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According to Coherent Market Insights, the global cannabis extract market is estimated to be valued at $10.74 billion in 2022 and is expected to exhibit a CAGR of 17.3% over the forecast period (2022-2030).
Key Trends And Analysis
The key players operating in the market are focusing on formulating new product offerings infused with CBD oil to provide consumers with easy access. For instance, in February 2020, Colgate-Palmolive Company (NYSE:CL), an American brand principally used for oral hygiene products, acquired Hello Product, LLC, a company that provides personal care products, and launched a series of CBD oral care brands.
Furthermore, key players operating in the global cannabis extract market are focusing on adoption of inorganic growth strategies such as acquisitions to increase their market presence in the global market. For instance, in August 2019, Exactus, Inc. (OTC:EXDI), manufacturer of hemp-derived phytocannabinoid products, acquired Green Goddess Extracts, a contract manufacturer and formulator of hemp and vape products based in Florida, U.S. The acquisition will help expand Exactus, Inc.'s manufacturing capabilities.
The global cannabis extract market is expected to exhibit a CAGR of 17.3% during the forecast period, owing to the increasing product approvals and launches. For instance, in June 2019, Pure CBD Factory, an online pharmacy for cannabis medical products, announced the launch of Hemp CBD Oil Tinctures, available in three sizes as well as in the form of a topical cream used to help to ease pain.
Key players operating in the global cannabis extract market include Canopy Growth Corporation (NASDAQ:CGC), Aurora Cannabis Inc. (NASDAQ:ACB), Tikun Olam (TASE:TKUN), Cannabis Science Inc., Maricann Group Inc., Tilray Inc. (NASDAQ:TLRY), VIVO Cannabis Inc. (OTCQX:VVCIF), Medical Marijuana, Inc. (OTCPK:MJNA), STENOCARE, Cronos Group Inc. (NASDAQ:CRON), MedMen (OTCQX:MMNFF), Teva Pharmaceutical Industries Ltd.(NYSE:TEVA), and Organigram Holdings Inc. (NASDAQ:OGI).
