The global size for Cannabis Extract Market was valued at USD 3.5 Billion in the year 2022. It is projected to experience remarkable growth and reach a value of USD 18.0 Billion by the year 2032. This growth trajectory is anticipated to maintain a rapid Compound Annual Growth Rate (CAGR) of 20.0% throughout the forecast period. The surge in revenue can be attributed to several factors, including the legalization of marijuana for both medical and recreational purposes, heightened public awareness regarding the therapeutic properties of the cannabis plant, and a growing demand for cannabis-derived products aimed at addressing various health concerns such as pain, anxiety, depression, and other medical conditions.

Cannabis extracts encompass a diverse range of products that encompass extracts obtained from the cannabis plant, encompassing both marijuana and hemp extracts. These extracts are generated by passing a solvent through finely ground cannabis material, which can include cured or fresh plant parts such as flowers, leaves, and stems. The demand for products derived from cannabis is on the rise, largely due to the legalization of cannabis. Furthermore, there is an increasing demand for cannabis extracts intended for medicinal purposes, driven by an expanding understanding among consumers regarding the therapeutic potential of these substances.

Get a sample of the report @ https://www.reportsanddata.com/download-free-sample/7542

Competitive Landscape:

Some major players included in the global cannabis extract market report are:

• Canopy Growth Corporation
• Aurora Cannabis
• Tilray, Inc.
• Aphria Inc.
• Cronos Group Inc.
• HEXO Corp.
• Organigram Holdings Inc.
• GW Pharmaceuticals
• Curaleaf Holdings, Inc.
• Trulieve Cannabis Corp.
• Charlotte's Web Holdings, Inc.

To know more about the report @ https://www.reportsanddata.com/report-detail/cannabis-extract-market

Driving Factors of the Cannabis Extract Market:

1. Legalization for Medical and Recreational Use: The increasing legalization of marijuana for both medical and recreational purposes in various regions has significantly expanded the consumer base for cannabis extracts, driving market growth.
2. Growing Awareness of Therapeutic Properties: As public awareness regarding the therapeutic properties of cannabis extracts continues to rise, there is a growing demand for these products to address various health issues, such as pain, anxiety, and depression.
3. Increasing Need for Alternative Treatments: The demand for natural and alternative treatments for ailments has led consumers to explore cannabis-derived products as potential solutions, contributing to market expansion.
4. Expanding Medicinal Applications: Ongoing research into the potential medicinal applications of cannabis extracts, including their use in treating conditions such as epilepsy, chronic pain, and certain neurological disorders, is driving market growth.

Restraints of the Cannabis Extract Market:

1. Regulatory Challenges: Despite increasing legalization, regulatory frameworks for cannabis extracts vary widely across regions, leading to uncertainty and hindrances in market growth due to compliance issues.
2. Stigma and Perception: Lingering social stigma associated with cannabis consumption, especially in conservative regions, can impede market growth as potential consumers remain hesitant to try cannabis-based products.
3. Lack of Standardization: Inconsistent product quality and potency levels due to a lack of standardized testing and labeling regulations can impact consumer trust and limit market expansion.
4. Health and Safety Concerns: Some consumers may be cautious about potential health risks or side effects associated with cannabis extracts, limiting the market's adoption among certain demographics.

Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/7542

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

Contact Us:

John W

(Head of Business Development)

Reports and Data | Web: www.reportsanddata.com

Direct Line: +1-212-710-1370a

E-mail: sales@reportsanddata.com

Blogs | Press Release | Industry News | Our competencies

Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports

Browse More Latest Reports @ https://www.reportsanddata.com/report