According to the study published by Evolve Business Intelligence, the Cannabis extraction market is anticipated to grow at a CAGR of 17.0% from 2020 to 2027. The Cannabis extraction market is expected to reach $6.23 Billion by 2027. Some of the major factors impacting the overall growth of the Cannabis extraction market include Increasing penetration of cannabis-based consumable products. One of the factors hindering the growth of the market is Advertising and marketing restrictions. However, the increasing legalization of Cannabis in developed and developing countries and the growing number of Cannabis dispensaries are expected to register a significant opportunity to market.
According to Lekha, “The COVID-19 pandemic had a negative impact on the cannabis extraction market. There has been a shortage of cannabis raw material and related products had led to supply disruptions and among others had led to the temporary shutting down of many cannabis extraction manufacturers. This had reduced the sales of cannabis extraction market”
The Valens Company Inc. to hold the highest market share in Cannabis Extraction
The Cannabis extraction market has witnessed several new additions to the number of players offering the product. Some of these players are The Valens Company Inc., MediPharm Labs Corp, Decibel Cannabis Company, Neptune Wellness Solutions Inc. MediPharm Labs Launched LABS CANNABIS, which is a new and innovative family of health and wellness products. The Valens Company launched 510 vape cartridges for its newly-introduced DAIZE brand. This product line offers consumers unique and potent formulations with premium cannabis oil made from a curated selection of sought-after cannabis strains
The Cannabis extraction market report published today includes market revenue generated through the sale of extract types such as dry-sieve extraction, water extraction, rosin press extraction, isopropyl oil, or quick-wash iso extraction. The report also includes the analysis of the market based on end-user such as food, medicine, cosmetics, and others.