The global cannabis extraction equipment market was valued at USD 8310.32 Million in 2021, and it is expected to reach a value of USD 22602.12 Million by 2027, at a CAGR of more than 15.04% over the forecast period (2022 – 2027).
Cannabis extraction is an oil-like substance that concentrates chemical compounds like THC or CBD from the cannabis plant. Cannabidiol (CBD) oil is a natural botanical concentrate that is high in the compound CBD. There are around 85 cannabinoids identified in the cannabis plant, with CBD being the second most common after tetrahydrocannabinol (THC).
Many medical benefits have been founded in Cannabidiol Oil (CBD Oil), which stimulated the demand. In addition, more and more countries are struggling with the legalization of the application of hemp or Marijuana.
The rising popularity of cannabis extracts such as oils and tinctures, as well as the legalization of marijuana for the treatment of various chronic diseases such as Alzheimer’s, cancer, arthritis, and anxiety, are driving the market growth. Because of increased awareness of marijuana’s medical benefits, the marijuana industry is booming.
Decriminalization and/or legalization of medical marijuana in some countries has resulted in a decrease in the black market as people prefer to buy marijuana legally for medical purposes.
Cannabis oils and tinctures can be used to create edible and topical products in addition to smoking. These are commonly used to treat conditions such as cancer, mental illness, and nausea, as well as for recreational purposes such as vaping.
The report provides market sizing and forecast across five major regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA). In this report, the year 2016 to 2020 is considered a historical year, 2021 is the base year, 2022 is the estimated year, and years from 2022 to 2027 are considered the forecast period.
Companies Mentioned
- Rough Brothers, Inc
- Precision Extraction Solutions
- Eden Labs
- Isolate Extraction Systems Inc.
- Extraktl Ab
- Extractiontek Solutions
- Capna Systems
- Mrx Xtractors
- Luna Technologies
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