owned and controlled subsidiary of Canopy Growth Corporation announced that both parties have entered into a regional supply agreement.
Under the terms of the agreement, Clever Leaves will supply Canopy LATAM with extracted products from its GMP-certified, licensed cannabis processing system and cultivation sites in Colombia. Clever Leaves has delivered the first of these products to Canopy Growth under the terms of the one-year agreement, which includes an option to renew for two additional years.
The comprehensive market report features companies such as Canopy Growth Corporation, Organa Brands, Aphria Inc., Peridot Labs, Aurora Cannabis, Colorado Cannabis Company, Kynd Cannabis Company, Tilray, Dabble Extracts, GW Pharmaceuticals plc, Organigram Holdings Inc., Optimum Extracts, Tikun Olam, Ltd., The Cronos Group, Maricann Group, Inc. among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, and RoW along with regional sub-markets as U.S., Canada, Chile, Argentina, Colombia, Israel, Germany, Croatia, Italy, Netherlands, Poland, Switzerland, Israel, and Australia.
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