London, April 18, 2024 (GLOBE NEWSWIRE) -- Global cannabis concentrate market is poised for significant expansion, with revenue expected to rise from US$1.6 Bn in 2022 to an impressive US$2.4 Bn by 2030. This forecast represents a healthy CAGR of 6.3% from 2023 to 2030, signaling a bright future for the industry.
The market's upward trajectory can be attributed to the increasing prevalence of chronic conditions such as diabetes and cancer, alongside the growing acceptance and use of medicinal cannabis. As more countries legalise cannabis for medical use, there has been a notable shift toward utilising cannabis concentrates in treatments for various conditions, including pain management and the adverse effects of some medications.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$1.6 Bn | |
| Estimated Market Size in 2030 | US$2.4 Bn | |
| CAGR | 6.4% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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Medical cannabis has been approved by the US FDA for treating conditions like spasticity in multiple sclerosis, Lennox-Gastaut syndrome, Dravet syndrome, and severe epilepsy. The use of cannabis concentrates, which utilise compounds like cannabidiol and delta-9-tetrahydrocannabinol, offers an alternative to traditional prescription drugs and has been gaining traction.
The burgeoning cannabis concentrate market is also fueled by policy and regulatory relaxation. The COVID-19 pandemic highlighted the need for industry support and regulatory easing. As a result, more jurisdictions have established legal frameworks for adult non-medical use, including social, religious, and cultural purposes. This trend is expected to continue opening new opportunities in the market.
Another key driver of growth is the development of cannabis-infused edibles. Low-dose edible products are a prime example, catering to consumers seeking medical cannabis without the euphoric effects. As the market continues to evolve, it presents exciting opportunities for manufacturers and consumers alike. With the potential for comprehensive solutions and a surge in market demand, the cannabis concentrate industry is poised for unprecedented growth in the years to come.
“Novel product developments, and advancements in R&D activities are significantly transforming the cannabis concentrate landscape. Products such as pills, chewing gum, lotions, crystals, flowers, tablets, oil, and oro-mucosal sprays offer consumers a variety of options, contributing to the market's expansion,” remarks a senior analyst at Fairfield Market Research.
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Key Research Insights
- Global cannabis concentrate market revenue is likely to witness more than 1.5x expansion between 2023 and 2030.
- Cannabis oil will be the largest product category.
- The recreational segment is expected to dominate the market share for cannabis concentrates globally.
Insights into Segmentation Analysis
Cannabis Oil Category Surges Ahead
- Cannabis oil segment led the market in 2022.
- Cannabis oil is known for treating sleep issues and reducing stress and anxiety.
- Expected growth during forecast period as more patients prefer oils over flowers.
- The vape category projected to experience the fastest market growth.
- Demand for strong cannabis products is driving popularity of vapes.
- Despite environmental concerns, companies continue producing disposable vapes.
Recreational Sector Leads Other End-Use Industries
- Recreational category dominated the industry in 2022.
- American government’s legalisation of cannabis for recreational use has spurred demand.
- Cannabis use by adults for non-medical purposes growing rapidly.
- The medical use category expected to grow substantially over the forecast period.
- Early medical legalisation in states like California, Colorado, and Washington promoted expansion.
- FDA approval for use in central nervous system treatments boosts medical sector.
Key Report Highlights
- North America is poised to lead the global cannabis concentrate market due to the region's extensive legalisation policies, and stronger demand-supply dynamics of cannabis products.
- The Asia Pacific region is experiencing rapid growth as more consumers turn to cannabis as a medical treatment, reflecting the changing attitudes toward cannabis use.
- The legal landscape surrounding cannabis for recreational use has shifted dramatically in recent years, with more governments authorising its use for non-medical purposes, driving an upsurge in demand and a thriving market for cannabis concentrates tailored for recreational consumption.
Insights into Regional Analysis
North American Market Stands the Strongest
- The US leads North American market, with cannabis legal for medical and recreational use in many states.
- 21 states legalised cannabis for adults by 2022; 37 states plus D.C. permit medical cannabis use.
- Increased awareness of cannabis's therapeutic benefits contributes to market growth.
- Legalisation in more states offers numerous opportunities for industry players.
- Industry evolution driven by mega-mergers, high-value investments, and sales growth.
Asia Pacific Expects the Fastest Pace
- Asia Pacific anticipates significant growth from evolving political landscape and cannabis legalisation.
- Thailand's legalisation of cannabis cultivation increases demand for cannabis and hemp.
- Regional market benefits from pharmaceutical research exploring cannabis's medical potential.
- Policy changes expected to drive rapid demand growth for cannabis products.
Key Companies in Global Cannabis Concentrate Market
- Westleaf Inc.
- Indiva Limited
- Tikun Olam
- Aurora Cannabis Inc.
- Canopy Growth Corporation
- Medical Marijuana Inc.
- Radient Technologies Inc.
- MediPharm Labs
- Valens GroWorks Corporation
- Neptune Wellness Solutions
- Nirvana Group
- The Cronos Group
- Tilray Brands, Inc.
- BevCanna
- PharmaCielo
Global Cannabis Concentrate Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By End-use Sector Coverage, By Geographic Coverage and Leading Companies): https://www.fairfieldmarketresearch.com/report/cannabis-concentrate-market
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