Cannabis concentrates have been around for many years in the unregulated market. But the different types of concentrates were really limited.
That has changed a lot in recent years with the rise of the emerging legal cannabis industry.
Now cannabis consumers can find all types of concentrates at legal dispensaries, from shatter to vape pen cartridges.
Why has flower been more popular historically compared to concentrates?
Cannabis flower has reigned supreme for many years, which is understandable. Flower doesn’t involve anything other than cultivation, harvest, and curing for it to be ready for consumption (unless you’re juicing fresh flower).
Getting cannabis flower to market is pretty straightforward. As such, availability for legal flower has always been steady compared to other forms of cannabis.
Concentrates require the right equipment and processing before products are ready for dispensary shelves. Also, certain forms of concentrates take longer to make than others.
Because of market availability, popularity rates for flower compared to concentrates has been a skewed situation.
As concentrates have become more widely available in legal markets, concentrates have grabbed a progressively larger amount of market share.
Concentrate sales are projected to nearly catch up to flower sales by 2022
According to a report by Arcview Market Research in partnership with BDS Analytics, concentrate sales in legal markets in 2018 was estimated to be $3 million dollars.
That was an increase of roughly 49% compared to the previous year. But while those statistics are significant, they pale in comparison to flower sales.
But by 2022 the gap is expected to close. According to the report, sales of concentrates are expected to erupt to a whopping $8.4 billion dollars – right behind flower sales estimated to be $8.5 billion.
It’s quite possible that concentrate sales could be even higher by 2022. Because of how fast popularity and availability is increasing anything is possible.
Cannabis companies need to take advantage of shifting consumer demand
Cannabis product companies that want to be successful in the future need to anticipate shifts in consumer demand.
Flower may be easier to produce, but it will become progressively more difficult to sell if market predictions prove to be correct.
Getting set up to create cannabis concentrates is a really smart move for cannabis product companies. But how do they do that?
That’s where Vanguard Scientific Systems comes in. Vanguard helps companies manufacture the highest quality, most valued oils and extracts routinely and cost-effectively.
Vanguard helps with delivery, installation, and training and can tailor management and service relationships to meet a company’s personalized business needs.
Getting set up to make cannabis concentrates can be an intimidating task, but it doesn’t have to be.
If you are an entrepreneur that wants to get into the cannabis concentrates industry, check out Vanguard. They can help!