Cannabis Concentrate Market Key
Insights, Opportunity and Driving Factors
in-2023-2030
Fairfield Market Research, a leading provider of cutting-edge market insights and advisory services,
has released an extensive report illuminating the surging growth of the global cannabis concentrate
market. With revenues reaching an impressive US$1.6 billion in 2022, the market is on course to
surpass an estimated US$2.45 billion by 2030, showcasing a robust Compound Annual Growth Rate
(CAGR) of 6.30% from 2023 to 2030.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/cannabisextraction-market
A Market Revolution: Catalysts for Phenomenal Growth
The global cannabis concentrate market is currently in the midst of a transformative journey,
propelled by several pivotal factors:
1. Explosive Medicinal Use: Medicinal cannabis, harnessed from the cannabis plant, is gaining
widespread acclaim for its effectiveness in alleviating a myriad of chronic conditions,
including cancer, arthritis, Alzheimer's disease, and anxiety. Regulatory approvals, including
FDA endorsements for specific medical conditions, are major drivers of market expansion.
2. Thriving Recreational Demand: The legalization of cannabis for recreational purposes is
ushering in rigorous regulatory oversight and substantial economic opportunities, cultivating
a fertile market landscape. Premium cannabis concentrates are experiencing surging demand
among recreational users, bolstering market growth.
3. Dual Legalization – Medicinal and Recreational: Numerous countries have embraced the
legalization of cannabis for both medical and recreational use, paving the way for a
flourishing cannabis concentrate sector. This seismic shift is not only reshaping the industry
but also influencing adjacent sectors.
Navigating Challenges Toward a Radiant Future
While the cannabis concentrate market holds immense promise, it grapples with certain challenges:
1. Limited Access to Financial Support: The intricate regulatory landscape surrounding
cannabis has created hurdles for businesses in the sector to access financial services, with
many banks exercising caution due to differing regulations across countries.
2. Stringent Standards and Regulatory Frameworks: Diverse regulations governing labeling and
packaging in various regions present obstacles for market expansion. Compliance with these
regulations is imperative for industry players.
Capitalizing on Trends and Seizing Opportunities
The global cannabis concentrate market is evolving with notable trends and opportunities:
1. Policy and Regulatory Advancements: Evolving legal frameworks for non-medical use,
encompassing social and cultural reasons, are creating opportunities for market growth.
Enhanced consumer access to information is expected to boost consumption.
2. Cannabis-Infused Edibles: Manufacturers are concentrating on developing low-dose edible
products to cater to individuals seeking medicinal benefits without the associated euphoria,
unlocking doors to new consumer segments.
3. Innovative Product Developments and Robust R&D Initiatives: Responding to escalating
demand, companies are directing resources into research and development to explore
innovative delivery methods and refine product strains.
Regional Highlights
•
North American Market: The United States leads the North American cannabis concentrate
market, with numerous states legalizing both medical and recreational use. Growing
awareness of the therapeutic potential of cannabis is driving market expansion.
•
Asia Pacific Market: The Asia Pacific market is poised for rapid growth, fueled by evolving
political landscapes, cannabis legalization in various Asian nations, and burgeoning research
into the medical benefits of cannabis.
Key Players
The global cannabis concentrate market, characterized by consolidation, features key players
including:
•
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
The global cannabis concentrate market is poised for remarkable growth, driven by escalating
demand for medicinal and recreational use, evolving regulations, and heightened consumer
awareness of its myriad benefits. Industry players are ideally positioned to seize these opportunities
for innovation and expansion.
Click Here for Full Report Insights@ https://www.fairfieldmarketresearch.com/report/cannabisextraction-market
Look Over Transcripts Provided by Fairfield Market Research
Biostimulants and Biopesticides Market
https://www.linkedin.com/pulse/biostimulants-biopesticides-market-set-witness-growth-arjunshukla-gpydf/
Flexible Printed OLED Displays Market
https://www.linkedin.com/pulse/flexible-printed-oled-displays-market-poised-growth-expectedshukla-35clf/
Skin Sensors Market
https://www.linkedin.com/pulse/skin-sensors-market-size-set-surge-18-cagr-valued-us25-arjunshukla-f8k7f/