Report ID: SQMIG20I2206
Cannabis Extraction Equipment Market Size, Share, Growth Analysis, By Type(Extraction Equipment, Sub/Supercritical Co2 Extraction Equipment, Hydrocarbon Extraction, Others), By Application(Hemp extraction, Marijuana extraction), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2206 |
Region:
Global |
Published Date: July, 2001
Pages:
221
|
Tables:
63 |
Figures:
75
Cannabis Extraction Equipment Market Insights
Cannabis Extraction Equipment Market size was valued at USD 8.31 billion in 2019 and is poised to grow from USD 9.56 billion in 2023 to USD 33.74 billion by 2031, growing at a CAGR of 15.04% in the forecast period (2024-2031).
The cannabis extraction equipment industry is growing because there is a growing demand for cannabis extracts like oils and tinctures, as more countries are legalizing marijuana to treat chronic diseases like arthritis, Alzheimer's, anxiety, and cancer. However, as more people get aware of the medical benefits of marijuana the demand for its byproducts will drive the market growth. The market for cannabis extract is expected to grow because more people are suffering from cancer, diabetes, and other diseases.
According to a report from the American Cancer Society, there would be more than 1.9 million new cancer cases in the US in 2019. Also, the World Health Organization (WHO) says that 2.5% of the world's population uses cannabis in some way every year. This means that more people are looking for CBD which will propel the market growth during the forecast period.
US Cannabis Extraction Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Cannabis Extraction Equipment Market Report Snapshots
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