The global cannabis concentrate market size was worth around USD 6.17 Billion in 2023 and is predicted to grow to around USD 44.35 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 24.5% between 2024 and 2032.
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Market for Concentrates of Cannabis: Factors Affecting Growth
Psychoactive—that is, altering the mind—drug cannabis, sometimes referred to as marijuana. Tetrahydrocannabinol and cannabinoid are the principal psychotropic components. These are derived from the herb cannabis and usually known as marijuana concentrate, taken as an intoxicant producing intoxicated moods and hallucinations. Among the several forms available for cannabis concentrates include oils, hash, shatters, wax, and vaporizers. One consumes cannabis concentrates straight-forwardly, in pills, chewing gum, or another form. The pharmaceutical and healthcare sectors find extensive usage for cannabis concentrates in a variety of projects. The main determinant of the future global cannabis concentrate market growth is this.
But its use is restricted to nations like U.S., Canada, Australia, Belgium, Spain, and the Netherlands since absence of substantial scientific evidence supports cannabis concentrate to be useful in the treatment of ailments. Growing demand for marijuana for recreational use is expected to drive the cannabis concentrate industry throughout the projected period even more. But the limited legalization and convoluted legal framework for cannabis use can hinder the worldwide expansion of the market for cannabis concentrate.
We have incorporated a thorough value chain study to provide the users of this report a whole picture of the cannabis concentrate market. Furthermore included is a study of Porter’s Five Forces model for the cannabis concentrate market in order to grasp the competitive scene in the sector. The study covers a market attractiveness analysis in which segments are benchmarked according on their market size, growth rate, and overall appeal.
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The Global Cannabis Concentrate Market is segmented based on product, application and region
Global Cannabis Concentrate Market: Product Segment Analysis
● Shatter
● Budder
● Rosin
● Live Resin
● Others
Global Cannabis Concentrate Market: Application Segment Analysis
● Pharmaceuticals
● Food Industry
● Recreational
● Others
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The Global Cannabis Concentrate market profiles key players such as:
● Canopy Growth Corporation
● Aurora Cannabis
● Tikun Olam
● Cannabis Science
● Aphria
● Maricann Group
● Tilray
● VIVO Cannabis
● Medical Marijuana
● STENOCARE
● Cronos Group
● Terra Tech
● MedMen
Market for Cannabis Concentrates: Regional Analysis
The regional sector covers demand for North America, Europe, Asia Pacific, Latin America, the Middle East and Africa both now and going forward.
Due to the expansion in the product demand in the U.S. and Canadian markets, the North American cannabis concentrate market is likely to have the highest share over the forecast period. Future fuel for the cannabis concentrate market in the area is expected to come from growing knowledge of its health advantages. Leading cannabis firms including Aurora Cannabis, Medical Marijuana, and Canopy Growth—who are always developing new products to meet different consumer needs—help to promote the cannabis concentrate sector in the area.
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