A new report has projected that the global cannabis concentrate market, valued at $3.94bn (~£3.41bn) in 2021, will reach $18.5bn (~£16bn) by 2030.
According to the report from Custom Market Insights, the demand for cannabis concentrates has experienced a surge in demand due to the benefits which have been obtained from them.
The report highlights that concentrate products are popular in the preparation of ointments and lotions which are used by the cosmetic industry, as well as being used for number of neurological disorders.
North America has seen the highest amount of growth in demand and supply of concentrates due to the plant’s legalisation in the region. The report states that a large number of concentrate consumers belong to the geriatric population who suffer from numerous chronic diseases and find treatment with the help of cannabis concentrates.
Additionally, legalisation of cannabis has also encouraged cultivation and distribution through small-scale industries under strict guidelines laid down by the government with the possession of a license.
The last year has seen a number of developments in Europe regarding the advancement of more progressive cannabis policy, and with a number of countries already having medical programmes in place, the region of Europe has shown considerable growth due to the huge demand for cannabis concentrates experienced in the market.
The reports suggests that the advanced health facilities that are provided by the government to European citizens have greatly influenced the use of cannabis products for the purpose of treatment.
Other regions with a fast-growing concentrate market include Canada and South America, which form a major market that utilises cannabis concentrates on a large scale.
However, the report highlights that the region of Asia Pacific shows a slower growth due to the strict guidelines and restrictions laid down by the governing bodies regarding the supply and production of cannabis products – hampering the growth of the market.
To read the full report please visit www.custommarketinsights.com.