Global Cannabis Concentrate Market: Overview
Demand for cannabis concentrate is growing and from 2019 to 2027, the rate of this growth would be stellar. One of the biggest factors of growth in the market would be adoption of medical marijuana. It is used to manage cancer, Alzheimer’s and arthritis.
It is extensively used to manage chronic pain and inflammation. Besides, it is also being used in treatment and management of epilepsy, anxiety, and depression. This is also a notable growth propeller in the market. Legalization of marijuana use on some counties for recreational purposes is also pushing the global cannabis concentrate market over the forecast period. Tax generation opportunities also look lucrative to governments, driving the market to better trajectory. Easy availability in the countries where it has been legalized in various forms also goes in favor of market growth.
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Global Cannabis Concentrate Market: Notable Developments
To strengthen market position, the players marking the fairly fragmented vendor landscape of global cannabis concentrate market opt for numerous measures. This pro-activeness leads to some very notable developments and even growth in the market. One such significant development is outlined below.
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2017: Danish Cannabis ApS partnered with Canopy Growth Corporation to start a new joint venture. It is called Spectrum Denmark ApS and it aims to improve penetration in the European market.
Major players operating in the cannabis concentrate market are:
- Aphria Inc.
- Canopy Growth Corporation
- Aurora Cannabis
- Maricann Inc.
- Organigram Holdings Inc.
- The Cronos Group
- TilrayTikun Olam, Ltd.
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Players opt for numerous growth strategies in order to beat competition and stay ahead of the curve. As can be noted from the market development mentioned above, mergers and acquisitions, and partnerships and collaborations hold a prominent place in the overall growth strategy. Key alliances have time again provided players with an edge in certain markets. Additionally, research and development would also be a notable determinant in the market.
Global Cannabis Concentrate Market: Key trends and driver
The global cannabis concentrate market is growing at a robust rate. And, numerous growth factors are responsible for this growth. A glimpse into some of the prominent ones is provided below:
- Perspective of physicians is changing in favor of use of marijuana in a major way. Therefore, one can note here without surprise that that use and prescription of a number of products is growing. This is a significant factor of growth in the market with gummies, oils and tinctures now being used.
- Social media is creating more awareness regarding use of CBD and other concentrates of cannabis. Influencers such as Rachel Brathern are widely promoting the use for its various beneficial uses among her followers which run into billions. This is set to increase demand substantially.
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Global Cannabis Concentrate Market: Regional Analysis
Legalization of marijuana is set to be a significant growth factor for the North American region, driving it towards a sizeable share of the cannabis concentrate market. Besides, increase in medical marijuana is leading the region to further growth. As geriatric population grows, along with a higher incidence of cancer, demand for this is increasing substantially. It is quite pertinent to note here that medical marijuana is used to treat not just cancer but also pain and inflammation. In terms of revenue, Europe will account for a notable share of the cannabis concentrate market as well as consumption of concentrates and oil grows. Additionally, note that Israel will grow at a stellar pace over the forecast period.