The global cannabis concentrate market is on the verge of substantial growth, with revenues expected to surge from US$1.6 billion in 2022 to a projected US$2.45 billion by 2030, representing a robust Compound Annual Growth Rate (CAGR) of 6.30% between 2023 and 2030, according to the latest market analysis conducted Fairfield Market Research.
Key Market Trends and Highlights:
- Medical Cannabis Driving Growth: The increasing prevalence of chronic conditions such as diabetes, cancer, and others is a significant driver of the cannabis concentrate market. The market is witnessing a gradual acceptance and usage of medical cannabis as more countries legalize its use for various medical purposes. Notably, the FDA has approved cannabis concentrate for treating specific medical conditions, further propelling market growth.
- Recreational Use on the Rise: The legalization of cannabis for recreational purposes is contributing to substantial market growth. As more governments embrace recreational cannabis use, there is a surge in demand for high-quality cannabis concentrates to meet the needs of recreational users. Legalizing recreational cannabis is also associated with economic expansion, job creation, and reduced law enforcement costs.
- North America Dominates: North America, particularly the United States, boasts the largest cannabis concentrate market globally. The legalization of cannabis for both medical and recreational use in numerous U.S. states has created a massive supply and demand for cannabis products. This region continues to witness rapid growth, driven by increasing awareness of cannabiss therapeutic benefits and safer use compared to alcohol.
Challenges and Opportunities:
- Financial Hurdles: Banking remains a significant challenge for the cannabis concentrate industry, with limited access to financial services due to the varying legal statuses of cannabis across different regions. Traditional banks are hesitant to serve cannabis concentrate businesses, creating disparities in access to financial resources.
- Stringent Regulations: Divergent regulations in different regions present hurdles to market growth. Compliance with various state and country-specific regulations can be costly and complex for businesses operating in the cannabis concentrate sector.
Future Trends and Opportunities:
- Policy and Regulatory Relaxation: The ongoing relaxation of regulations, especially in response to the COVID-19 pandemic, has created opportunities for the cannabis concentrate market. More jurisdictions are formalizing cannabis-related activities, making it easier for consumers to access information and products, which is expected to drive consumption and market growth.
- Cannabis-Infused Edibles: The market for cannabis concentrate is experiencing robust growth, with increased demand for cannabis-infused edibles. Many companies are investing in research and development to explore various genetic enhancement techniques and create low-dose edible products for individuals seeking medical benefits without the psychoactive effects.
- R&D and Novel Product Development: Manufacturers are focusing on research and development to enhance cannabis concentrate products and delivery systems. This research is expected to result in the creation of improved product strains and innovative consumption methods, further stimulating market growth.
Top Companies in the Cannabis Concentrate Market:
- 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
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
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