Over the recent years, the demand for cannabis extracts such as oils and tinctures has increased at a robust pace. Against this backdrop, the procedure to effectively extract and isolate the active ingredients form cannabis plant has gained substantial traction. Legalization of cannabis is various developing nations have further accelerated a shift toward the cannabis extraction. In addition to this, there are numerous medical advantages of these extraction procedures. It facilitates treatment of several chronic conditions including cancer, arthritis, and Alzheimer's disease. Furthermore, tinctures and oil are also used in the manufacturing of topical and edible products. Considering these possibilities, key players are making robust investments in the RD activities. Such trends are spearheading growth across the global cannabis extraction market.
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Increasing Legalization Across Several Nations, and Favorable Legislation Regarding Cannabis Usage to Catalyze Growth of Market
World over, several government authorities have given a green signal to the use of cannabis or are in the process of. The major goal behind this is to facilitate easy access to medical cannabis. Apart from that, the legalization regarding these products have enabled the extraction, cultivation, production of finished goods, and exportation of cannabis-based products. Several developing countries have even legalized its use for recreational purposes and leisure activities such as vaping. This has led to an increase in the number of people consuming marijuana. The aggregated force of these factors is projected to unlock new growth opportunities for the global cannabis extraction market in the years to come.
Substantial Medical Applications of Cannabis to Aid in Cannabis Extraction Market Expansion
The oil extracted from cannabis has numerous medical benefits. Cannabis oil helps in resolving issues associated with depression such as stress, anxiety, and uneven sleep patterns. With surge in cases of depression, the use of medical cannabis is expected to grow at blistering pace. Moreover, chronic diseases such as cancer are becoming even more prevalent. Cannabis oil is beneficial in the treatment of cancer-related nausea and vomiting. Additionally, drug stores are raising awareness about the advantages and disadvantages of marijuana use and it’s limiting its human consumption. Such wide applications are projected to steepen the growth curve for the global cannabis extraction market in the coming years.
Legalization of Cannabis to Propel Cannabis Extraction Market Growth in North America
North America is expected to remain at the vanguard of the global cannabis extraction market. This is mainly underpinned by the allowance of cannabis usage in several states. In addition, various macro factors such as the legalisation of cannabis and growing public acceptability are providing impetus to the market growth. More productive use for therapeutic processes and use of cannabis extracts to treat ailments such as pain and inflammation are further boosting market expansion. Consequently, these factors are creating a promising outlook for the cannabis extraction market in the region.
Leaders in Global Cannabis Extraction Market
Some of the major players in the cannabis extraction market include Aurora Cannabis Inc., Tikun Olam, Canopy Growth Corporation, Aphria Inc., Cannabis Science Inc., Tilray Inc., VIVO Cannabis Inc., Maricann Group Inc., STENOCARE, Medical Marijuana, Inc., Cronos Group Inc., Terra Tech Corp., MedMen, Teva Pharmaceutical Industries Ltd., and Organigram Holdings Inc.
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