The cannabis concentrate market is poised for substantial growth, with revenue forecasted to surge from $1.6 billion in 2022 to an estimated $2.45 billion by 2030. This significant expansion is expected to occur at a healthy Compound Annual Growth Rate (CAGR) of 6.30% between 2023 and 2030, according to a comprehensive report by Fairfield Market Research.
Market Dynamics and Trends
The cannabis concentrate market is witnessing growth driven by several factors, including the rising prevalence of chronic conditions such as diabetes, cancer, and anxiety, which have led to increased demand for cannabis-based products. The market is also benefiting from ongoing product advancements, catering to the expanding demand for cannabis concentrates.
One of the key drivers of growth in this industry is the wide range of health benefits associated with cannabis products, particularly for medical use. The market is expected to expand continuously throughout the forecast period, driven by growing awareness of these benefits.
However, the prohibitive cost of cannabis concentrates and related products remains a major challenge to market growth.
In 2022, the cannabis oils category dominated the market, with a growing number of patients opting for oils over traditional cannabis flowers. Additionally, the recreational segment is expected to dominate the global cannabis concentrate market, with an increasing number of governments legalizing cannabis products for recreational use.
Regional Insights
North America is projected to account for the largest share of the global cannabis concentrate market. The region benefits from massive supply and demand for cannabis products, driven by the legalization policies implemented to regulate their usage. In particular, the United States has emerged as a major market due to the legalization of both medical and recreational cannabis use in numerous states.
The Asia-Pacific region is experiencing rapid growth in the cannabis concentrate market, attributed to increasing consumption rates driven by the adoption of cannabis as a medical treatment.
Growth Determinants and Barriers
The report identifies key growth determinants, including increased use of cannabis for medicinal purposes, approval by regulatory bodies for specific medical conditions, and the adoption of cannabis for recreational purposes.
However, the lack of access to financial assistance and stringent standards and regulations in different regions are identified as significant barriers to market expansion.
Key Trends and Opportunities
The report highlights several trends and opportunities, including policy and regulatory relaxation, the emergence of cannabis-infused edibles, and novel product developments with increasing research and development (R&D) activities.
Competitive Landscape
The global cannabis concentrate market remains consolidated, with leading companies striving to expand their global presence. Notable players in the industry include:
Indiva Limited, Westleaf Inc., Aurora Cannabis Inc., Tikun Olam, Medical Marijuana Inc., Canopy Growth Corporation, MediPharm Labs, Radient Technologies Inc., Neptune Wellness Solutions, Valens GroWorks Corporation, The Cronos Group, Tilray Brands, Inc., Nirvana Group, PharmaCielo, BevCanna.
Global Cannabis Concentrate Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By End-use Sector Coverage, By Geographic Coverage and Leading Companies):
https://www.fairfieldmarketresearch.com/report/cannabis-concentrate-market
Read Our Report:
Cannabis Concentrate Market
https://www.linkedin.com/pulse/cannabis-concentrate-market-future-trends-demands-forecast-vyas-swecf
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