Seattle, July 20, 2022 (GLOBE NEWSWIRE) — According to Coherent Market Insights, the global cannabis extract market is estimated to be valued at US$ 9,125.8 million in 2022 and expected to exhibit a CAGR of 17.3 % over the forecast period (2022-2030).
Key Trends and Analysis of the Global Cannabis Extract Market:
Key trends in the market include increasing cancer prevalence, launches, approvals and development of novel products, and collaborations, partnerships, mergers, expansion and acquisitions among key players. These key trends are expected to aid in the cannabis extract growth.
For instance, in March 2022, Tetra Biopharma, a biopharmaceutical company announced that its investigational new drug involving cannabinoids, QIXLEEF, received guidance to strengthen its nonclinical and toxicological data from the U.S Food and Drug Administration, which brings it closer to marketing approval. QIXLEEF is an aerosol botanical therapy with fixed doses of tetrahydrocannabinol (THC) and cannabidiol (CBD), both cannabinoids derived from cannabis.
Moreover, in January 2022, Elixinol Wellness Limited, which develops hemp derived nutraceutical, cosmetic and food products announced the launch of two new innovative CBD products focused on supporting sleep. Elixinol’s Sleep Rapid Rest Liposome and Sleep Gummies are melatonin-free options for consumers to support optimal sleep.
Key players operating in the global cannabis extract market are focusing on the adoption of inorganic growth strategies such as expansion in order to strengthen their presence in the global market. For instance, in January 2022, Tilray Brands, Inc. is a global pharmaceutical cannabis lifestyle and consumer packaged goods company announced the expansion of its medicinal cannabis product offering in Australia and a new medical cannabis e-learning platform for healthcare providers.
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Key Market Takeaways:
The global cannabis extract market is expected to exhibit a CAGR of 17.3 % over the forecast period, owing to rising collaboration among the industry players. For instance, HYTN Innovations Inc., a company which formulates, manufactures, markets, and sells premiums cannabis goods announced that through a manufacturing and sales agreement with Promethean BioPharma, a company which has cannabis consumer and medical products, it has successfully developed, exported and launched cannabis nano-emulsions into the Australian medical cannabis market.
Among the indication type, the pain management segment is accounted for the largest market share in 2022. For instance, according to the report of Globocan 2020, total new cancer cases diagnosed are 95,037,10
Competitive Landscape:
Key players operating in the global cannabis extract market include Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., MedMen, Teva Pharmaceutical Industries Ltd., and Organigram Holdings Inc.
