Cannabis extract market anticipated to generate CAGR of almost 18.6 percent by 2030

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Bethan Rose Jenkins, Cannabis News Writer/Editorial

Fresh insights into the cannabis extract market have been published by Precedence Research. According to the data analysis company’s findings, the value of this market segment is forecast to inflate from USD $7.8 billion in 2020 to USD $31.5 billion by 2030.

This nine-year forecast, which presents industry analysts with an updated insight into the existing market, growth drivers and notable trends, indicates that cannabis extracts could generate a compound annual growth rate (CAGR) of almost 18.6 percent by the year 2030.

Numerous factors are stimulating growth of the cannabis extract market 

This report on the cannabis extract market was compiled after researchers analyzed numerous factors that influence regional growth, including the economic, environmental, social, technological and political ranking of a specific territory.

With knowledge of each region’s stature, the prospective value of investment is better understood. Examples of some regions included in the report include Asia Pacific, Europe, North America and Rest of World.

Listed below are a few areas that the team focused on to conduct their analysis:

  • Cultivation of cannabis for medicinal purposes
  • Increased use of cannabis as an antidepressant
  • Increased rates of cancer, arthritis and other chronic disorders
  • Raised awareness of cannabis’ benefits in developing regions 
  • Broader company focus on innovations in sustainable extractions methods
  • Enactment of legal framework pertaining to cannabis use across developed nations.

A number of important variables, including price analysis, production volume and gross margin analysis, were considered by researchers so as to ensure that knowledge of each region’s cannabis extract market could be gleaned as accurately as possible. Moreover, the researchers focused on each region’s consumption ratio, import-export information and market status. 

CBD is one of the most popular extracts circulating the cannabis and hemp markets

Of all the cannabinoids that can be extracted from the cannabis plant, such as tetrahydrocannabinol (THC), cannabigerol (CBG) and cannabinol (CBN), CBD is acknowledged as one of the most-discussed. The fact that CBD can also be extracted from hemp in large quantities means that it is easily accessible across much of the U.S.; where hemp was legalized following the 2018 Farm Bill’s passage.

ResearchAndMarkets.com recently added the “Cannabidiol Market Size, Share & Trends Analysis Report 2021-2028” report to its offering. The findings really put into perspective the sheer size of the market, which was valued at USD $ 2.8 billion In 2020 and is anticipated to surge at a CAGR of 21.2 percent between 2021 and 2025.

These figures are unsurprising, what with consumer attitudes and behaviors towards CBD products changing at a rapid rate. Proven to possess anxiolytic, analgesic and neuroprotective properties, this rising cannabinoid has further amplified the success of various mainstream industries, including cosmetics, food and beverage, pharmaceuticals and personal care/health & wellness.