Connect with us

Hi, what are you looking for?

Wednesday, Aug 17, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Extract market projected to have exponential growth: Coherent Market Insights

International cannabis concentrate sector anticipated to triple in value by 2030

Extract market projected to have exponential growth: Coherent Market Insights
Photo via Unsplash - Jeff W

A market intelligence and consulting organization headquartered in India has released new data indicating that the global cannabis extract market will become much larger by the end of the decade.

On Wednesday, Coherent Market Insights (CMI) revealed that its industry analysts estimated the international concentrate sector to be valued at approximately US$32.6 billion by 2030.

That number is quite astounding considering that CMI estimated that same market to be worth a mere US$9.1 billion this year in comparison. A compound annual growth rate (CAGR) of 17.3 per cent is anticipated to be observed during the 2022-2030 forecast period.

Photos via CMI

Read more: Lehua partners with Maven Genetics for limited edition beverage

Read more: California farmers begin paving Emerald Road

CMI has clients from over 57 countries around the globe and takes pride in assisting them with critical business decisions. The organization offers consulting services, market intelligence reports and customized research solutions.

Key trends propelling the cannabis extract market forward include the prevalence of cancer and inherent use of concentrates for therapeutic purposes, consistent new product approvals and development of novel extract merchandise — and various partnerships and collaborations among key figures operating within the sector.

The pain management segment accounted for the largest market share this year, largely attributed to high cancer rates — according to CMI.

Full spectrum, broad spectrum and isolates are the three main types of extracts — and examples of popular products within the market include oil, hash, shatter and wax.

Hospital pharmacies, online pharmacies and retail pharmacies are the three primary distribution channels for the market.

Key market players focused on production of extract products include Organigram Holdings Inc. (NASDAQ: OGI), Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC), Medical Marijuana, Inc. (OTC: MJNA) and several others.


Follow Mugglehead on Twitter

Like Mugglehead on Facebook





Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Coming soon

Advanced Nutrients founder 'BigMike' will host new cannabis-themed reality TV series


Cannabinoids, terpenes and overall efficiency increased significantly


Company revenue increased 49% year over year and 1% sequentially, but annual operational costs increased by 111%


New cannabinoid drinks also contain trio of vitamins and 'proprietary patent pending water-soluble technology'