The global CBD extraction equipment market is currently valued at around US$ 45.5 Mn, and is projected to reach US$ 152.4 Mn by 2032, surging ahead at a CAGR of around 12.8% over the next ten years.
Worldwide sales of cannabidiol (CBD) extraction equipment accounted for 4%-5% of the global oil extraction equipment market in 2021. Increased application of CBD extraction equipment in various end-use sectors such as pharmaceuticals, cultivation & processing, food & drinks, and other industries is projected to raise this share to 7-8% by 2032.
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Favorable government policies on marijuana use will open up new markets for manufacturers of CBD extraction tools
Throughout the previous ten years, the cannabis sector saw a significant upheaval. One of the most significant socioeconomic trends will be the legalisation of cannabis and CBD in many nations.Twenty nations, including the USA, Brazil, South Korea, Australia, and others, have legalised cannabis in some form in the past two years, including CBD products. In addition, ten nations in total, including Canada, Mexico, and South Africa, have legalised cannabis for adult use, an increase of over two times from 2019.
Increased legal access to cannabis products has led to good market growth for CBD extraction equipment globally.
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.
Owing to high demand for CBD products, market players have the opportunity to expand their product offerings to cater the dynamic demand from end-use sectors. Market participants are channelizing their resources and focusing on geographical expansion in highly lucrative markets.
- Gibraltar Industry (Prospiant), in Jan 2022, launched a new product – Delta Ethanol Extraction CUP-5 – for cannabis processors. The company has developed innovative and technologically-advanced closed-loop cold alcohol extraction technology.
- Green Mill Supercritical, in Oct. 2020, introduced “PARALLEL PRO” CBD extraction equipment. This product has a competitive design that increases capacity through an easy and cheap approach of upsizing extraction components.
- Gibraltar Industries
- ISOLATE EXTRACTION SYSTEMS (IES)
- Precision Extraction
- Accudyne Systems
- Henan Huatai Cereals and Oils Machinery Co., Ltd.
- Eden Labs
- Vitalis Extraction
- SFE Process
- Cedarstone Industry