Hemp extract market size, share analysis report and trends by product type (oil, tinctures), by extract type (full spectrum extracts, cannabis isolates), by sources (hemp, marijuana), by end use, by region, and segment forecast, 2022 – 2030.
NEW YORK, Sep 13, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of “Hemp Extract Market Size, Trends and Shares Analysis Report by Product Type, by Extraction Type, by Sources, by End Use, by Region and Sectors Forecast, 2022 – 2030 “- https://www.reportlinker.com/p06318466/?utm_source=GNW
Hemp Extract Market Growth and Trends
The global cannabis extraction market size is expected to reach US$15.5 billion by 2030. According to a new report, it is expected to expand at a compound annual growth rate of 20.6% during the forecast period. The growth is attributed to the increased use of cannabis for recreational and medicinal purposes. Various countries have legalized the use of cannabis, reducing the sale on the black market and increasing purchases of legal products.
The industry has also opened up income-generating opportunities for many countries through government taxes on hemp oil and tinctures that are commonly used to treat various ailments, including anxiety, nausea and cancer, and the increasing prevalence of cancer is also an important factor.
The increasing burden of chronic pain has also increased the demand for treatments related to pain management and thus positively impacting growth.
Depending on the type of product, the oil segment accounted for the largest share of revenue at 63.0% in 2021 and is also expected to grow at the fastest rate. One of the supporting aspects is the increasing medical application of the product. Based on the excerpt, the full spectrum segment dominated with a revenue share of 69.7% in 2021. This segment has exploded into the overall market expansion due to the increased use of marijuana for medical and recreational applications. Marijuana legalization has increased product purchases through legal channels, reducing black market sales in many states.
North America accounted for the largest share of revenue with 78.9% in 2021. The legalization of cannabis extract in many sectors, such as the pharmaceutical and other industries, has increased demand for the product across North America, particularly in the United States.
The economic downturn caused by the COVID-19 pandemic has affected every industry, and the cannabis industry has undergone a series of tests.
As industries seek to position themselves in the face of the coronavirus pandemic or even beyond whenever the pandemic scenario is finally resolved, commercial and financial contracts and customer responses come under scrutiny more than ever. But the pandemic has also provided an opportunity for many manufacturers to simplify their operating models, eliminate inefficiencies, and rethink launch or expansion plans.
Highlights of the Hemp Extract Market Report
• The increasing legalization of cannabis in many countries, the demand for hemp oil and tinctures, and the use of medical marijuana to treat chronic diseases are factors that are expected to drive the growth of the industry
• The oil sector dominated with a revenue share of 63.0% in 2021, due to the increasing medicinal applications of the product, simplicity of availability, and low price
• The full spectrum segment retained the leading revenue share of 69.7 per cent in 2021. The entourage effect – a synergistic association between cannabinoids and terpenes that increases the therapeutic properties of each cannabis construct – is one of the main factors boosting the segment’s share
• Based on the source, marijuana had the highest revenue share in 2021 and is also expected to register the fastest compound annual growth rate during the forecast period
• North America accounted for the highest share of revenue with 78.9% in 2021, due to increased product uptake and use due to marijuana legalization in the region
Read the full report: https://www.reportlinker.com/p06318466/?utm_source=GNW
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