Europe Cannabis Market to Grow with a CAGR of 5.53% through 2028
Upgrading of regulations for medical cannabis and
growing awareness about the medical advantages of cannabis is expected to drive
the Europe Cannabis Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Europe
Cannabis Market –Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Europe Cannabis Market stood at USD 5.02 billion
in 2022 and is anticipated to grow with a CAGR of 5.53% in the forecast
period, 2024-2028. The European cannabis market is undergoing substantial
growth, driven by several key factors. The legalization of cannabis for medical
and recreational purposes in certain countries is creating new business
opportunities.
The increasing recognition of the therapeutic benefits
of cannabis for various medical conditions, such as chronic pain, epilepsy, and
multiple sclerosis, is driving demand. Moreover, public perception of cannabis
is evolving, with many individuals now considering it a legitimate alternative
to conventional pharmaceutical treatments. Investment in cannabis research and
development is currently at an unprecedented level, further stimulating market
expansion.
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The European cannabis market is at the cusp of a
significant shift with a rapidly growing consumer base and evolving legislative
landscape. The market, once nascent, is now gaining momentum and is predicted
to become one of the most lucrative in the world. With a population more
significant than that of the United States and Canada combined, the potential
consumer base is substantial. Medical cannabis, in particular, is showing
significant growth, driven by an increasing number of patients recognising its
therapeutic benefits and a shift in doctor perception and willingness to
prescribe.
A primary driver propelling the growth of the European
cannabis market is the widespread legalization of medical cannabis. Countries
such as Germany, Italy, and the Netherlands are leading the race in terms of
mature markets. Germany, in particular, legalized medical cannabis in 2017 and
has seen consistent growth in patient numbers ever since. The Netherlands, known
for its liberal drug policy, has been a significant supplier of medical
cannabis to other European countries.
However, the recreational cannabis market in Europe
remains relatively untapped, primarily due to stringent regulatory
restrictions. At present, only a few countries, such as the Netherlands and
Spain, tolerate the use of recreational cannabis to some extent. The legal
status of recreational cannabis varies significantly between the different
European countries, presenting a complex and fragmented landscape for
businesses and consumers. Despite these challenges, the potential for growth is
immense, given the widespread social acceptance of cannabis in many parts of
Europe.
Simultaneously, the European CBD market is also
witnessing exponential growth. The rising wellness trend, coupled with
increasing consumer awareness and acceptance of cannabis as a health
supplement, is fuelling this growth. The European Union’s recent classification
of CBD as a novel food has given the industry a significant boost, paving the
way for a surge in CBD-infused products in the market. Despite the regulatory
hurdles and market fragmentation, the European cannabis market is poised for
growth. Increasing acceptance, growing consumer awareness, and evolving
legislation are paving the way for a prosperous market. However, it will be
crucial for businesses and regulators alike to navigate the complex regulatory
landscape carefully to fully harness the potential of this burgeoning industry.
This paragraph serves as a brief overview of the current state and potential
growth of the European cannabis market.
The Europe Cannabis Market is segmented into product
type, compound, application, country distribution, and company.
Based on compound, the Balanced THC & CBD cannabis
compounds have emerged as the frontrunners, setting the stage for a new era of
cannabis consumption. These compounds, meticulously formulated with just the
right balance of THC and CBD, have garnered immense popularity due to their
multifaceted health benefits and a gentle, yet noticeable, psychoactive effect.
Their unique combination has captured the attention of both medicinal and
recreational consumers, making them a sought-after choice.
The increasing demand for these balanced compounds is
a testament to the evolving understanding and acceptance of cannabis in Europe.
As more individuals recognize the potential benefits that can be derived from
this natural plant, the demand for balanced THC & CBD cannabis compounds
continues to surge. This demand surge is not only driven by the growing
appreciation for their therapeutic qualities but also by the desire to explore
the recreational possibilities they offer. As regulations surrounding cannabis
continue to evolve and research advances, the European cannabis market is
poised for further growth and diversification. With an expanding range of
products and a deeper understanding of the plant's potential, consumers can
look forward to a more comprehensive and tailored cannabis experience. The
future of the European cannabis market holds promise for both consumers and
industry players, as it continues to shape the landscape of cannabis
consumption in the region.
Based on country, Germany is expected to grow during
the forecast period. Germany is currently leading the Europe Cannabis
Market primarily due to its progressive legislation and supportive healthcare
infrastructure. The country's decision to legalize medicinal cannabis in 2017
was a significant milestone, allowing for the cultivation, manufacture, and
distribution of cannabis for medical use. This legalization has created a
well-regulated framework that ensures quality and safety standards for cannabis
products, further boosting consumer confidence.
Furthermore, Germany's robust healthcare system plays
a crucial role in the widespread accessibility and acceptance of medicinal
cannabis. With a well-established network of healthcare professionals and
facilities, patients have easy access to medical cannabis prescriptions and
treatments. This integration of cannabis into the healthcare system has
contributed to the destigmatization of cannabis use for medical purposes. In
addition to its progressive legislation and healthcare infrastructure, Germany
benefits from a large patient population. The country's population size and
demographic diversity create a significant consumer base for the cannabis
market. This demand drives market growth and encourages the development of
innovative cannabis products and services tailored to meet the specific needs
of patients. Moreover, Germany's dominance in the European Cannabis Market is
further strengthened by the presence of several key market players. These
companies, ranging from cultivators to manufacturers and distributors, have
established a strong foothold in the country. Their expertise, resources, and
investments contribute to Germany's position as a leading player in the
cannabis industry.
Major companies operating in Europe Cannabis Market
are:
- Bedrocan Cannabis Corp.
- Aurora Cannabis
- Canopy Growth
- Aphria Inc.
- Demecan GmBH
- Tilray Inc.
- Cronos Group
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“The future of the Europe Cannabis Market is
promising, with an expectation of significant growth. As legal restrictions
relax and public acceptance increases, the market is set to experience a surge
in demand. Medical applications are one of the key drivers, with research
continuously unveiling new therapeutic uses of cannabis. Furthermore, the rise
of the recreational cannabis market due to legalization in some countries
presents a substantial growth opportunity. In addition, advancements in
cultivation and processing technology are expected to increase production
efficiency and product variety, further fueling market expansion.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Europe Cannabis Market By Product Type (Flower,
Concentrates), By Compound (THC-Dominant, CBD-Dominant, and Balanced THC &
CBD), By Application (Medical and Recreational), By Region, Competition,
Forecast & Opportunities, 2018-2018F”, has evaluated the future growth
potential of Europe Cannabis Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in Europe
Cannabis Market.
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