Cannabis Extract Market Size, Share & Growth Report 2032

Cannabis Extract Market: Industry Perspective

The global cannabis extract market size was worth around USD 10.52 billion in 2023 and is predicted to grow to around USD 44.22 billion by 2032 with a compound annual growth rate (CAGR) of roughly 17.42% between 2024 and 2032.

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Global Cannabis Extract Market: Overview

Cannabis is extracted from hemp plants including cannabis sativa and cannabis indica. The products extracted from cannabis concentrates are referred to as cannabis extract. The concentrates consist of highly concentrated cannabinoids and terpenes. The product can also be derived using isopropyl alcohol as a solvent or extracted from the grain.

Global Cannabis Extract Market: Growth Factors

The growth of the cannabis extract market can be attributed to the rise in the use of medical marijuana for treating severe ailments like arthritis, cancer, and Alzheimer's. Apart from this, cannabis extracts are also used to treat neural disorders including epilepsy, anxiety, and depression. Additionally, many countries in North America and Latin America have legalized the use of medical cannabis while some European countries are trying to liberalize the laws governing the use of cannabis. This aspect will propel the expansion of the cannabis extract industry across the globe.

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Moreover, the taxation on the product has been viewed to help the government accrue more income and contribute substantially towards its overall revenue. Widespread usage of the product as an antidepressant across the healthcare and pharma sectors will boost the growth rate of the cannabis extract industry over the upcoming years. The growing need for effectively reducing pain during the treatment of chronic diseases has triggered humungous demand for the product, thereby not only shaping the market's growth but also adding new dimensions to it.

Global Cannabis Extract Market: Segmentation

The cannabis extract market can be sectored into the product, nature, extract type, application, and distribution.

Based on the product, the industry can be segregated into tinctures and oils. Based on the type of nature, the cannabis extract market can be segmented into organic and conventional. In terms of extract type, the sector can be classified into isolates and full spectrum. Application wise, the cannabis extract industry can be divided into pharmaceutical, textile, paper, and cosmetic applications. Based on the distribution, the cannabis extract market can be divided into indirect and direct sales channels.

Cannabis Extract Market: Report Scope

Global Cannabis Extract Market: Regional Analysis

Regionally, the cannabis extract market can be divided into four main regions: Asia Pacific, Latin America, North America, and Europe. North America has made notable contributions towards the overall cannabis extract market size and is predicted to continue its market domination even shortly. The growth of the regional market can be accredited to massive product penetration along with its use due to government approvals in countries such as Canada and the U.S.

Moreover, the European region is likely to contribute lucratively towards the overall market revenue over the ensuing years, subject to liberal policies adopted in countries such as Germany, Spain, Luxembourg, and Italy about its use. In addition to this, a few of the countries in Europe have permitted the use of cannabis in the pharma sector.

Cannabis Extract Market: Competitive Analysis

The global cannabis extract market is dominated by players like:

• Canopy Growth Corporation
• Organa Brands
• Aphria Inc.
• Peridot Labs
• Aurora Cannabis
• Colorado Cannabis Company
• MARICANN INC.
• Kynd Cannabis Company
• Tilray
• Dabble Extracts
• GW Pharmaceuticals plc
• Organigram Holdings Inc.
• Optimum Extracts
• Tikun Olam, Ltd.
• The Cronos Group

This report segments the global cannabis extract market as follows:

By Product Segment Analysis

• Tinctures
• Oils

By Nature Segment Analysis

• Organic
• Conventional

By Extract Type Segment Analysis

• Isolates
• Full Spectrum

By Application Segment Analysis

• Pharmaceutical
• Textile
• Paper
• Cosmetic

By Distribution Segment Analysis

• Indirect Sales Channels
• Direct Sales Channels

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa