Report Code: CMI17255

Published Date: August 2022

Pages: 220+

Category: Pharmaceuticals

Report Snapshot

CAGR: 25.04%
3.94B
2021
5.55B
2022
18.5B
2030

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Indiva Limited
  • Westleaf Inc.
  • Aurora Cannabis Inc.
  • World Class Extractions Inc.
  • Others

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Reports Description

The cannabis concentrate market had touched USD 3.94 billion in the year 2021 and is expected to rise to around USD 18.5 billion by the end of 2030 at a compound annual growth rate of 25.04%. The cannabis concentrate is obtained from a variety of flowering plants which has seen its application since ancient times.

These flowers’ main therapeutic benefits are used to treat a variety of chronic conditions that don’t respond well to other conventional treatments. As a result of individuals living longer, there are an increasing number of people who are elderly. The government’s provision of modern healthcare facilities, along with insurance companies’ ability to reimburse users for their use, has made it possible for people to access these services. As a result, more people are now afflicted with chronic illnesses and other conditions.

As a result, the use of marijuana-derived medicines has been observed in the market today. The active ingredients of the complete plant are included in the concentrate made from cannabis rose flowers, which is a key ingredient. For the treatment of a variety of disorders, these active principles show to be of tremendous therapeutic value. The severe regulations and limitations put in place by the governments of different countries governing the sale and distribution of cannabis concentrate and related products operate as a restraint on the market’s expansion.

COVID-19 Analysis:

The tight lockdown and restricted movement imposed by the government as a result of the pandemic epidemic had a significant impact on the demand and supply of the cannabis concentrate industry. This action was designed to prevent the spread of infection, but also interfered with the daily use of cannabis products by regular clients. The government’s restrictions caused a significant setback for the potential customers.

Nonetheless, the post-pandemic period helped the market regain its pace because of the quick increase in supply and demand that occurred. In addition to being used for smoking, cannabis concentrates are used in the pharmaceutical industry’s manufacturing industries where ongoing research and development is being conducted in order to bring new and advanced medicines to society in order to treat a variety of chronic diseases for which there is no effective treatment option at this time.

Growth Factors

The industry has experienced significant expansion as a result of the legalisation of marijuana and cannabis concentrate products in numerous nations throughout the world. Many people are still unaware of the many health advantages that these cannabis products can provide, which has led to the spread of erroneous myths about the effects of medications and other goods made from concentrate. The public’s growing understanding of cannabis products and the health benefits associated with cannabinoids has contributed to the market’s sustained, significant expansion.

Many people around the world complain of experiencing excruciating agony, a problem for which the present medical system offers no lasting relief. With the use of cannabis products, which aid in the management of a body’s chronic pattern of pain, this campaign has found an appropriate response. With the increased research and development by the major market participants, the method by which cannabis flower concentrate is produced has also been updated and developed.

In comparison to the temperature that burns out the original cannabis flower, the temperature at which the concentrate is made from cannabis blossoms is considerably different. This led to the creation of vaporizers, which make it easier to access concentrates while preserving the substance’s active ingredients and preserving the therapeutic benefits of cannabis. The major vape industry players have recently developed advanced vaporizer designs that produce excellent results while preserving the purity of the primary drug. After learning about the advantages of cannabis, many nations around the world have made the sale and distribution of cannabis and its products legal.

This has caused a large-scale supply, production, and distribution of cannabis goods, particularly among developed countries. For a variety of reasons, the Asia Pacific region’s nations have placed restrictions on the use of cannabis and its constituent parts, which has significantly slowed the market’s expansion. On the other hand, several developed nations have authorised the use of cannabis-related products in order to benefit from their advantageous features. The government has approved a set of rules and regulations that allow individuals to grow a modest number of cannabis plants in a household setting with the aid of a permit and engage in sales and supply.

Global Cannabis Concentrate Market 2023 – 2032 (By Product Type)

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Segmental insights

Segmentation of cannabis concentrates market on the basis of product type

Due to the enormous demand seen in the industry, vaping is projected to hold the greatest share in terms of product type. During the current market trend, it has shown to be this segment’s variety with the greatest growth rate, and it is anticipated that this trend will continue in the future. The many items sold under the heading of “shatter” have long been regarded as the most pure cannabis flower derivatives. As it includes between 60 and 90 percent of the ingredients present in cannabis flower, this sort of concentrate is produced under the purest circumstances.

The following category of products, which includes oil and wax, is disseminated widely under this category as a result of the market’s rising demand for natural goods. According to recent market demand, the vape market category experienced the fastest increase, and it is anticipated that this trend would continue in the near future due to rising customer demand for high-quality goods.

In order to relieve patients with their severe chronic pain, topical applications like oil and wax are used. It is anticipated that the market would continue to expand throughout the forecast period due to rising consumer demand for marijuana and its components. According to the texture and type of the skin, oil and wax have been employed in the manufacturing process of various creams and lotions, which offers better benefits due to the cannabis component present in the application. Local applications have proven to be a significant development driver because they draw a sizable number of people who buy drugs and medications over the counter without a prescription.

Global Cannabis Concentrate Market 2023 – 2032 (By Distribution Channel)

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Segmentation of cannabis concentrates market on the basis of end-user

The pharmaceutical industry has experienced the greatest growth in terms of end-users due to the quickening pace of medical research and development, which has led to the creation of cutting-edge medications with the goal of treating a vast array of chronic diseases that are common among residents of developed nations. Several chronic conditions, including cancer, epilepsy, and any neurological problems, can be treated using cannabis concentrate in the form of medications. The quick legalising process that has taken place in several nations throughout the world has led to the quickest development in the recreational business.

Due to the hotel industry’s quick adoption of flavours and test makers, the food business has also seen significant expansion. Cannabis components are employed in food, drinks, and beverages, which will contribute significantly to the market’s growth over the course of the projection period. The market for cannabis concentrates has also seen significant expansion in other segments, such as the market for cannabis smokers who use the drug’s active ingredients as a stimulant. The consumer in this situation experiences a large number of side effects, which proves to be bad for the market.

Report Scope

Feature of the Report Details
Market Size in 2021 USD 3.94 Billion
Projected Market Size in 2030 USD 18.5 Billion
CAGR Growth Rate 25.04% CAGR (2022-2030)
Base Year 2023
Forecast Period 2024-2033
Prominent Players Indiva Limited, Westleaf Inc., Aurora Cannabis Inc., World Class Extractions Inc., Medical Marijuana Inc., Canopy Growth Corporation, MediPharm Labs, Radient Technologies Inc., Neptune Wellness Solutions, Valens GroWorks Corporation., StillCanna Inc., and Others
Key Segment By Type, End User, and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Regional Insights

Geographically, North America has experienced the greatest development due to the enormous demand and supply that exists for cannabis goods as a result of the legalising regulations that have been put in place surrounding the use of this substance. Rapid research and development by the major market players has helped the market to experience significant growth and to focus on potential customers in order to maintain the long-term sales of the products.

This research and development aims to understand the medical benefits as well as the side effects caused by the medicine. Due to the ongoing limitations and regulations that are enforced, the countries in the Asia-Pacific region have experienced unrestricted growth. In order to take advantage of the therapeutic benefits and active ingredients found in the plant, the region of Canada recently legalised the usage of cannabis products. Due to a rise in consumer demand for cannabis concentrates, South America has also made a significant contribution to the market’s expansion.

Due to the severe limits established by the government, the Asia Pacific region has only made a minimal contribution. Considering the advantages that cannabis concentrates offer us, the Middle Eastern market has also demonstrated a significant desire for these products.

Global Cannabis Concentrate Market 2023 – 2032 (By Billion)

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Recently Occurring Events:

  • What disclosure was made about a deal between them to broaden the company’s reach when the canopy growth company acquired the supreme cannabis corporation in April 2021? Making a substantial imprint on the world market was the goal.

Segments covered in the report on the cannabis concentrate market

By Product Type

  • Shatter
  • Budder
  • Rosin
  • Live Resin
  • Others

By End Use

  • Industrial
  • Pharmaceuticals
  • Food Industry
  • Dietary Supplements
  • Cosmetics & Personal care
  • Recreational

By Distribution Channel

  • Direct
  • Indirect
  • Pharmacy Stores
  • Specialty Stores
  • Others

On the basis of Geography

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Cannabis Concentrate Market, (2022 – 2030) (USD Billion)
    • 2.2 Global Cannabis Concentrate Market: snapshot
  • Chapter 3. Global Cannabis Concentrate Market – Industry Analysis
    • 3.1 Cannabis Concentrate Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Many countries legalized the sale and distribution of marijuana
      • 3.2.2 Growing awareness among the people regarding the cannabis products
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By End User
  • Chapter 4. Global Cannabis Concentrate Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Cannabis Concentrate Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Cannabis Concentrate Market – Type Analysis
    • 5.1 Global Cannabis Concentrate Market overview: By Type
      • 5.1.1 Global Cannabis Concentrate Market share, By Type, 2021 and 2030
    • 5.2 Live Resins
      • 5.2.1 Global Cannabis Concentrate Market by Live Resins, 2022 – 2030 (USD Billion)
    • 5.3 Wax
      • 5.3.1 Global Cannabis Concentrate Market by Wax, 2022 – 2030 (USD Billion)
    • 5.4 Oil
      • 5.4.1 Global Cannabis Concentrate Market by Oil, 2022 – 2030 (USD Billion)
    • 5.5 Chatter
      • 5.5.1 Global Cannabis Concentrate Market by Chatter, 2022 – 2030 (USD Billion)
    • 5.6 Vape
      • 5.6.1 Global Cannabis Concentrate Market by Vape, 2022 – 2030 (USD Billion)
  • Chapter 6. Global Cannabis Concentrate Market – End User Analysis
    • 6.1 Global Cannabis Concentrate Market overview: By End User
      • 6.1.1 Global Cannabis Concentrate Market share, By End User, 2021 and 2030
    • 6.2 Medical
      • 6.2.1 Global Cannabis Concentrate Market by Medical, 2022 – 2030 (USD Billion)
    • 6.3 Recreational Next
      • 6.3.1 Global Cannabis Concentrate Market by Recreational Next, 2022 – 2030 (USD Billion)
    • 6.4 Food Industry
      • 6.4.1 Global Cannabis Concentrate Market by Food Industry, 2022 – 2030 (USD Billion)
  • Chapter 7. Cannabis Concentrate Industry – Regional Analysis
    • 7.1 Global Cannabis Concentrate Industry Regional Overview
    • 7.2 Global Cannabis Concentrate Industry Share, by Region, 2021 & 2030 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Cannabis Concentrate Industry, 2022 – 2030 (USD Billion)
        • 7.3.1.1 North America Cannabis Concentrate Industry, by Country, 2022 – 2030 (USD Billion)
    • 7.4 North America Cannabis Concentrate Industry, by Type, 2022 – 2030
      • 7.4.1 North America Cannabis Concentrate Industry, by Type, 2022 – 2030 (USD Billion)
    • 7.5 North America Cannabis Concentrate Industry, by End User, 2022 – 2030
      • 7.5.1 North America Cannabis Concentrate Industry, by End User, 2022 – 2030 (USD Billion)
    • 7.4. Europe
      • 7.4.2 Europe Cannabis Concentrate Industry, 2022 – 2030 (USD Billion)
        • 7.4.2.1 Europe Cannabis Concentrate Industry, by Country, 2022 – 2030 (USD Billion)
    • 7.4 Europe Cannabis Concentrate Industry, by Type, 2022 – 2030
      • 7.4.1 Europe Cannabis Concentrate Industry, by Type, 2022 – 2030 (USD Billion)
    • 7.5 Europe Cannabis Concentrate Industry, by End User, 2022 – 2030
      • 7.5.1 Europe Cannabis Concentrate Industry, by End User, 2022 – 2030 (USD Billion)
    • 7.5. Asia Pacific
      • 7.5.3 Asia Pacific Cannabis Concentrate Industry, 2022 – 2030 (USD Billion)
        • 7.5.3.1 Asia Pacific Cannabis Concentrate Industry, by Country, 2022 – 2030 (USD Billion)
    • 7.4 Asia Pacific Cannabis Concentrate Industry, by Type, 2022 – 2030
      • 7.4.1 Asia Pacific Cannabis Concentrate Industry, by Type, 2022 – 2030 (USD Billion)
    • 7.5 Asia Pacific Cannabis Concentrate Industry, by End User, 2022 – 2030
      • 7.5.1 Asia Pacific Cannabis Concentrate Industry, by End User, 2022 – 2030 (USD Billion)
    • 7.6. Latin America
      • 7.6.4 Latin America Cannabis Concentrate Industry, 2022 – 2030 (USD Billion)
        • 7.6.4.1 Latin America Cannabis Concentrate Industry, by Country, 2022 – 2030 (USD Billion)
    • 7.4 Latin America Cannabis Concentrate Industry, by Type, 2022 – 2030
      • 7.4.1 Latin America Cannabis Concentrate Industry, by Type, 2022 – 2030 (USD Billion)
    • 7.5 Latin America Cannabis Concentrate Industry, by End User, 2022 – 2030
      • 7.5.1 Latin America Cannabis Concentrate Industry, by End User, 2022 – 2030 (USD Billion)
    • 7.7. The Middle-East and Africa
      • 7.7.5 The Middle-East and Africa Cannabis Concentrate Industry, 2022 – 2030 (USD Billion)
        • 7.7.5.1 The Middle-East and Africa Cannabis Concentrate Industry, by Country, 2022 – 2030 (USD Billion)
    • 7.4 The Middle-East and Africa Cannabis Concentrate Industry, by Type, 2022 – 2030
      • 7.4.1 The Middle-East and Africa Cannabis Concentrate Industry, by Type, 2022 – 2030 (USD Billion)
    • 7.5 The Middle-East and Africa Cannabis Concentrate Industry, by End User, 2022 – 2030
      • 7.5.1 The Middle-East and Africa Cannabis Concentrate Industry, by End User, 2022 – 2030 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 Indiva Limited
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Westleaf Inc.
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Aurora Cannabis Inc.
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 World Class Extractions Inc.
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Medical Marijuana Inc.
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Canopy Growth Corporation
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 MediPharm Labs
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 Radient Technologies Inc.
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Neptune Wellness Solutions
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Valens GroWorks Corporation.
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 StillCanna Inc.
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments

List Of Figures

Figures No 1 to 22

List Of Tables

Tables No 1 to 52

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2028
  • Market revenue estimates and forecasts up to 2028, by technology
  • Market revenue estimates and forecasts up to 2028, by application
  • Market revenue estimates and forecasts up to 2028, by type
  • Market revenue estimates and forecasts up to 2028, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Key market players

  • Indiva Limited
  • Westleaf Inc.
  • Aurora Cannabis Inc.
  • World Class Extractions Inc.
  • Medical Marijuana Inc.
  • Canopy Growth Corporation
  • MediPharm Labs
  • Radient Technologies Inc.
  • Neptune Wellness Solutions
  • Valens GroWorks Corporation.
  • StillCanna Inc.
  • Others

FAQs

“North America” region will lead the global Cannabis Concentrate market during the forecast period 2022 to 2030.

The increasing awareness among the people regarding cannabis products and the beneficial factors related to cannabinoids has helped the market to record significant growth over a period of time.

The key players operating in the Cannabis Concentrate market are Indiva Limited, Westleaf Inc., Aurora Cannabis Inc., World Class Extractions Inc., Medical Marijuana Inc., Canopy Growth Corporation, MediPharm Labs, Radient Technologies Inc., Neptune Wellness Solutions, Valens GroWorks Corporation., StillCanna Inc., and Others.

The global Cannabis Concentrate market is expanding with growth with a CAGR of approximately 32.04% during the forecast period (2022 to 2030).

The global Cannabis Concentrate market size was valued at USD 20.47 billion in 2021 and it is projected to reach around USD 197.74 billion by 2030.

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