Full Spectrum Cannabis Extracts Market Expected To Remain Dominant for Next Few Years
Financialnewsmedia.com News Commentary
PALM BEACH, Fla., May 4, 2021 /PRNewswire/ -- Cannabis extracts have gained wide recognition in recent years and are expected to provide impetus to cannabis market growth. Based on product type, cannabis extracts are classified into oils and tinctures. The oils segment is expected to dominate the market in 2019 with a revenue of USD 4.8 billion and is anticipated to witness the fastest CAGR of 17.5%, over the forecast period. Cannabis is usually derived from Indian hemp plants, such as Cannabis sativa and Cannabis indica. The main active chemical in cannabis is THC. 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. A report from Grand View Research said that the global cannabis extract market size is expected to be valued at $28.5 billion by 2027. It also is projected to expand at a CAGR of 16.6% over the forecast period. Growing legalization of cannabis in various countries, preference for cannabis oil and tinctures, and adoption of medical marijuana for treating chronic diseases like arthritis, anxiety, and Alzheimer's are the major factors propelling the growth. Active Cannabis companies in the markets this week include Christina Lake Cannabis Corp. (OTCPK: CLCFF) (CSE: CLC), Cresco Labs (OTCQX:CRLBF) (CSE:CL), Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE: CURA), Harvest Health & Recreation Inc (CSE: HARV), (OTCQX: HRVSF), Truelieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL).
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. "Based on extract type, the market is segmented into full spectrum cannabis extracts and cannabis isolates. The full spectrum cannabis extracts dominated the market in 2019, with a revenue of USD 4.3 billion, owing to the added advantage of the entourage effect. Various manufacturers prefer full spectrum cannabis products owing to their advantages over the isolates. Thus, the segment is expected to remain dominant over the forecast period."
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