The latest market report published by Credence Research, Inc. “Global Cannabis Concentrate Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The market for cannabis concentrates has been expanding steadily in recent years and is predicted to do so again between 2023 and 2030 at a CAGR of 6.20%. In 2022, the market was estimated to be worth USD 1.9 billion, and by 2030, it is predicted to be worth USD 2.89 billion.
The report highlights the main drivers of the global cannabis concentrate market, including the rising demand for cannabis extracts for both recreational and medicinal purposes, the increasing legalization of cannabis in some countries, and the growing cases of chronic diseases that can be treated with cannabis concentrates.
However, the market also faces challenges such as unfavorable government laws, a lack of international clinical trial data on cannabis, and negative side effects associated with cannabis concentrate consumption. These challenges hinder the market’s growth potential.
Cannabis Concentrate Market Major Challenges are a significant hurdle that the industry is currently facing. One of the most prominent challenges is related to regulation and compliance. As cannabis concentrates continue to gain popularity, governments around the world are struggling to keep up with regulations surrounding their production, distribution, and sale. Another challenge for the cannabis concentrate market is product consistency and quality control. Due to inconsistencies in manufacturing techniques, there can be wide variations in potency and purity levels from one batch to another. Additionally, many consumers remain skeptical about using cannabis concentrates due to concerns about potential health risks associated with consumption methods such as vaping or dabbing. Finally, competition within the market continues to increase as more companies enter this space which makes it difficult for new entrants looking for a foothold in this rapidly evolving sector.
Nonetheless, the global cannabis concentrate market offers significant growth opportunities, including the potential for growth in the North American region due to the increasing legalization of medical cannabis and the widespread knowledge of the health benefits of cannabis concentrates, particularly products like CBD oil.
Key players in the global cannabis concentrate market include Indiva Limited, Westleaf Inc., Aurora Cannabis Inc., World Class Extractions Inc., Medical Marijuana Inc., Canopy Growth Corporation, MediPharm Labs, Radient Technologies Inc., Neptune Wellness Solutions, Valens GroWorks Corporation, StillCanna Inc., and others. These companies focus on product innovation, expanding their distribution channels, and mergers and acquisitions to maintain their market position.
In conclusion, the global cannabis concentrate market is experiencing steady growth due to the increasing demand for cannabis extracts and the expanding legalization of cannabis in some countries. Despite challenges from regulations and side effects, opportunities for growth exist through medical cannabis legalization and ongoing product innovation.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Cannabis Concentrate Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the End-Use and Type
- Major nations in each region with their import/export statistics
- The global Cannabis Concentrate Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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