Kratom Extract Market Forecast 2023-2030

One of the first things you learn as a kratom reseller or distributor is that there’s a big difference between raw leaf kratom and concentrated kratom extracts. That’s one of the first things you learn as a consumer too. For these consumers, it’s all about the experience. Kratom extracts work more quickly and are easy to consume as shots, gummies, or tablets.

For retailers, it’s more about the shelf space and efficient use of the sales floor. And for distributors, it’s making sure there is a full assortment of kratom products available for retailers to restock their shelves.

For all these reasons, we wanted to explore the Global Kratom Extract Market Research Report for 2024 through 2030 for new industry insights.

What are the Key Takeaways?

The top headline from the report is that the global kratom extract market size will reach about $268.9 million in 2030 from $143.6 million in 2023, with a CAGR of 7.8%. Of course, even if this forecast proves accurate, it’s likely to take a very uneven path to get there. Despite a few bad actors, the industry is working toward mainstream acceptance, both culturally and legally.

With one or two big-time endorsements and a new federal law that regulates kratom, the industry could see outsized growth in a relatively short period of time. Of course, the timing for these types of developments is anybody’s guess. As it stands today, the more important insights are found in the deep-dive version of the report. Here are some of our key takeaways.

There’s growth in both sectors, but online sales continue to grow fastest. The big caveat here is that online sales are typically easier to collect. Also, while the online sector is growing more quickly, it still comprises only 35.6% of the global market.

Secondary kratom formats may not be ready for the big time. The biggest format segment, kratom liquids, comprise 32.2% of the total extract market. Moreover, the report breaks out extract powder, capsules, and gummies, but lumps other formats (tablets, strips, ready to drink bottles) in an Other category.

Overview of international updates and regional updates. Given the legality and maturity of kratom extract use in the U.S., it’s no surprise that the North America market comprises 82.05% of the total global market.

Actionable Insights and Tips for Retailers and Distributors

Don’t overdo it when stocking kratom extract products: Yes, chances are your top kratom product for ROI is a small-bottled kratom extract, but the best merchandising plan may not be stocking every novelty extract product just because it takes up less shelf space. There is also a robust market, even in the U.S., for loose leaf kratom.

Now may be the time to build your website: If you’ve been on the fence about the cost and potential return of launching a website for your retail business, this report may help push you offer the edge. Even if you don’t plan to set up an e-commerce store on your new website, you can’t dismiss the importance of showing up in local shop results that drive foot traffic to your store.

What about Forecasts for the Rest of the Industry?

There is also a 2024 forecast for the entire global kratom market, extracts and raw powder, published by Maximize Market Research. We’ve previously analyzed this report for our wholesale clients and customers, but what stands out most to us is that, while the kratom extract market is forecasted to double over the next half-decade, the entire kratom market is expected to triple!

The most likely explanation is the obvious one. Kratom is not yet widely available across much of the globe, and young kratom markets tend to focus on loose leaf kratom that is a lot easier and cheaper to produce. Distributors looking to crack into the international kratom market should be sure they have a reliable source of loose leaf kratom.

Within the U.S., kratom extracts aren’t just a product, but part of a growing wellness lifestyle trend that emphasizes biohacking and health supplements. It’s unclear how a wide diversity of global cultures may or may not assimilate kratom use into their habits and customs.

Read the entire 2024 Global Kratom Extract Market Research Report. A single user can access this 84-page report for $2,900, while a license for your entire company will cost between $4,350 and $5,800. This type of cost doesn’t make sense for everybody, but the full report contains a wealth of information about product segments, sales channels, market composition, regional breakdowns, and more.

Partner with MIT45 for Online Marketing Support

Let us help your early online marketing efforts! We’re actively working on building out local retailer profiles here on the MIT45 site. This provides another way for customers to find your store, helps drive loyal MIT45 customers to your business, and creates a high-quality backlink to grow your organic traffic lead funnel. Start by registering as a MIT45 kratom wholesale partner or reach out to our Sales Team directly at [email protected].