Cannabis Extract Market Size, Share & Trends Report

Cannabis Extract Market Size, Share & Trends Analysis Report By Product Type (Oil, Tinctures), By Extract Type (Full Spectrum Extracts, Cannabis Isolates), By Sources (Hemp. Marijuana), By End Use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-3-68038-100-9
  • Number of Pages: 100
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2021
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the cannabis extract market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for cannabis extract market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of cannabis extract market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Cannabis Extract Market Categorization:

The cannabis extract market was categorized into five segments, namely product type (Oils, Tinctures), extract type (Full Spectrum Extracts, Cannabis Isolates), sources (Hemp, Marijuana), end-use (Medical Use, Recreational Use), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The cannabis extract market was segmented into product type, extract type, sources, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The cannabis extract market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-one countries, namely, the U.S.; Canada; the UK.; Germany; Italy; Poland; Czech Republic; Switzerland; Croatia; Netherlands; Australia; China, India; New Zealand; Japan; Mexico; Colombia; Chile; Israel; South Africa, Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Cannabis extract market companies & financials:

The cannabis extract market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Canopy Growth Corporation - Canopy Growth Corporation is a producer and distributor of medical cannabis. The company operates through its subsidiaries that undertake production, packaging, and distribution of marijuana. It is a publicly-traded company listed on TXSV under the symbol “WEED,” and since May 24, 2018, on the NYSE under the trading symbol “CGC.” Tweed, Deep Space, Doja, Ace Valley, and Hiway are some core brands of the company. It sells and promotes its products through Tweed Main Street. The company’s products are dried flowers, oils, concentrates, soft gel capsules, and hemp.

  • Aphria (Tilray Brands) - Aphria, Inc. produces and sells medical marijuana & its derivatives, such as cannabis oils, through the online store or phone. The company provides consultation to patients and physicians. It markets Sativa, Indica, and hybrid varieties of marijuana. Aphria, Inc. is listed on the Toronto Stock Exchange and the U.S. OTCQB Venture Market Stock Exchange. Broken Coast Cannabis Ltd.; FL-Group; ASG Pharma Ltd.; Cannan Growers, Inc.; and Pure Natures Wellness, Inc. are some important subsidiaries of the company. In May 2021, Aphria, Inc. merged with Tilray Brands.

  • AURORA CANNABIS, INC. - AURORA CANNABIS, INC. is a producer & distributor of dried cannabis and cannabis oil. The company provides a variety of cannabis strains with different tetrahydrocannabinol (THC) and Cannabidiol (CBD) levels. The company markets Indica, Sativa, & hybrid varieties of cannabis, and it provides patients with consultation & information on cannabis. The company is vertically integrated, as it is engaged in the cultivation, development, research, and supply of cannabis to retailers. The company operates in 25 countries. It undertakes strategic agreements with various companies for supplying cannabis to industry verticals such as pharmaceuticals, food & beverages, and others.

  • Maricann, Inc. - Maricann, Inc. is a producer and distributor of medical cannabis. The company’s product portfolio includes cannabis oil & buds, and it supplies marijuana plants for home growers. Although the company focuses on the Canadian medical marijuana market, it has a presence in other emerging medical marijuana markets, such as Germany. Maricann is listed on the Canadian Securities Exchange (CSE). It sells its products via online channels. In January 2019, the company changed its corporate name to Wayland Group Corporation.

  • GW Pharmaceuticals plc. (Jazz Pharmaceuticals) - Jazz Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing, commercializing, and discovering novel therapeutic cannabinoid products. The company’s leading cannabinoid product is EPIDIOLEX, a liquid formulation used in treating seizures. The company develops and markets Sativex, an oromucosal spray used for treating spasticity caused due to multiple sclerosis. It received Orphan Drug designation from the U.S. FDA for EPIDIOLEX for treating Dravet syndrome, Lennox-Gastaut syndrome, infantile spasms, and tuberous sclerosis complex. Moreover, it received Fast Track designation from the FDA and Orphan Drug Designation from the European Medicines Agency for the use of EPIDIOLEX for treating Dravet syndrome. The company owns a pipeline of additional cannabinoid products with a growing focus on orphan pediatric neurologic conditions.

  • Tikun Olam - Tikun Olamis the largest supplier of medical marijuana in Israel and is globally known as the pioneer of modern medical cannabis. It is a privately held company operating under the license of the Israel Ministry of Health since 2006. The company is vertically integrated and is engaged in the cultivation of medical cannabis. It held the first cannabis cultivation license in Israel, Australia, and Greece. It developed award-winning strains such as Alaska, Erez, and Midnight. The company operates in the U.S., the UK, Canada, and Australia.

  • Organigram Holdings, Inc. - Organigram Holding, Inc. markets products through its subsidiary, Organigram, Inc. The company produces & markets medical cannabis in Canada, and it offers a broad portfolio of cannabis oils. Some key brands of the company are Banook, Rossignol, Shubie, and Utopia. It is a licensed medical cannabis producer regulated by the Marihuana Medical Access Regulation (MMAR) of the government of Canada. It is a federally incorporated company.

  • The Cronos Group - The Cronos Group is a parent organization comprising various companies that hold licenses or are in the process of obtaining licenses to cultivate and process medical cannabis. Cronos Group of companies has a license issued by Health Canada. The Cronos Group has a network of licensed producers across Canada, which includes the Peace Naturals Project, Original BC Ltd, and Whistler Medical Cannabis Corporation. The company also distributes medical cannabis to pharmacies.

  • ENDOCA - ENDOCA is primarily engaged in manufacturing and distributing pharmaceutical-grade, hemp-derived CBD products worldwide. The company, being vertically integrated, is engaged in the cultivation, processing, extraction, and sale of CBD products. Its primary product portfolio includes CBD capsules & pills, oil, skin care products, extracts, food crystals, and suppositories. It delivers wholesale CBD concentrates of different categories depending on the manufacturing process, such as CO2 extraction, cold-filtered extract, hot-filtered extract (golden CBD oil), and 99% CBD.

  • Isodiol International, Inc - Isodiol International, Inc. manufactures & supplies CBD and hemp-based consumer products in Canada, Europe, Asia, & Latin America. The company operates through five business divisions— CBD Bulk Materials, CBD Ready to Label, Iso-Sport Living Lab, Direct Effects Technology, and Iso-Bev. Its product portfolio includes CBD-based tinctures, capsules, vapes, topicals, beverages, coffee, candies, additives, and kits & bundles. In addition, it offers bulk CBD isolate and full-spectrum CBD oil, along with privately labeled products, to customers. Its products are sold under the brand names IsoDerm, RapidCBD, Pot-OCoffee, BioActive, CBDXtreme, Bradley’s Brand, Iso-Sport, Cannaceuticals, Aquivita, and NanoBoost.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Cannabis Extract Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2016 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Cannabis Extract Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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