Cannabis Extract Market Poised for Steady Growth in the Future

Cannabis is usually derived from Indian hemp plants, such as Cannabis sativa and Cannabis indica. The main active chemical in cannabis is THC (delta-9 tetrahydrocannabinol). The extracts derived from cannabis concentrates are known as Cannabis Extract. Cannabis concentrates come in many forms, including oils, phoenix tears, shatter, wax, hash and even in vaporizers. They contain very high concentration of cannabinoids and terpenes. Cannabis has a wide range of application in healthcare and pharmaceutical sectors as an antidepressant agent. Cannabis extract is obtained using grain or isopropyl alcohol as a solvent.

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The Cannabis Extract Market can be segmented on the basis of its nature, application and distribution.

On the basis of nature, the Cannabis extract market is segmented into organic and conventional. Owing to the rising demand for organic products in the global market, the value sales of organic products is expected to surge over the forecast period.

On the basis of application, the cannabis extract market is segmented into pharmaceutical, cosmetic and paper and textile industries. Cannabis extract has a wide range of applications in the pharmaceutical industry, where it is used for the treatment of fatal diseases, such as HIV/AIDS, neurological problems and posttraumatic stress disorder. As a result, the value share of the pharmaceutical industry in the Cannabis Extract market is anticipated to be on the higher side as compared to share of other industries.

On the basis of distribution, the cannabis extract market is segmented into direct and indirect channels. The indirect channel is further sub-segmented into supermarkets/hypermarkets, convenience stores, specialty stores and e-retailers. Due to rising demand for Cannabis Extract from the pharmaceutical sector, the distribution through direct channel is expected to witness a surge during the forecast period.

On the basis of region, the Cannabis Extract market is divided into five different regions: North America, Latin America, Europe, Asia Pacific including Japan and Middle East & Africa. A rise in demand for cannabis extract is being witnessed in North American, especially in the U.S., due to the legalization of the product in various sectors, such as pharmaceutical, textile and paper industries, etc. Some of the European countries have begun to use cannabis within the pharmaceutical industry. This is especially happening in Spain, UK, Germany, Greece, Italy, Luxembourg, etc. However, cannabis extracts are still illegal in countries, such as the Netherlands. As a result, North America and Europe will hold a larger share in terms of value and volume sales in the global cannabis extract market.

HIV continues to be a major global public health issue, having claimed more than 35 million lives so far. In 2016, 1.0 million people died from HIV-related causes globally. There were approximately 36.7 million people living with HIV at the end of 2016 with 1.8 million people becoming newly infected in 2016 globally. 54% of adults and 43% of children living with HIV are currently receiving lifelong antiretroviral therapy. On the other hand, depression is also a common mental disorder. Globally, more than 300 million people of all ages suffer from depression. Depression is the leading cause of disability worldwide and is a major contributor to the overall global burden of disease. At its worst, depression can lead to suicide. Close to 800 000 people commit suicide every year. Suicide is the second leading cause of deaths in 15 to 29-year-olds. Cannabis extract is famously used in the treatment of HIV/AIDS and posttraumatic stress disorder. Hence, its use for the treatment of HIV/AIDS and stress disorder will help drive the demand for cannabis extracts in the global market.

Some of the key players in the Cannabis Extract Market are Organa Brands, Peridot Labs, Colorado Cannabis Company, Kynd Cannabis Company, Dabble Extracts, Optimum Extracts, etc.