The global cannabis extracts market may reach at least $32.5 billion within the next eight years.
According to a new market report from Coherent Market Insights, the industry is currently worth an estimated $9.1 billion. At its projected growth rate, the market would nearly quadruple by 2030.
The main driver for the extracts market’s growth isn’t just about getting lit, either. The report’s press release states the main driver are medical and wellness uses, particularly for maladies such as cancer and chronic pain.
“Among the indication type, the pain management segment is accounted for the largest market share in 2022,” the release stated.
And by international cancer database Globocan’s estimates, worldwide cancer diagnoses would reach 28 million by 2040, a whopping 47% increase from 2020’s estimates.
While most of us think of dabs and waxes when we think of extracts, Coherent Market Insights highlighted biopharma ventures for being a key growth driver for the extracts industry. Its press release cited two companies, Elixinol Wellness and Tetra Biopharma, as examples of businesses making wellness and medical products with cannabis extracts.
Both THC- and CBD-rich products were included in the report’s calculations.
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