The Cannabis Concentrate Market is valued at USD 1,736.0 Million in 2022 and is anticipated to reach USD 3,079.7 Million by 2032. The market is expected to grow at a CAGR of 5.9% from 2022 to 2032.
Psychoactive ingredients such as tetrahydrocannabinol (THC) and cannabinoids are extracted from the herb cannabis sativa, giving rise to a golden and transparent semi-solid mass called the cannabis concentrate.
It is commonly called marijuana concentrate and is enjoyed as an intoxicant, resulting in high moods and hallucinations in consumers. The concentration of THC may vary from product to product. A cannabis concentrate is consumed through chews and gummies, soft gel capsules, or as an additive in food and beverages.
Smoking remains the most popular form of ingestion. As a medicine, cannabis concentrate is used for rare neurological disease treatment. However, there is a lack of staunch scientific support that cannabis concentrate is effective in disease treatment and thus, it’s legally prescribed in limited countries which include some states of the USA, Canada, Belgium, Australia, Netherlands, and Spain.
| Attributes | Details |
|---|---|
| Cannabis Concentrate Market Size Value in 2022 | USD 1,736.0 Million |
| Cannabis Concentrate Market Projected Size Value in 2032 | USD 3,079.7 Million |
| Global Growth Rate (2022 to 2032) | 5.9% CAGR |
| Forecast Period | (2022 to 2032) |
The launch of a wide range of products with a focus on product developments while taking into consideration the rising demand for Cannabis Concentrate. The numerous health benefits obtained from cannabis products prove to be a significant driving factor for the market's growth. The market is expected to expand throughout the forecast period.
Future Market Insights projects the market to remain lucrative, exhibiting growth at 5.9% CAGR between 2022 and 2032 in comparison to the CAGR of 3.4% posted between 2016 and 2021.
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The market grew at a CAGR of 3.4% between 2016 and 2021. Forecasts for growth remain optimistic, with the sales of Cannabis Concentrate predicted to grow at a CAGR of 5.9% between 2022 to 2032. The period marked the entry of various market players and product innovations.
Due to the numerous advantages that can be acquired from using cannabis concentrate, the demand for items made from it has increased in the current market.
As it aids in the treatment of numerous chronic ailments, the therapeutic value of cannabis products demonstrates to be a significant advantage for society. In order to have quicker effects on the skin, the cosmetic industry frequently uses cannabis concentrates when making ointments and lotions. Cannabis concentrates, which are mostly made from cannabis flowers, are also used to treat a range of neurological illnesses.
Recently, there has been market growth in the cannabis concentrate market, especially in North America. Manufacturers are acquiring smaller companies to scale up their production facilities to cater to the immense consumer demand. Regulations are playing a crucial role in determining the trends of cannabis concentrate market growth.
Several health implications surrounding the poor quality of cannabis concentrate have padlocked the cannabis concentrate extraction facilities until they meet the quality standards. On the other hand, the legalization of cannabis concentrate in many U.S. states has encouraged a deeper penetration of cannabis concentrate in the end-use industries.
This has led to an extensive expansion of the specialty food product portfolio containing cannabis concentrate and has become a major food trend. Innovation and availability of varieties in end-use products such as easy to use disposable cartridges act as a major promoters for the cannabis concentrate market. Production technology and product development are intricately entwined as new technology allow manufacturers to make innovations in the extraction processes of cannabis concentrate, which either enables them to preserve the authenticity of cannabis concentrate or to improvise its versatility.
In the past few years, rosin, a relatively new variety of cannabis concentrate has gained popularity and appears to be a fast growing segment. Cannabis concentrate in the food industry is perceived as ethical and more consumer-friendly and hence, this segment is expected to register high growth over the forecast period.
As more cannabis concentrate products continue to gush in the market, specialty retailers are also broadening the shelf space for cannabis concentrate products, further fuelling the cannabis concentrate market growth.
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The rising use of cannabis to treat neurological illnesses, management, behavioral problems, and cancer has led to a high demand for cannabidiol (CBD) candies. Johns Hopkins University estimates that 26% of adults in the United States, or one in every four people, may have a diagnosable mental illness at some point during the year. Because anxiety, sadness, and neurological illnesses are becoming more common, among other factors, it is anticipated that marijuana demand will increase over the projected period.
The market for CBD gummies is expanding quickly, and new brands and products are frequently introduced. FMI analysis reveals that the market is still developing and has significant development potential. Several different CBD gummies are on the market with various tastes, dosages, and price ranges. Due to heightened competition, the average cost of CBD gummies has dropped lately.
Marketing of cannabis concentrate as a sustainable product can be used as a strategy to enhance the consumer base, as the consumer trend is following the trajectory towards sustainable and ethical food sources.
The quality of the cannabis concentrate gains an advantage for manufacturers over other cannabis derivatives and ensures that it fulfills the demands of recreational but health-conscious enthusiasts. Hence, a quality driven approach could also be used by marketers to attract a larger pool of consumers.
With the use of cutting-edge techniques, the number of negative effects brought on by the usage of cannabis products has been reduced. The concentrates are obtained in their original form and the active ingredients of the items are maintained by the vaporizers' cutting-edge techniques. The market for cannabis products has been opened up to legal sales and distribution in a number of nations, which presents a significant opportunity for major companies.
The leading market competitors' escalating competition to produce novel flavors and combinations has proven to be an opportunity for the recently launched startups.
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A significant hindrance to the market's expansion is the exorbitant price tag attached to the use of cannabis concentrates and products. The severe guidelines established by a number of nations regarding the supply and distribution of cannabis products serve as a barrier during the market's early stages of expansion. The different adverse effects of using cannabis products are another factor impeding industry expansion. These factors demonstrate to be barriers to the market's expansion.
According to FMI, the USA is a dominant market for Cannabis Concentrate with a sizable market share of 31.0% globally and it is also expected to exhibit high growth over the forecast period. According to the latest study, Cannabis Concentrate Market is anticipated to expand at a substantial growth rate and register a significant CAGR over the forecast period.
As per FMI’s regional analysis, the region of North America has had the fastest growth due to the enormous demand and supply that exist for cannabis products as a result of the legalising regulations that have been put in place governing its use.
Rapid research and development by the major market players have helped the market to experience significant growth and to focus on potential consumers with the goal of sustaining long-term product sales. This research and development aim to understand the medical benefits as well as the side effects caused by the medicine. Due to ongoing limitations and regulations placed on the use of components, the Asia Pacific region has experienced unrestricted expansion.
The UK Cannabis Concentrate market research gives context for and insight into how, despite the market's slower-than-anticipated growth, opportunities in the UK cannabis market are still quite attractive, exhibiting a market share of 3.9% globally.
According to the FMI analysis, the patient access problems that have so far slowed the market's expansion will disappear as the country starts importing more cannabis concentrate in large quantities and makes more funding available for cannabis concentrate research and the education of medical professionals.
These factors have made it essential for players operating in the market to maintain high-quality standards in the production of Cannabis Concentrate for sustaining sales through 2032.
The FMI analysis of the German cannabis concentrate market shows how, the increasing number of people who have switched to cannabis as a medical treatment over the past two years, due to which the consumption rates have increased significantly. Germany is anticipated to maintain its dominance in the cannabis market for the foreseeable future across research, legislation, healthcare, and industry as the continent's largest economy and most developed cannabis sector, respectively. Accounting for a sizeable market share of 22.0% globally.
The specialty store systems segment, which is based on the distribution channel segment, is anticipated to be the largest revenue generator in the global market in 2022 and is anticipated to maintain its dominance over the anticipated period. The expanding use of cannabis food products by specialty store operators in developed and developing countries is to blame for this. Moreover, supermarkets and hypermarkets offer a one-stop shopping experience where customers can buy all products in the cannabis concentrates food and beverage sector, making it a popular choice.
The Cannabis Concentrate Market was impacted by COVID 19, although only to a limited extent. Changes in factors such as demand, consumption, transportation, consumer behavior, supply chain management, import, export, and production were constrained. The COVID-19 pandemic has also contributed to higher usage rates in a significant way. About half of all cannabis consumers worldwide said they used cannabis to help them cope with stress and anxiety during the epidemic despite unprecedented economic and social disruptions. Additionally, the increase in home-based employment and restrictions on social gatherings promoted greater cannabis consumption than had been anticipated for the year in legal worldwide markets, which resulted in a 35% increase in retail cannabis sales.
Due to the presence of several local and regional competitors, the industry is extremely fragmented and competitive globally. As a part of their growth strategies, leading players in the market are emphasizing strategic partnerships, mergers, and acquisitions to establish a firm foothold in the market. Apart from collaborations, a profound emphasis on research and development for better product rollout will help solidify growth prospects during the assessment period. For instance
Over the forecast period, new companies are expected to enter the Cannabis Concentrate market, both locally and regionally, due to attractive opportunities. Some of the key players in the Cannabis Concentrate Market are listed below.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2016 to 2021 |
| Market Analysis | USD Million for Value & MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, Europe, Germany, UK, France, Italy, Spain, BENELUX, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Vietnam, Philippines, Singapore, Oceania, Australia, New Zealand, MEA, GCC Countries, Turkey, Egypt, South Africa. |
| Key Segments Covered | Product Type, End Use, Distribution Channel, Region, Sales |
| Key Companies Profiled | Indiva Limited; Cannabis Sativa Inc.; Westleaf Inc.; Aurora Cannabis Inc.; Cannara Biotech, Inc,; World Class Extractions Inc.; General Cannabis Corp.; Medical Marijuana Inc.; Canopy Growth Corporation; The Supreme Cannabis Company, Inc.; MediPharm Labs; Radient Technologies Inc.; Neptune Wellness Solutions; Valens GroWorks Corporation.; StillCanna Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers Restraints Opportunity Trends Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Throughout the forecast period, the Cannabis Concentrate Market is expected to grow at a CAGR of 5.9%
By 2032, the Cannabis Concentrate Market is expected to be worth USD 3,079.7 Million.
Currently, the USA is at the top of the market share with 31.0% of the global Cannabis Concentrate Market. UK, Germany, and Japan are also growing at a steady CAGR.
Some of the key players in the Cannabis Concentrate Market include Indiva Limited, Cannabis Sativa Inc., Westleaf Inc., Aurora Cannabis Inc., Cannara Biotech, Inc, World Class Extractions Inc. and Others.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. By Product Type 6.2. By End Use 6.3. By Distribution Channel 7. Global Market Analysis and Forecast, By Product Type 7.1. Shatter 7.2. Budder 7.3. Rosin 7.4. Live Resin 7.5. Others 8. Global Market Analysis and Forecast, By End Use 8.1. Industrial 8.2. Pharmaceuticals 8.3. Food Industry 8.4. Dietary Supplements 8.5. Cosmetics & Personal care 8.6. Recreational 9. Global Market Analysis and Forecast, By Distribution Channel 9.1. Direct 9.2. Indirect 9.3. Pharmacy Stores 9.4. Specialty Stores 9.5. Others 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. East Asia 10.5. South Asia 10.6. Oceania 10.7. Middle East & Africa 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Europe Sales Analysis and Forecast, by Key Segments and Countries 14. East Asia Sales Analysis and Forecast, by Key Segments and Countries 15. South Asia Sales Analysis and Forecast, by Key Segments and Countries 16. Oceania Sales Analysis and Forecast, by Key Segments and Countries 17. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 18. Sales Forecast by Product Type, End Use, and Distribution Channel for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Indiva Limited 20.2. Cannabis Sativa Inc. 20.3. Westleaf Inc. 20.4. Aurora Cannabis Inc. 20.5. Cannara Biotech, Inc. 20.6. World Class Extractions Inc. 20.7. General Cannabis Corp. 20.8. Medical Marijuana Inc. 20.9. Canopy Growth Corporation 20.10. The Supreme Cannabis Company, Inc. 20.11. MediPharm Labs 20.12. Radient Technologies Inc. 20.13. Neptune Wellness Solutions 20.14. Valens GroWorks Corporation 20.15. StillCanna Inc.
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Cannabis Concentrate Market
