September 21, 2018
As statewide cannabis legalization becoming more common, publication of pertaining market research and analytical reports is also becoming more frequent. For example, ArcView Market Research has recently released a market forecast of cannabis products in the United States. The report has termed marijuana concentrates the hottest product category in the domain.
The report predicts that the market share of cannabis concentrates will increase by 49 percent in the second half of the year, surpassing the figure of $2.9 billion. The report also asserts that concentrates have already become the second most popular marijuana product with consumers after flowers.
According to the forecasted figures, cannabis concentrate sales will comprise 27 percent of the total sales of legal marijuana products. It is important to mention that four years ago the market share of cannabis concentrates was only 10 percent. Arcview report also suggests that vape cartridges will become the most popular sub-category of cannabis concentrates in the next five years. It has also been claimed that the market share of cannabis flowers and concentrates will be neck and neck by 2022.
Reasons for the popularity of cannabis concentrates
From tinctures to oils, cannabis concentrates can be collected, extracted and processed in many forms. There are some obvious reasons why cannabis concentrates are getting popular.
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Ease of use
There is no doubt that concentrates are easier to consume. Not only that, there are many ways to consume marijuana concentrates. You can use cannabis oils in the making of edibles. Concentrates can also be consumed through vapes. Several scientific surveys and public polls have suggested that vaping is becoming more popular among the young population for its ease of use due to cannabis concentrates. Similarly, concentrates are better suitable for the consumption among senior and underage demographics that are in need of cannabis for therapeutic reasons.
For dissociating from classic stoner image
We all know that how cannabis has been demonized for decades with a stereotypical portrayal. A peculiar profile is automatically sketched in the mind on hearing the word ‘stoner’. Then marijuana has always been associated with outlaws. All these years of marijuana misrepresentation from every section of the society have made people really conscious regarding the consumption of the strain.
Cannabis concentrates have provided the users with an option to consume cannabis without fitting into the profile of a quintessential stoner. By excluding significant markers of popular cannabis culture such as smoking, joints, blunts, rolling paper etc from the equation, the use of marijuana becomes somewhat ‘acceptable’.
The movement of legalization
With the legalization of cannabis becoming a mainstream issue, associated businesses are now more willing to invest in innovation. Cannabis companies are now trying to expand the range of cannabis products. They are mostly doing it by working out different products from concentrates. Shatter, wax, vape cartridges, and all similar products have come to the fore in the last couple of years. All this development has been majorly derived by the legalization of therapeutic and adult-use cannabis in different parts of the country.