Cannabis extracts can be obtained from any part of the cannabis plant including stems, flowers, and leaves. The presence of cannabinoids most notably CBD and THC, usually in higher concentration than dry cannabis, has spurred the popularity of cannabis extract among consumers seeking versatile benefits. The various ways of utilization of the extract as oil, budder, sap, and isolates is key to expansion of avenues in the cannabis extract market. Thus, various market products have gathered steam for vaping and dabbing. The popular trend of vaping, pegged in part due to portability and convenience of vapes, has made a big bearing on the prospects in the cannabis extracts market.
A robust drive for various products in the cannabis extracts market has come from the burgeoning trend of medical marijuana. THC- and CBD-infused vape oils are the ones that have earned immense traction among consumers in this regard. Advances made in the vaporizing technologies have increasingly spurred consumers to use cannabis extracts for vaping, especially among newbies. Further, experienced cannabis consumers increasingly prefer consuming cannabis extracts in the form of dabbing. A number of new, interesting methods have cropped up, expanding the sales avenues in the cannabis extract market. Yet another potentially lucrative avenue comes from the use of the extracts in the food industry for infusing food and beverages.
Cannabis Extract Market: Introduction:
Cannabis is usually derived from Indian hemp plants, such as Cannabis sativa and Cannabis indica. The main active chemical in cannabis is THC (delta-9 tetrahydrocannabinol). The extracts derived from cannabis concentrates are known as Cannabis Extract. Cannabis concentrates come in many forms, including oils, phoenix tears, shatter, wax, hash and even in vaporizers. They contain very high concentration of cannabinoids and terpenes. Cannabis has a wide range of application in healthcare and pharmaceutical sectors as an antidepressant agent. Cannabis extract is obtained using grain or isopropyl alcohol as a solvent.
Cannabis Extract Market: Segmentation:
The Cannabis Extract Market can be segmented on the basis of its nature, application and distribution.
On the basis of nature, the Cannabis extract market is segmented into organic and conventional. Owing to the rising demand for organic products in the global market, the value sales of organic products is expected to surge over the forecast period.
On the basis of application, the cannabis extract market is segmented into pharmaceutical, cosmetic and paper and textile industries. Cannabis extract has a wide range of applications in the pharmaceutical industry, where it is used for the treatment of fatal diseases, such as HIV/AIDS, neurological problems and posttraumatic stress disorder. As a result, the value share of the pharmaceutical industry in the Cannabis Extract market is anticipated to be on the higher side as compared to share of other industries.
On the basis of distribution, the cannabis extract market is segmented into direct and indirect channels. The indirect channel is further sub-segmented into supermarkets/hypermarkets, convenience stores, specialty stores and e-retailers. Due to rising demand for Cannabis Extract from the pharmaceutical sector, the distribution through direct channel is expected to witness a surge during the forecast period.
Cannabis Extract Market: Regional Outlook:
On the basis of region, the Cannabis Extract market is divided into five different regions: North America, Latin America, Europe, Asia Pacific including Japan and Middle East & Africa. A rise in demand for cannabis extract is being witnessed in North American, especially in the U.S., due to the legalization of the product in various sectors, such as pharmaceutical, textile and paper industries, etc. Some of the European countries have begun to use cannabis within the pharmaceutical industry. This is especially happening in Spain, UK, Germany, Greece, Italy, Luxembourg, etc. However, cannabis extracts are still illegal in countries, such as the Netherlands. As a result, North America and Europe will hold a larger share in terms of value and volume sales in the global cannabis extract market.
Cannabis Extract Market: Drivers and Restraints:
HIV continues to be a major global public health issue, having claimed more than 35 million lives so far. In 2016, 1.0 million people died from HIV-related causes globally. There were approximately 36.7 million people living with HIV at the end of 2016 with 1.8 million people becoming newly infected in 2016 globally. 54% of adults and 43% of children living with HIV are currently receiving lifelong antiretroviral therapy. On the other hand, depression is also a common mental disorder. Globally, more than 300 million people of all ages suffer from depression. Depression is the leading cause of disability worldwide and is a major contributor to the overall global burden of disease. At its worst, depression can lead to suicide. Close to 800 000 people commit suicide every year. Suicide is the second leading cause of deaths in 15 to 29-year-olds. Cannabis extract is famously used in the treatment of HIV/AIDS and posttraumatic stress disorder. Hence, its use for the treatment of HIV/AIDS and stress disorder will help drive the demand for cannabis extracts in the global market.
Cannabis Extract Market: Key Players:
Some of the key players in the Cannabis Extract Market are Organa Brands, Peridot Labs, Colorado Cannabis Company, Kynd Cannabis Company, Dabble Extracts, Optimum Extracts, etc.
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?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across 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.