Cannabis is a common word used for a variety of products sourced from the Cannabis plant. These products include fresh flower buds, extracts, infused edibles, and many more. One of these product categories is also cannabis concentrates. As these products continue gain in popularity, let’s take a closer look at the cannabis concentrates market forecast and current growth.
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Concentrates are typically the richest form of the original cannabis plant. As the name suggests, these products are usually extracted, removing unnecessary components, leaving only the necessary compounds. To name a few, concentrates may be available as isolate or full-spectrum oils, salves, wax, and shatter. Let’s take a look at the markets and forecasts for concentrates.
Market Division
The market for cannabis concentrates is primarily divided into two groups – recreational and medicinal.
The latter, typically, does not has any THC, or it is below 0.3%. Plus, it is generally extracted from hemp.
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On the other hand, the former is rich in THC and other cannabinoids. For this reason, it is usually sought for the high that it causes.
Legalization Among Countries
Cannabis and its products are legal in more countries than you can think of. However, most people only recognize the US, Canada, and a few European countries that have legalized or decriminalized cannabis use and possession.
Current Market For Concentrates
At present, the most promising markets for cannabis concentrates are the US and Canada.
However, it is noteworthy that the US has still not federally legalized the use and possession of cannabis, albeit all 50 states have some form of decriminalization laws in place.
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For instance, people can buy medical concentrates in 36 states, but only 16 states have allowed access to THC.
In contrast, Canada has completely legalized the possession and consumption of cannabis and its products. Meaning, consumers can look for shatter Canada and other extracts for recreational purposes. However, it is still illegal to bring in or take out cannabis across country borders.
Nonetheless, the global cannabis concentrates market is valued at USD 1,788 million as of 2019. And according to a market report, it was expected to grow up to USD 5,940 million by 2026 at a CAGR of 17%.
Impact Of Covid On Concentrates Market
While the previous report indicates a remarkable growth through 2020 and beyond, the Covid 19 pandemic shifted the market dynamics.
According to another report, the sales of concentrates shot up by 40% during the pandemic. It has given the global market for recreational cannabis a tremendous boost.
Forecast For The Years To Come
Since the pandemic has changed the market dynamics, sales are expected to grow at a much higher annual rate.
According to some reports, the global cannabis concentrates market may witness a CAGR of 19% from 2020 to 2024.
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This leads us to a groundbreaking conclusion that investments in the cannabis concentrate industry can be quite fruitful for new business owners.
Cannabis Concentrates Market Forecast And Current Growth: The Bottomline
Investments in cannabis concentrate stocks can be a good gamble, particularly for new investors. The market is promising and is expected to grow at quite a stellar rate.
Nonetheless, we recommend you consult with the investment experts who can help you know where to put your money. And what to expect in returns.
Cannabis Concentrates Market Forecast And Current Growth
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