Middle East & Africa Cannabis Extract Market Size & Outlook
Middle East Africa Cannabis Extract Market, 2018-2030 (US$M)
Global Market
Related Markets
MEA cannabis extract market highlights
- The MEA cannabis extract market generated a revenue of USD 275.7 million in 2023.
- The market is expected to grow at a CAGR of 37.8% from 2024 to 2030.
- In terms of segment, oils was the largest revenue generating product in 2023.
- Oils is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, South Africa is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 275.7 million |
| Market revenue in 2030 | USD 2,601.3 million |
| Growth rate | 37.8% (CAGR from 2023 to 2030) |
| Largest segment | Oils |
| Fastest growing segment | Oils |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Oils, Tinctures |
| Key market players worldwide | Tikun Olam Cannbit Pharmaceuticals Ltd, Canopy Growth Corp, Tilray Brands Inc, Aurora Cannabis Inc, The Cronos Group, OrganiGram Holdings Inc, Aphria Inc, Maricann Group |
Other key industry trends
- In terms of revenue, MEA region accounted for 6.4% of the global cannabis extract market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- MEA is the fastest growing regional market and is projected to reach USD 2,601.3 million by 2030.
The cannabis extract market in the Middle East and Africa is experiencing significant growth owing to changing attitudes toward cannabis usage, changing regulatory landscapes, and a growing demand for the potential health benefits associated with cannabis extracts.
With an expanding population of potential consumers and increasing recognition of the therapeutic properties of cannabis extracts, the MEA region is emerging as a promising market for the cannabis extract industry, offering significant opportunities for both local and international businesses looking to meet the rising demand for these products.
Furthermore, various players in the market are increasingly adopting strategies, including collaboration, partnerships, and investments. For instance, in January 2021, Green Point, a Beersheba-based startup, exceeded its initial pre-seed target of USD 203,391. This funding will be used to collaborate with partner Univo Pharmaceuticals in the development of an espresso-style machine designed to enable cannabis consumers to produce high-quality cannabis oil vials from various strains effortlessly.
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Cannabis Extract Market Scope
Cannabis Extract Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Aurora Cannabis Inc | View profile | 1,130 | 3498 63 Avenue, Leduc, AB, Canada, T9E 0G8 | www.auroramj.com |
| Canopy Growth Corp | View profile | 1,621 | 1 Hershey Drive, Smiths Falls, ON, Canada, K7A 0A8 | www.canopygrowth.com |
| Tilray Brands Inc | View profile | 1,600 | 265 Talbot Street West, Leamington, ON, Canada, N8H 5L4 | www.tilray.com |
| The Cronos Group | View profile | 1001-5000 | Kontich, Antwerpen, Belgium, Europe | cronos-groep.be/ |
| OrganiGram Holdings Inc | View profile | 987 | 145 King Street West, Suite 1400, Toronto, ON, Canada, M5H 1J8 | www.organigram.ca |
| Aphria Inc | View profile | 501-1000 | Leamington, Ontario, Canada, North America | aphriainc.com/ |
| Tikun Olam Cannbit Pharmaceuticals Ltd | View profile | 51 | The Fourteenth, Tel Aviv, Israel | www.cannbit.com |
| Maricann Group | View profile | 51-100 | Burlington, Ontario, Canada, North America | www.maricann.com |
Middle East & Africa Cannabis Extract Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Cannabis Extract Market Outlook will help companies and investors design strategic landscapes.
Oils was the largest segment with a revenue share of 70.44% in 2023.
Horizon Databook has segmented the Middle East & Africa cannabis extract market based on oils, tinctures covering the revenue growth of each sub-segment from 2018 to 2030.
The cannabis extract market in the Middle East and Africa is experiencing significant growth owing to changing attitudes toward cannabis usage, changing regulatory landscapes, and a growing demand for the potential health benefits associated with cannabis extracts.
With an expanding population of potential consumers and increasing recognition of the therapeutic properties of cannabis extracts, the MEA region is emerging as a promising market for the cannabis extract industry, offering significant opportunities for both local and international businesses looking to meet the rising demand for these products.
Furthermore, various players in the market are increasingly adopting strategies, including collaboration, partnerships, and investments. For instance, in January 2021, Green Point, a Beersheba-based startup, exceeded its initial pre-seed target of USD 203,391. This funding will be used to collaborate with partner Univo Pharmaceuticals in the development of an espresso-style machine designed to enable cannabis consumers to produce high-quality cannabis oil vials from various strains effortlessly.
- Middle East & Africa Cannabis Extract Market Product Type Outlook (Revenue, USD Million , 2018-2030)
- Oils
- Tinctures
- Middle East & Africa Cannabis Extract Market Extract Type Outlook (Revenue, USD Million , 2018-2030)
- Full Spectrum
- Isolates
- Middle East & Africa Cannabis Extract Market Source Outlook (Revenue, USD Million , 2018-2030)
- Hemp
- Marijuana
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa Cannabis Extract Market Outlook, including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa Cannabis Extract Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
Middle East Africa Cannabis Extract Market, 2018-2030 (US$M)
MEA cannabis extract market statistics, by product, 2018-2030 (US$M)
