Global Cannabis Concentrate Market Size Worth $18.5 Billion by 2030 at a 25.04% CAGR

Sandy, United States – Custom Market Insights has published a new research report titled “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 2022–2030” in its research database.

“According to the latest research study, the demand for global Cannabis Concentrate Market size & share was valued at approximately USD 3.94 Billion in 2021 and is expected to reach a value of around USD 18.5 Billion by 2030, at a compound annual growth rate (CAGR) of about 25.04% during the forecast period 2022 to 2030.”

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 cure many 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.

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 variation in the temperature settings in order to obtain the active principles from the cannabis flowers place an important role in the manufacturing process.

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 Drivers

The huge demand for cannabis concentrates and the products made from this substance help to drive the market growth to considerable heights. The multiple health benefits obtained from using cannabis products prove to be an important driving factor for the market’s growth. 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 several 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.

Opportunities

The new flavours 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 flavours and combinations has proven to be an opportunity for the newly introduced startups.

Key market 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.

Key questions answered in this report:

• What is the size of the Cannabis Concentrate market and what is its expected growth rate?
• What are the primary driving factors that push the Cannabis Concentrate market forward?
• What are the Cannabis Concentrate Industry’s top companies?
• What are the different categories that the Cannabis Concentrate Market caters to?
• What will be the fastest-growing segment or region?
• In the value chain, what role do essential players play?
• What is the procedure for getting a free copy of the Cannabis Concentrate market sample report and company profiles?

(This information is primarily sourced from Custom Market Insights.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).