Market Outlook for Cannabis Concentrate Market:
Psychoactive ingredients such as called tetrahydrocannabinol (THC) and cannabinoid are extracted from the herb cannabis sativa, giving rise to a golden and transparent semi-solid mass called the cannabis concentrate. It is commonly called as marijuana concentrate and is enjoyed as an intoxicant which results in high moods and hallucinations in consumers. The concentration of THC may vary from product to product. Cannabis concentrate is consumed through chews and gummies, capsules or as an additive in food and beverages. Smoking remains the most popular form of ingestion. As a medicine, cannabis concentrate is used for treating neurological disorders. However, there is a lack of staunch scientific support that cannabis concentrate is effective in disease treatment and thus, it’s legally prescribed in limited countries which include some states of U.S., Canada, Belgium, Australia, Netherlands, and Spain.
Cannabis Concentrate market banks high in the edible and recreational segment
Recently, there has been a market growth in the cannabis concentrate market, especially in North America. Manufacturers are acquiring smaller companies to scale up the production facilities to cater to the immense consumer demand. Regulations are playing a crucial role in determining the trends of cannabis concentrate market growth. Several health implications surrounding the poor quality of cannabis concentrate have padlocked the cannabis concentrate extraction facilities until they meet the quality standards. On the other hand, legalization of cannabis concentrate in many U.S. states has encouraged a deeper penetration of cannabis concentrate in the end-use industries.
This has led to an extensive expansion of the specialty food product portfolio containing cannabis concentrate and has become a major food trend. Innovation and availability of varieties in end-use products such as easy to use disposable cartridges acts as a major promoter for the cannabis concentrate market. Production technology and product development are intricately entwined as new technology allows manufacturers to make innovations in the extraction processes of cannabis concentrate, which either enables them to preserve the authenticity of cannabis concentrate or to improvise its versatility. In the past few years, rosin, a relatively new variety of cannabis concentrate has gained popularity and appears to be a fast growing segment.
Cannabis concentrate in the food industry is perceived as ethical and more consumer-friendly and hence, this segment is expected to register a high growth over the forecast period. As more cannabis concentrate products continue to gush in the market, specialty retailers are also broadening the shelf-space for cannabis concentrate products, further fuelling the cannabis concentrate market growth.
Global Cannabis Concentrate Market: Segmentation:
The Cannabis Concentrate market is segmented on the basis of product type, end use and distribution channel.
On the basis of product type, the cannabis concentrate market is segmented into-
- Live Resin
On the basis of end use, the cannabis concentrate market is segmented into-
- Food Industry
- Dietary Supplements
- Cosmetics & Personal care
On the basis of distribution channel, the cannabis concentrate market is segmented into-
- Pharmacy Stores
- Specialty Stores
Global Cannabis Concentrate Market: Examples of some of the market participants in the global cannabis concentrate market identified across the value chain include Coachella Manufacturing LLC, Craft 710, Hillside Natural Wellness, Radient Technologies Inc., Quadron Cannatech Corporation and Cultivation Technologies. Inc. amongst others
Global Cannabis Concentrate Market: Key Developments
In 2018, the company Radient Technologies Inc., which is a manufacturer of cannabis concentrate acquired the company Alberta Ltd., which is engaged in the cannabis concentrate and hemp processing.
This post was originally published on Market Reports