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.
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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.