The size of the European Cannabidiol Market is projected to witness a CAGR of 21.26% between 2022 to 2027 and be worth USD 8.96 billion by 2027 from USD 3.42 billion in 2022.
The legalization of the cultivation of cannabis in most countries of Europe is undoubtedly a key factor propelling the European cannabidiol market growth. CBD oils have many health benefits, especially in treating cancer tumor cells. Cannabidiol has various advantages in the industries such as textiles, pharmaceuticals, and others.
YOY growth in the patient count suffering from anxiety issues across the European region is driving the market growth. According to Statista, anxiety prevalence is high across the European region. European countries such as the Netherlands, Portugal, and Ireland have the highest incidence of anxiety issues. In 2019, 8700 per 100,000 in Portugal, 7200 per 100,000 in the Netherlands, and 7100 per 100,000 people from Ireland were recorded as having anxiety. The use of cannabidiol reduces inflammation anxiety and acts as a sleeping aid, which also proved to lower the frequency of seizures. Numerous studies have indicated that CBD can lower anxiety levels. CBD stimulates the CB1 receptors in the brain's amygdala. Anxiety can worsen when these receptors are inhibited; CBD is a promising anxiolytic. Nearly 6 percent of the European population is suffering from this anxiety issue which drives the market for cannabidiol in this region. In England, nearly 5 in 100 people are taking treatment for this anxiety disorder. In the UK, over 8 million people suffer from an anxiety disorder.
The growing usage of cannabidiol for health and fitness is anticipated to drive the Europe cannabidiol market growth. Studies have shown that cannabidiol oil can relieve pain, muscle soreness, and damage occurred due to exercise, which naturally occurs after physical activity. It is also used to reduce muscle pain and inflammation. It can be used orally or in the form of oil also. Before a workout, most people take these cannabidiol pills, which help to maximize the workout time by reducing stress, improving oxygen delivery, and less anxiety about how you will perform. It will also increase energy levels.
YOY growth in the chronic disease patient population is expected to fuel the market’s growth rate. Along with this, the government's rising investments in developing new products using CBD oil leverage this market's growth rate. Also, growing support from private organizations through funds significantly promotes the growth of the European CBD Oil market.
The growing usage of cannabidiol in cosmetics is also anticipated to fuel the cannabidiol market growth in Europe. It is a natural compound that is derived from the cannabis plant. Cannabidiol oil is used for different skin conditions to make skin healthy. Acne is the most skin problem, and many people suffer from acne. Cannabidiol is used for these acne problems by many people in this region. It is also used for skin glow, itching, and reducing inflammation due to pimples.
However, fluctuations in the availability of raw materials in the pharmaceutical companies and the growing cost of the products are hindering factors for the European market. In addition, the lack of proper knowledge about using CBD oil in various fields is quietly hampering the market's growth rate. Finally, increasing risk factors with the long-term use of medicinal products are degrading the growth rate of the European CBD Oil market. In addition, some regions of Europe have strictly prohibited the use of cannabis in their region which restrains the market growth in this region. The high cost of cannabidiol-related products and the lack of awareness about this drug impede market growth. Additionally, side effects due to overdose of cannabidiol-related drugs also hamper the market growth. Lack of product approvals and strict rules by the government may be a challenging factor for market growth.
This research report on the European cannabidiol market has been segmented & sub-segmented into the following categories:
By Distribution Channel:
By End Users:
Geographically, the Europe cannabidiol market accounted for the second-largest share in the global market in 2020 and is expected to account for a substantial share in the worldwide market during the forecast period owing to increasing expenditure on healthcare with the rising disposable income in developed countries and Increasing approvals from the government organizations for the new product launches. CBD is legal in most parts of Europe. The government has permitted the growth of the cannabinoid plant, and can consume or purchase cannabidiol-related products. Germany and UK also use this herbal cannabis for different types of illnesses. Europe has seen significant growth in selling products containing cannabis plant material or extracted material. These are used to treat medical, skin, and psychiatric issues. The World Health Organization (WHO) Expert Committee on Drug Dependence recently examined cannabidiol. Increasing investment by the government and increasing research and development in this region also drives the market forward.
The German Cannabidiol Market is the most lucrative regional market in Europe. Rising awareness of the benefits of CBD oil in healthcare and growing prevalence to improve the quality of treatment procedures are majorly fuelling the demand for cannabidiol in Germany. Also, increasing funds from both public and private organizations are escalating the market's growth rate. Besides, the rapid adoption of these products in pharmaceutical companies creates growth opportunities for the market. Furthermore, launching innovative products in favor of the end-users and introducing reimbursement policies promote the market's growth rate. Germany's government has agreed to legalize recreational cannabis use among adults. A limited number of cannabis-related products should be consumed by adults based on the doctor's prescription. Key manufacturers focus on developing cannabis-related products by introducing advanced drugs and products made from the cannabis plant and increasing sales.
The UK cannabidiol market is expected to grow at the highest CAGR during the forecast period. Increasing incidences of chronic diseases and the rising efficacy of CBD oil derived from cannabis are accelerating market growth in the UK. Several rules must be followed in the UK to produce cannabis-related products. According to a recent survey in the UK, nearly six million people used cannabidiol-related products in 2021 because most people suffer from stress and anxiety due to the lockdown. As a result, the market has the highest market share in this region. In addition, the increasing number of farmer farming cannabis plants also drives the market in this region.
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 2021.
The UK market is expected to register the fastest CAGR in the European region during the forecast period.
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