{"id":24379,"date":"2022-11-01T08:00:02","date_gmt":"2022-11-01T12:00:02","guid":{"rendered":"https:\/\/www.veriheal.com\/blog\/?p=24379"},"modified":"2022-10-27T09:58:55","modified_gmt":"2022-10-27T13:58:55","slug":"global-cannabis-extract-market-to-exceed-32-billion-by-2030","status":"publish","type":"post","link":"https:\/\/www.veriheal.com\/blog\/global-cannabis-extract-market-to-exceed-32-billion-by-2030\/","title":{"rendered":"Global Cannabis Extract Market to Exceed $32 Billion by 2030"},"content":{"rendered":"

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<\/a>. The sheer power of the cannabis extract market was recently brought to light in a report by Coherent Market Insights (CMI)<\/a>.\u00a0<\/span><\/p>\n

As per the insights, cannabis extracts will deliver a whopping <\/span>$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).\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

Primary Trend-Drivers and Overview of the Global <\/b>Cannabis Extract<\/b> Market<\/b><\/h2>\n

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.\u00a0<\/span>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.<\/span><\/p>\n

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.<\/span><\/p>\n

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)<\/a> and cannabidiol (CBD)<\/a>, QIXLEEF is now on the verge of obtaining official marketing approval.<\/span><\/p>\n

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.<\/span><\/p>\n

How Is the Global Cannabis Extract Market Categorized?<\/b><\/h2>\n

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:<\/span><\/p>\n