The size of the European cannabidiol market is projected to witness a CAGR of 21.26% between 2023 to 2028 and be worth USD 10.87 billion by 2027 from USD 4.14 billion in 2023.
The growing demand for cannabidiol in health and pharmaceuticals across the European region is one of the key factors driving the European market growth. People are aware of the health benefits produced by cannabidiol (CBD), such as anxiety, pain relief, seizures, and others. Pharmaceutical companies are considering people's interests and utilizing the health benefits produced by cannabidiol. Cannabidiol works to relieve various problems such as anxiety, insomnia, joint pain, seizures, and others, which boosted the cannabidiol market growth. Cannabidiol has gained popularity for chronic pain treatment, which has increased the demand for pain relief treatments in recent years. CBD possesses antioxidant, anti-inflammatory, and analgesic properties, owing to the pharmaceutical demand. Increasing disposable incomes was influencing them to invest in quality healthcare products with high efficiency. Research studies show that CBD has essential benefits in the treatment of neurological disease conditions. The CBD market has seen significant growth in chronic pain treatment, where it was a common complaint observed in many people.
The presence of favorable approvals and regulations from the governments of European countries for cannabidiol products is further propelling the growth of the European cannabidiol market. The cannabidiol products have been under strict government regulations in the past years, limiting the market growth. However, in recent years, the government has approved many CBD products which are refined. The restrictions are at ease for refined CBD products due to its benefits. Many market players had got approval for the manufacturing of cannabidiol products with the required precautions and preventions. European Union had eased the restrictions and regulations in this region with the Food and Drug Administration in the U.S. Compared to other narcotics such as opioids; these are not prone to addiction, which makes cannabidiol a legalized product. These factors are boosting the cannabidiol market value. The World Anti-Doping Agency (WADA) removed cannabidiols from the list of prohibited drugs used by athletes.
The growing R&D investments by the key market players is favoring the growth rate of the European market. Due to the growing health benefits of cannabidiol products, the market players are investing in research and development to extract the new benefits of cannabidiols. To improve the existing products, many manufacturers are investing in oils, tinctures, capsules, and topical solutions, which include CBD as the main component and are in high demand. The product development and increasing research activities will offer lucrative opportunities for the European cannabidiol market growth. Many health retailers offer CBD-based products, driving the market demand and influencing investors to invest in research and development.
Cannabidiol was the most popular choice for people in pain and inflammation with sleep disturbances. Cannabidiol was the newly legalized product launched into the market with a low research profile, which created fluctuations in the price. The agricultural challenges faced by the raw material suppliers and farmers were influencing the high cost of the final product. The hemp used to make cannabidiol products was a time-consuming agricultural process, and its cost was also too high. This was due to the specific equipment requirement for the harvesting and extraction. The extraction deals with the expensive process, which impacts the overall price of the product and hampers market growth. The refining process required more care, and it was an expensive process hindering the market growth.
Even though there are various health benefits with the use of cannabidiols still, there are side effects that occur with the consumption of cannabidiol, which is the challenge currently faced by the market players for cannabidiol market growth. CBD oil shows adverse effects such as low blood pressure, dry mouth, drowsiness, and others. Cannabidiol combined with other drugs may have a negative impact on the body. Excessive usage of CBD oil increases liver enzymes, which is the mark of liver inflammation.
Impact of COVID-19 on the European Cannabidiol Market:
The pandemic has influenced many to move towards medicinal value products with health benefits. Healthcare professionals are suggesting the consumption of naturally derived products to gain immunity and to avoid the enormous adverse effects produced by the chemicals. The pandemic has impacted highly on people regarding their health and the usage of the product in daily life. COVID-19 has upsurged the European cannabidiol market due to its health benefits. The supply chain and sales were disrupted in the first half due to the lockdown, and cultivation was also difficult due to low labor. However, when the regulations were at ease, the market had seen significant growth.
This research report on the European cannabidiol market has been segmented & sub-segmented into the following categories:
Europe Cannabidiol Market - By Type:
Europe Cannabidiol Market - By Distribution Channel:
Europe Cannabidiol Market - By End Users:
Europe Cannabidiol Market - By Country:
The European region accounted for a notable share of the worldwide cannabidiol market in 2022 and is expected to grow at a promising growth rate during the forecast period due to government initiatives in approval and regulations of cannabidiol. Germany dominated the European cannabidiol market due to the presence of key market players and large consumption in this region. Germany was expected to dominate the regional market over the forecast period due to increasingly advanced technologies in drug treatments. The benefits of cannabidiol on the skin and in pet food drove the regional market for cosmetic and pet food industries. Over-the-counter drugs are widely sold across Germany, fueling the European market growth.
The UK and France's key players are heavily investing in cannabidiol products due to wide applications that allow these countries to increase their growth rates over the forecast period. The CBD market was highly competitive due to the presence of many companies nationwide and internationally, which are initiating research and development activities to accelerate the European cannabidiol market value.
Spain was projected to have a decent growth rate in the upcoming years due to initiatives taken by the government to adopt cannabidiol products. The increasing disposable incomes of the people were influencing the people to invest in expensive commercial healthcare products.
KEY MARKET PLAYERS:
Companies dominating the European Cannabidiol Market profiled in this report are Pharmahemp d.o.o, ENDOCA, NuLeaf Naturals LLC, Folium Biosciences, Elixinol, Cannoid LLC, Medical Marijuana Inc., and Isodiol International Inc.
The German market had the major share of the European market in 2022.
The UK market is expected to register the fastest CAGR in the European region during the forecast period.
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