Cannabis extract refers to the chemical compounds extracted from the cannabis plant. It is comprised primarily of cannabidiol (CBD) but may also contain traces of tetrahydrocannabinol (THC). Cannabis extracts are used in applications across industries such as pharmaceuticals, food & beverages, personal care products, and others. The growing legalization of cannabis for both medical and recreational use has led to increased demand for CBD-infused products which is expected to drive growth of the cannabis extracts market over the forecast period.

The global cannabis extract market is estimated to be valued at US$ 10,704.56 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the major drivers for the growth of the cannabis extract market is the increased adoption of CBD-infused products. As awareness regarding the therapeutic benefits of CBD increases, demand for products containing CBD extracts such as oils, edibles, topicals is growing substantially. According to recent research, the global CBD market is projected to reach a value of US$ 23.6 billion by 2023 growing at an exponential CAGR of 34%. The rising popularity of CBD-based products is expected to boost demand for cannabis extracts over the forecast period. Cannabis extract manufacturers to cater to the growing demand are investing heavily in R&D to develop new and innovative products. This will further propel the market growth over the next few years.

SWOT Analysis
Strength: The cannabis extract market has high growth potential due to increasing legalization of marijuana for medical and recreational purposes globally. The medical benefits of cannabis extracts in conditions like chronic pain, epilepsy, and cancer are well documented which is increasing consumer acceptance. Furthermore, advancements in extraction techniques are leading to development of more effective and targeted cannabis formulations.
Weakness: However, inconsistent regulatory framework across countries and social stigma associated with marijuana use poses challenges for this industry. Moreover, lack of standardized cultivation and production practices may lead to batch-to-batch variability in cannabis extract quality.
Opportunity: The market has opportunities for further growth in new geographies as more countries legalize medical and recreational cannabis. Partnerships between cannabis companies and pharmaceutical players can facilitate clinical research and development of prescription cannabis drugs. Additionally, cannabis extracts have applications beyond wellness and can be used as alternatives for environmentally unsafe chemicals in industries like textiles, biofuels etc.
Threats: Stringent regulations and bans in some regions continue to impede the legal cannabis trade globally. Furthermore, development of synthetic cannabinoid alternatives and popularity of CBD from hemp plants also poses threat to the market. High production costs compared to traditional crops and evolving consumer preferences are other challenges.

Key Takeaways
The global Cannabis Extract Market is expected to witness high growth fueled by increasing legalization and adoption in medical application. The global cannabis extract market is estimated to be valued at US$ 10,704.56 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

North America currently dominates the market due to legalization in major economies like U.S. and Canada. The region accounts for over 40% market share due to presence of key players and growing retail distribution channels. According to recent estimates, the North American cannabis extract market is projected to grow at a CAGR of 9% during the forecast period. The Asia Pacific region offers lucrative growth opportunities for cannabis extract market. Countries like Australia, Thailand, Philippines, and South Korea have emerged as high potential markets. In Australia, medical cannabis was legalized in 2016 and several players have set up production facilities. Similarly, Thailand is promoting cannabidiol from hemp plants for medical use. This growing acceptability coupled with large patient pool makes Asia Pacific fastest growing region in the coming years.

Key players
Key players operating in the cannabis extract market are Anixter International Inc., AVI Systems Inc, AVI-SPL Inc., CCS Presentation Systems, Ford Audio-Video LLC, Avidex Industries, Herman ProAV, Kramer Electronics, Samsung, Vistacom Inc, Biamp Systems, proAV Limited, Professional Audio Visual Ltd., Cypress Technology Co., Ltd. (CYP), Pro AV Solutions Pty Ltd, Audio Technica, NETGEAR, LG Electronics, Logitech, Sony, Black Box Corporation, Guntermann & Drunck GmbH, Aten International Co., Ltd, Adder Technology Ltd, Rextron. These companies

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