Cannabis Extract Market Share

North America Market Analysis

North America in cannabis extract market is likely to dominate over 33% revenue share by 2036. This growth can be driven by factors such as high demand for cannabis for recreational and medicinal purposes, legalization of recreational and medical cannabis across various states in the U.S. and nationwide in Canada. As of January 2021, 36 states and District of Columbia (DC) have legalized medical cannabis usage while 14 states and DC have legalized recreational cannabis.

Moreover, there is a growing research on use of cannabis extracts for treating medical conditions such as chronic pain, anxiety, epilepsy, multiple sclerosis as well as cancer. Healthcare institutes and leading companies are working together to develop and launch these products. This has also resulted in increasing demand for cannabis extracts. For instance, in June 2024, Prodigy Processing Solutions partnered with Refined Processes LLC to stablish first-of a kind GMP-complaint medical cannabis extraction facility in the US while Naturae expanded their brand and product base in 2023 with the launch of Jumbodose. Jumbodose is a full-spectrum cannabis oil tinctures line available in different varieties to induce distinct cognitive effects.

The United States has some of the largest cannabis companies along with 15,000 cannabis dispensaries. The sales of cannabis extracts in Canada have rapidly increased in the recent past due to high demand for recreational and medical cannabis. In October 2018, Canada become the second country after Uruguay to legalize cannabis for recreational use and the first major industrialized country to provide legal and regulated cannabis for non-medicinal purposes.

Europe Market Analysis:

The Europe cannabis extract market is expected to register a staggering CAGR over the forecast period due to rising number of cannabis users. According to a recent survey by European Union Drugs Agency 2024, cannabis use among EU population between 15 to 34 years is at 15%.  Legalization of cannabis is another important factor, driving market growth in Europe. In July 2023, the government of Luxembourg legalized use of marijuana in private and permitted home is growing, while in February 2024, Germany legalized home growing of cannabis and non-profit cannabis growing clubs. This has also resulted in increasing number of licensed cultivators.

Other factors such as increasing aging population, growing awareness about its potential benefits, and expanding medical applications of cannabis extracts are expected to drive market growth in Europe going ahead.