According to the report, the global cannabis concentrate market accounted for USD 3.73 billion in 2018 and is expected to generate around USD 13.78 billion by 2026, at a CAGR of around 17.8% between 2019 and 2026.
New York, NY, June 25, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Cannabis Concentrate Market by Type (Shatter, Budder, Rosin, Live Resin, and Others) and by End-Use (Pharmaceuticals, Food Industry, Recreational, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global cannabis concentrate market accounted for USD 3.73 billion in 2018 and is expected to generate around USD 13.78 billion by 2026, at a CAGR of around 17.8% between 2019 and 2026.
Cannabis or marijuana concentrate is a concentrated mass containing tetrahydrocannabinol or THC as the main component. Cannabis concentrates are obtained via extraction. During the extraction process, solvents like carbon dioxide, butane, or ethanol are used to extract cannabis concentrates from the cannabis plant. Cannabis concentrates are commonly called dabs, which are available in various forms and are referred to by many names like shatter, budder, hash, live resin, and butane hash oil. They are consumed in several ways, such as via a water pipe or vaporizer, cooked in edibles, and rolled in joints. Increasing legalization regarding marijuana usage is mainly expected to fuel the growth of the global cannabis concentrate market over the forecast time period. Furthermore, the growing adoption of marijuana in medicinal uses in treating fatal diseases, such as Parkinson’s, cancer, and post-traumatic stress disorder, is also anticipated to propel the cannabis concentrates market globally.
Browse through 37 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global Cannabis Concentrate Market Size 2018: By Type, Industry Share, Segments, Growth, Analysis and Forecast till 2026”.
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As per a National Health Interview Survey (NHIS), in 2012, about 25 billion adults experienced chronic pain for more than 90 days. This data indicates a big opportunity for the cannabis concentrate market in chronic pain domain. Additionally, the increasing cannabis concentrates usage for recreational purposes is expected to majorly drive the cannabis concentrate market, as over 30% consumption of marijuana is by people belonging between 18 and 34 age group.
Based on product type, the cannabis concentrate market is classified into shatter, budder, rosin, live resin, and others. Rosin is the latest variety of concentrates in the market and is expected to grow at a faster rate as compared to other concentrates, owing to its easy to use the feature. Shatter is the most popular type of cannabis concentrate available, due to its high purity and potency. Live resin is extracted via marijuana plants instead of dried buds, which results in a more flavorful product.
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On the basis of end-use, the cannabis concentrate market is fragmented into pharmaceutical, food industry, recreational, and others. Cannabis concentrate has several pharmaceutical applications, such as treating fatal diseases like AIDS, post-traumatic stress disorder, and neurological problems. Consequently, the pharmaceutical industry is a lucrative segment for cannabis concentrate market and is expected to significantly support the cannabis concentrate market growth over the forecasted years. Recreational cannabis concentrate usage is anticipated to be a rapidly-growing segment in the future. Although recreational cannabis has a very low market presence, its demand is almost equal to medicinal cannabis, and with further legalization, the demand for recreational cannabis is predicted to exceed the demand for medicinal cannabis.
The North American cannabis concentrate market is expected to hold the largest share over the forecast time period, owing to the growth in the product demand in the U.S. and Canadian markets. The increasing awareness regarding the health benefits of cannabis is anticipated to further fuel the region’s cannabis concentrate market in the future. The region’s cannabis concentrate market is further supported by the presence of leading cannabis companies, such as Aurora Cannabis, Medical Marijuana, and Canopy Growth, which are constantly investing in the development of new products to satisfy various consumer demands.
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Countries in Europe are progressively embracing medicinal cannabis programs. According to the United Nations Office on Drugs and Crime, Spain has one of the highest rates of cannabis usage among adults in Europe. It is expected that the Spanish recreational marijuana market will have an online channel by the end of 2019 and will grow at an exceptional pace. German political parties are in talks to consider the legalization of cannabis concentrates for recreational purposes in the upcoming years. These factors are expected to fuel the European cannabis concentrate market over the projected timeframe.
The Asia Pacific cannabis concentrate market is anticipated to grow rapidly over the forecast time period, owing to the rising authorization of medical marijuana and increasing research and development investments for treating fatal diseases like cancer and AIDS. MediPharm Labs Australia received its cannabis manufacturing license on May 21, 2019, which makes the company a pioneer in the Australian cannabis industry and enabling it to encash great opportunities in the immediate future.
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Prominent countries of Latin America, such as Columbia and Uruguay, are working toward becoming the forthcoming suppliers of cannabis concentrate globally. Close proximity to the U.S. also favors these countries for easy product export to the U.S. market. This is expected to create several growth opportunities for the Latin American cannabis concentrate market growth over the forecast timeline.
The Middle East and Africa region is anticipated to show significant growth in the global cannabis concentrate market. Israel is predicted to dominate the region’s cannabis concentrate market in the upcoming years. Israel already has the technology to extract cannabis concentrate, and the recent cannabis legalization is anticipated to make Israel lead the regional market and become one of the major exporters of cannabis concentrate products. The growing footprints of companies in South Africa will also support the growth of cannabis concentrate market in the future.
Some key players operating in the global cannabis concentrate market are Canopy Growth Corporation, Aurora Cannabis, Tikun Olam, Cannabis Science, Aphria, Maricann Group, Tilray, VIVO Cannabis, Medical Marijuana, STENOCARE, Cronos Group, Terra Tech, and MedMen.
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This report segments the global cannabis concentrate market into:
Global Cannabis Concentrate Market: Type Analysis
- Live Resin
Global Cannabis Concentrate Market: End-Use Analysis
- Food Industry
Global Cannabis Concentrate Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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