Global Cannabis Concentrate Market: Overview
Demand for cannabis concentrate is growing and from 2019 to 2027, the rate of this growth would be stellar. One of the biggest factors of growth in the market would be adoption of medical marijuana. It is used to manage cancer, Alzheimer’s and arthritis. It is extensively used to manage chronic pain and inflammation. Besides, it is also being used in treatment and management of epilepsy, anxiety, and depression. This is also a notable growth propeller in the market. Legalization of marijuana use on some counties for recreational purposes is also pushing the global cannabis concentrate market over the forecast period. Tax generation opportunities also look lucrative to governments, driving the market to better trajectory. Easy availability in the countries where it has been legalized in various forms also goes in favor of market growth.
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Global Cannabis Concentrate Market: Notable Developments
To strengthen market position, the players marking the fairly fragmented vendor landscape of global cannabis concentrate market opt for numerous measures. This pro-activeness leads to some very notable developments and even growth in the market. One such significant development is outlined below.
2017: Danish Cannabis ApS partnered with Canopy Growth Corporation to start a new joint venture. It is called Spectrum Denmark ApS and it aims to improve penetration in the European market.
Major players operating in the cannabis concentrate market are:
- Aphria Inc.
- Canopy Growth Corporation
- Aurora Cannabis
- Maricann Inc.
- Organigram Holdings Inc.
- The Cronos Group
- TilrayTikun Olam, Ltd.
Players opt for numerous growth strategies in order to beat competition and stay ahead of the curve. As can be noted from the market development mentioned above, mergers and acquisitions, and partnerships and collaborations hold a prominent place in the overall growth strategy. Key alliances have time again provided players with an edge in certain markets. Additionally, research and development would also be a notable determinant in the market.
Global Cannabis Concentrate Market: Key trends and driver
The global cannabis concentrate market is growing at a robust rate. And, numerous growth factors are responsible for this growth. A glimpse into some of the prominent ones is provided below:
- Perspective of physicians is changing in favor of use of marijuana in a major way. Therefore, one can note here without surprise that that use and prescription of a number of products is growing. This is a significant factor of growth in the market with gummies, oils and tinctures now being used.
- Social media is creating more awareness regarding use of CBD and other concentrates of cannabis. Influencers such as Rachel Brathern are widely promoting the use for its various beneficial uses among her followers which run into billions. This is set to increase demand substantially.
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Global Cannabis Concentrate Market: Regional Analysis
Legalization of marijuana is set to be a significant growth factor for the North American region, driving it towards a sizeable share of the cannabis concentrate market. Besides, increase in medical marijuana is leading the region to further growth. As geriatric population grows, along with a higher incidence of cancer, demand for this is increasing substantially. It is quite pertinent to note here that medical marijuana is used to treat not just cancer but also pain and inflammation. In terms of revenue, Europe will account for a notable share of the cannabis concentrate market as well as consumption of concentrates and oil grows. Additionally, note that Israel will grow at a stellar pace over the forecast period.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.