According to Custom Market Insights (CMI), the cannabis concentrate market touched USD 3.94 billion in the year 2021 and is expected to rise to around USD 18.5 billion by the end of 2030 at a compound annual growth rate of 25.04%. The demand for the products obtained from cannabis concentrate has experienced a surge in the current market owing to the numerous benefits which have been obtained from them.
The therapeutic value of cannabis products proves to be an important benefit for society as it helps to cure a number of chronic diseases. Cannabis concentrates are used widely in the preparation of ointments and lotions which are used by the cosmetic industry in order to produce faster effects on the skin. A number of neurological disorders are also treated with the support of cannabis concentrates which are mainly obtained from the cannabis flowers.
The variation in the temperature settings in order to obtain the active principles from the cannabis flowers place an important role in the manufacturing process.
Browse the full “Cannabis Concentrate Market Size, Trends and Insights By Type (Live Resins, Wax, Oil, Chatter, Vape), By End User (Medical, Recreational Next, Food Industry), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/cannabis-concentrate-market/
Regional Snapshots
The region of North America has shown the maximum growth in the demand and supply of cannabis concentrates pertaining to the legalization of cannabis products. A huge number of people belonging to the geriatric population reside in this region who suffered from numerous chronic diseases and find their treatment with the help of cannabis concentrates. Legalization of the cannabis products has also encouraged cultivation and distribution through small-scale industries under strict guidelines laid down by the government with the possession of a license. The region of Europe has also shown considerable growth due to the huge demand for cannabis concentrates experienced in the market.
This region has recently legalized the sales and demand of cannabis concentrates and its products with a view to supporting the development of the market. The advanced health facilities that are provided by the government to the people have greatly influenced the use of cannabis products for the purpose of treatment. Canada and South America also form a major market that utilizes cannabis concentrates and its medicinal products on a large scale.
The region of Asia Pacific shows a slower growth pertaining to the strict guidelines and restrictions laid down by the governing bodies regarding the supply and production of cannabis products. This has hampered the growth of the market.
Market Dynamics
Drivers
The huge demand for cannabis concentrate and the products made from this substance help to drive the market growth to considerable heights. The multiple health benefits that are obtained from the use of cannabis products prove to be an important driving factor for the growth of the market. Chronic diseases related to the neurological system are treated with the help of cannabis products. The cosmetic industry and the healthcare industry are making use of cannabis products on a large scale which proves to be a major driving factor for the growth of the concentrate market.
Restraints
The huge cost associated with the use of cannabis concentrates and products proves to be a major restraining factor for the growth of the market. The strict rules and regulations lay down by a number of countries regarding the distribution and supply of cannabis products prove to be an obstacle during the growth phase of the market. The market growth is also hampered by the various side effects which are produced by the use of cannabis products. These reasons prove to be obstacles to the growing yours of the market.
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Opportunities
The new flavors and combinations which have been introduced by the key market players owing to the extensive research and development carried out prove to be an important opportunity for the growth of the market. The number of side effects produced by the use of cannabis products has been controlled with the help of advanced methods. Advanced methods have been used in the vaporizers to obtain the concentrates in their original form and maintain the active principles of the products. Many countries have offered legalization to the sales and distribution of cannabis products in the market which proves to be an important opportunity for the key market players. The rapidly growing competition among the key market players for introducing new flavors and combinations has proven to be an opportunity for the newly introduced startups.
Challenges
The various restrictions which have been imposed by the government in many countries have presented themselves as a challenge for the sales and distribution of cannabis products in the market. The various side effects which are experienced by the use of cannabis products how are challenging the growth of the market. Certain countries have experienced the misuse of cannabis products which has hampered the demand and supply of the products.
Report Highlights
On the basis of product type, the segment of vape has ruled the market owing to the huge demand which has been experienced. The other types which have been considered under this segment are oils and wax which have seen considerable growth with the increasing use of lotions and ointments which are made by using cannabis concentrates. On the basis of the end user, the medical products segment has boosted the market due to the huge demand experienced by the healthcare department.
The huge number of diseases that have been treated with the help of cannabis concentrates and products has proved to be an important driving factor for the market. According to geography, the region of North America has dominated the segment as a result of the huge demand which has been experienced from the rapidly developing healthcare sectors. Legalization of the sales and production of cannabis products has helped the market to record considerable growth during the future period.
Prominent Players
Indiva Limited, Westleaf Inc., Aurora Cannabis Inc., World Class Extractions Inc., Medical Marijuana Inc., Canopy Growth Corporation, MediPharm Labs, Radient Technologies Inc., Neptune Wellness Solutions, Valens GroWorks Corporation., StillCanna Inc., and Others
Table of Contents: https://www.custommarketinsights.com/report/cannabis-concentrate-market/#table-of-contents
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