Europe Cannabidiol Market Revenue Growth Predicted at 33.5% through 2027
The Europe cannabidiol market is likely to foresee lucrative growth over the coming time period due to growing awareness and rising acceptance of the substance among consumers. The cannabidiol market in Europe is observed to be in its growing stages, where users are seen to be highly conscious about different products and their possible effects on human health. The Europe cannabidiol industry mostly relies on the regulatory authorities for its licensing, legalization, as well as the monitoring level.
With substantial regulatory support and optimistic views of the EU towards CBD consumption, the market is likely to witness robust growth over the coming years. Subsequently, efforts from towards the more developed economies of Europe towards commercializing cannabidiol is likely to influence comparatively smaller nations like Bulgaria and Poland to consider legalization. This domino effect is anticipated to spur regional growth.
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Based on product, in 2020, the oil product segment reached over $450 million and will continue to exhibit similar kind of growth over the coming years. Rising penetration of oils in comparison to others product types will drive the segmental growth. This segment could be termed as a more mature and established segment of the entire market, observing a stable demand across numerous countries. With other product kinds being comparatively newer, since different suppliers adopt various other administration routes, these are likely to create ample of opportunities for the market.
In terms of application, the overall Europe cannabidiol market is categorized into neurological conditions, joint pain & inflammation, chronic pain, seizures, anxiety/ stress, migraine, sleep/insomnia, skin care among others. Among these, in 2020, the anxiety/stress segment accounted for about 22% of the market proportion. The rising prevalence of mental disorders like depression, anxiety and stress has forced the healthcare experts to resort to cannabidiol-based medicines.
With respect to route of administration, the topical segment will witness a growth rate of more than 33.1% over the forecast time period. A rising interest is being observed in the cosmetic advantages of cannabidiol-related products, with the launch of roll-ons and creams among others. As the attention stays upon the treatment of dry skin, topical route of administration is also gaining immense traction, majorly for its anti-inflammatory effects. With numerous formulations of essential oils, the topical route of administration is viewed as one of the main growth parts of the Europe cannabidiol market.
On the regional front, the CBD market in the UK is likely to exhibit a promising growth rate of more than 40% by the end of the forecast period. With a substantially higher customer base across the country, UK is likely to reach revenue sales of about $7 billion by the end of 2027. Rising prevalence of medical conditions like PTSD and chronic pain, coupled with growing geriatric population, would greatly foster the industry landscape in UK.
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MH medical hemp GmbH, Green Brothers Switzerland SA, CBD One Ltd, HemPoland sp. z o.o., and Formula Swiss AG among many others are some of the key players operating in the Europe cannabidiol market. These key market participants are also engaging in different inorganic and organic growth strategies to establish as well as reinforce their industry presence in Europe.
Table of Contents (ToC) of the report:
Chapter 1. Methodology
1.1. Definition and forecast parameters
1.1.1. Definitions
1.1.2. Methodology and forecast parameters
1.2. Data sources
1.3. References & sources
1.3.1. Secondary
1.3.2. Primary
Chapter 2. Executive Summary
2.1. Europe cannabidiol market summary, 2016 – 2027
2.1.1. Country trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Route of administration trends
2.1.5. Source trends
2.1.6. Distribution channel trends
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Industry outlook, 2016 - 2027
3.3. Major factor analysis
3.3.1. Drivers
3.3.1.1. Growing medical applications of CBD
3.3.1.2. Increasing product adoption and utilization owing to government approvals
3.3.1.3. Changing regulatory landscape for approval of CBD products across region
3.3.1.4. Increasing sales of CBD products in retail stores
3.3.2. Industry pitfall and challenges
3.3.2.1. Side effects associated with CBD oil
3.3.2.2. Counterfeit and synthetic products available in the market
3.3.2.3. High cost of CBD products
3.3.2.4. Complex prescription process.
3.4. COVID-19 impact analysis
3.5. Porter’s analysis
3.6. Competitive review, 2020
3.7. PEST analysis
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