Craft Cannabis Growers in Illinois Approved for Extension to Launch Operations
by Bethan Rose
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by Bethan Rose
If there’s one particular segment of the global cannabis market that oozes the most appeal in terms of consumption diversity, it has to be extracts. The sheer power of the cannabis extract market was recently brought to light in a report by Coherent Market Insights (CMI).
As per the insights, cannabis extracts will deliver a whopping $9,125.8 million to the worldwide economy in 2022, with the market predicted to grasp a compound annual growth rate (CAGR) of 17.3% over the forecast period (2022-2030).
Industry players that want to bolster their presence and success can absorb plenty of valuable information from the report. Let’s take a look at what the CMI team gathered in their recently published analysis of the global cannabis extract market.
A number of trends appear to be thrusting cannabis extracts to the forefront of the global market, including increasing product launches and approvals, prevalence of cancer cases, and widespread novel product development. The analysts also noted a rise in cannabis industry mergers, partnerships, and collaborations, not to mention expansion and acquisitions among key players, as contributing factors to the cannabis extract market’s predicted growth.
One such example is Moreover. In January of last year, the company celebrated the launch of two new sleep-inducing CBD products: Elixinol’s Sleep Rapid Rest Liposome and Sleep Gummies. The company, which develops hemp-derived cosmetic, food, and nutraceutical products, prides itself on producing melatonin-free goods for consumers to enjoy a restful night’s sleep.
Additionally, Tetra Biopharma, in March of this year, obtained guidance from the U.S Food and Drug Administration to strengthen its new experimental aerosol botanical therapy drug, QIXLEEF. Containing controlled doses of the cannabinoids tetrahydrocannabinol (THC) and cannabidiol (CBD), QIXLEEF is now on the verge of obtaining official marketing approval.
In January 2022, global pharmaceutical cannabis lifestyle and consumer packaged goods company Tilray Brands, Inc. confirmed that it would be expanding its medicinal cannabis product range across Australia as well as introducing a new medical marijuana e-learning platform for healthcare providers.
To paint a clear picture of the areas of the global cannabis extract market that are gaining the most traction, the CMI analysts broke down their findings into the following segments:
In terms of competition, numerous important industry players are given a special mention in the report. They include the following:
By taking all of these predictions into account, industry traders and investors can better choose their desired avenues for turning over a profit. In addition to this, the report on the global cannabis extract market indicates that product manufacturers should be funneling their energy into the specific areas of the extract market highlighted in the report.
As an ever-evolving industry, expert insights are a must for anyone who is involved in the legal cannabis space. Plus, with legislation expected to continue spreading across the world map, the importance of staying up-to-date with market happenings is essential for staying at the top of the game.
You can purchase the full research report on the global cannabis extract market from Coherent Market Insights here or click here to request a sample copy.
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