Weed extracts are the business to be in, according to a new report from leading cannabis research company Arcview Market Research in conjunction with BDS Analytics.
Extracts are the fastest growing sector of the cannabis market, according to the report, nearly tripling its market share compared to three years ago, and set to equal the sale of cannabis flowers in the next several years.
Some notable highlights of the report, called “Concentrates: The Hottest Product Category in Cannabis,” are:
- Cannabis concentrates will grow 49% in the second half of this year, netting a total of $2.9 billion.
- Extracts are projected to make up 27% of total cannabis sales in 2018, up from only 10% just four years ago.
- More than 50% of extract sales are projected to come from vaporizer cartridges. Arcview also predicts that vape cartridges will continue to be the best-selling extracts product for the next five years.
- By 2022, extract sales are projected to be neck and neck with cannabis flower sales, with concentrates pulling $8.4 billion as opposed to flower’s $8.5 billion
Arcview Market Research’s parent company Arcview Group said in a release that, “As the cannabis industry matures, we’ll likely see new product categories catch fire with consumers.”
“Concentrates are the first category to do that, but it’s just the beginning of a revolution in how cannabis is consumed now that it’s becoming legal around the world.”
The popularity of cannabis concentrates is evident from just living in the world, but also from other recent studies including a recent one published in Science Daily.
Photo via Flickr user WeedPornDaily