Global Cannabis Extract Market is valued approximately at USD 4.2 billion in 2023 and is projected to expand at a robust CAGR of 20.00% over the forecast period 2024–2032. The cannabis extract industry has evolved dramatically from its niche origins into a dynamic global marketplace, shaped by shifting regulatory frameworks, rising medical adoption, and the diversification of consumer wellness preferences. With cannabis extracts now being formulated into oils, tinctures, edibles, topicals, and even pharmaceutical-grade therapeutics, their relevance across healthcare, personal care, and recreational sectors continues to deepen. Enhanced by technological advancements in extraction methods and the growing interest in non-psychoactive compounds like CBD, the market is witnessing a surge in both product innovation and acceptance across mainstream channels.
Several converging forces are propelling this market forward. The rising demand for cannabidiol-based wellness solutions is reshaping consumer behavior, particularly in managing anxiety, inflammation, chronic pain, and sleep disorders. As the stigma surrounding cannabis subsides, supported by scientific validation and legislative reform, more consumers are turning to extracts as alternatives to traditional pharmaceuticals. Full-spectrum extracts, in particular, are gaining momentum due to their "entourage effect"?a synergistic interaction of cannabinoids and terpenes believed to enhance therapeutic outcomes. In contrast, cannabis isolates are appealing to those seeking single-compound precision in their consumption. Manufacturers are responding by tailoring formulations for specific use cases, be it clinical-grade tinctures or hemp-derived oils infused into beauty and nutrition products.
Despite this upward trajectory, the industry is navigating notable complexities. Variability in international legalization, quality control inconsistencies, and supply chain challenges continue to hinder seamless global scalability. Additionally, the high cost of supercritical CO? extraction and other advanced techniques can raise production barriers for smaller enterprises. Nevertheless, regulatory bodies in North America and Europe are actively working on standardization, and regions like Asia-Pacific are signaling openness to medical cannabis frameworks. These developments are paving the way for cross-border collaborations and investments, especially in research and pharmaceutical integrations.
The market’s diversification across sources?hemp and marijuana?adds further nuance. Hemp-derived extracts, with lower THC content, are gaining favor in countries with stricter drug policies, while marijuana-based extracts are dominating in jurisdictions with progressive recreational laws. In parallel, end-use applications are becoming increasingly segmented. The rise of cannabis-infused wellness drinks, skincare lines, and therapeutic patches points to the plant’s multidisciplinary value. Leading players are leveraging AI and blockchain to enhance product traceability, ensure purity, and strengthen consumer trust. Furthermore, advancements in nanoemulsion technologies are improving bioavailability, making extracts more effective and appealing to end users.
Regionally, North America continues to be the epicenter of growth, spearheaded by the United States and Canada’s robust consumer base, progressive policies, and flourishing dispensary infrastructure. Europe is emerging as a lucrative market as medical cannabis gains regulatory ground in countries like Germany, the UK, and the Netherlands. The Asia Pacific region is poised for exponential growth, especially in emerging economies such as Thailand and Australia, where government-led initiatives are driving cannabis research and cultivation. Meanwhile, Latin America and the Middle East & Africa are exhibiting gradual momentum, with nations exploring legalization paths and international trade opportunities in cannabis extracts.
Major market player included in this report are:

  • Canopy Growth Corporation
  • Aurora Cannabis Inc.
  • GW Pharmaceuticals
  • Tilray Brands Inc.
  • Cronos Group Inc.
  • Charlotte’s Web Holdings Inc.
  • Aphria Inc.
  • MedReleaf Corp.
  • Curaleaf Holdings Inc.
  • Green Thumb Industries
  • Trulieve Cannabis Corp.
  • MedMen Enterprises Inc.
  • HEXO Corp.
  • Organigram Holdings Inc.
  • The Valens Company


The detailed segments and sub-segment of the market are explained below:
By Product Type

  • Oil
  • Tinctures


By Extract Type

  • Full Spectrum Extracts
  • Cannabis Isolates


By Sources

  • Hemp
  • Marijuana


By End Use

  • Pharmaceutical
  • Food & Beverage
  • Cosmetics & Personal Care
  • Others


By Region:
North America

  • U.S.
  • Canada


Europe

  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe


Asia Pacific

  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of Asia Pacific


Latin America

  • Brazil
  • Mexico


Middle East & Africa

  • Saudi Arabia
  • South Africa
  • Rest of Middle East & Africa


Years considered for the study are as follows:
Historical year – 2022
Base year – 2023
Forecast period – 2024 to 2032
Key Takeaways:

  • Market Estimates & Forecast for 10 years from 2022 to 2032.
  • Annualized revenues and regional level analysis for each market segment.
  • Detailed analysis of geographical landscape with country-level analysis of major regions.
  • Competitive landscape with information on major players in the market.
  • Analysis of key business strategies and recommendations on future market approach.
  • Analysis of competitive structure of the market.
  • Demand side and supply side analysis of the market.