North American cannabis concentrate market is expected to hold the largest share over forecast, owing to the growth in product demand in U.S. & Canadian markets

SUITE N202, NEW YORK, UNITED STATES, September 12, 2022 /EINPresswire.com/ -- The Market Research Report covers a forecast and an analysis of the Cannabis Concentrate Market on a global and regional level. The study provides historical data from 2016 to 2018 along with a forecast from 2019 to 2026 based on revenue (USD Billion). The study includes the drivers and restraints of the cannabis concentrate market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the cannabis concentrate market on a global level. The global cannabis concentrate market 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

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In order to give the users of this report a comprehensive view of the cannabis concentrate market, we have included a detailed value chain analysis. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the cannabis concentrate market has also been included. The study encompasses a market attractiveness analysis, wherein segments are benchmarked based on their market size, growth rate, and general attractiveness.

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. The increasing legalization of 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 for 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. 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 the chronic pain domain. Additionally, the increasing cannabis concentrates usage for recreational purposes is expected to majorly drive the cannabis concentrate market, as over 30% of the consumption of marijuana is by people belonging between the 18 and 34 age group.

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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 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.

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 of the 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.

By Region

North America: The U.S, Canada
Europe: France, The UK, Spain, Germany, Italy, Rest of Europe
Asia Pacific: China, Japan, India, South Korea, Southeast Asia, Rest of Asia Pacific
Latin America: Brazil, Mexico, Rest of Latin America
Middle East & Africa: GCC, South Africa, Rest of Middle East & Africa

Frequently Asked Questions

1. What will be the size of the Cannabis Concentrate Market by 2026?
Ans. Global cannabis concentrate market expected to generate around USD 13.78 billion by 2026

2 What are Major Market players compete in Cannabis Concentrate Market?
Ans. Canopy Growth Corporation, Aurora Cannabis, Tikun Olam, Cannabis Science, Aphria, Maricann Group, Tilray, VIVO Cannabis, Medical Marijuana, STENOCARE, Cronos Group, Terra Tech, and MedMen

3. What are the Types of Cannabis Concentrate Market segments?
Ans. Shatter, Budder, Rosin, Live Resin, Others

4. Which Region Performs the largest share over the forecast time period in Cannabis Concentrate Market?
Ans. 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

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