Europe Cannabis Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type (Flower, Concentrates, and Others); Application (Medical, and Recreational); Compound (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC and CBD), and Country

The Europe cannabis market is expected to reach US$ 36,997.1 million by 2027 from US$ 3,498.1 million in 2019. The market is estimated to grow with a CAGR of 29.6% from 2020 to 2027.

The growth of the market in the region is driven by the factors, such as up-gradation of regulations for medical cannabis, and growing cannabis industry. Similarly, the on-going COVID-19 pandemic is likely to drive the demand for medical cannabis products, which is expected to serve wider growth opportunities for market growth. Whereas, the challenges related to cannabis are likely to restraint the Europe Cannabis Market growth during the forecast period.

Earlier, the European Union (EU) has restricted the use of cannabis for medical applications. However, the evidence of promising good results to treat various medical conditions have allowed the EU to market cannabis products. In the European region, there was a tremendous rise in the cannabis industry and is expected to grow at a faster pace. In December 2019, the European Medicines Agency (EMA) had granted marketing authorization for cannabis-derived medicinal products across the EU. For instance, in September 2019, EMA has granted the use of Epidyolex conjunction with Clobazam, for patients of two years of age and older. It is used as a therapy for seizures associated with Lennox­Gastaut syndrome (LGS) or Dravet syndrome (DS). Similarly, in November 2019, the European Food Safety Authority (EFSA) has applied to synthesize trans­cannabidiol as a novel food. It was filed after the EU did the validation.

In addition, countries such as France and the UK have geared up the implementation of cannabis medical products. Various other countries in Europe have started providing reimbursement to patients for cannabis-derived medicinal products. Moreover, in the UK, the government has been lenient for growing cannabis at home for medical purposes. Likewise, in October 2019, the French National Assembly has adopted an amendment to the 2020 Social Security Financing Bill to provide a clear legal basis for the medical cannabis pilot program. In January 2020, the French National Agency for Medical and Health Products published Q&A on medical cannabis and the pilot program. Furthermore, in August 2019, in Germany, new Law for More Safety in the Supply of Pharmaceuticals were imposed for patients to provide better access to medical cannabis. Thus, owing to the up-gradation of regulation for medical cannabis across the European region is estimated to drive significant market growth during the forecast period.

Europe Cannabis Market Revenue and Forecast to 2027 (US$ Mn)

Europe Cannabis – Market Segmentation

Europe Cannabis Market– By Product Type

• Flowers
• Concentrates
• Others

Europe Cannabis Market– By Application

• Medical
  • Pain Management
  • Neurological Health Management
  • Mental Health Management
  • Others
• Recreational

Europe Cannabis Market– By Compound

• Tetrahydrocannabinol (THC)-Dominant
• Cannabidiol (CBD)-Dominant
• Balanced THC and CBD

Company Profiles

• Aphria, Inc.
• Aurora Cannabis
• Cannabis Science, Inc.
• Canopy Growth Corporation
• Medical Marijuana, Inc.

Europe Cannabis Report Scope

1. Aphria, Inc.
2. Aurora Cannabis
3. Cannabis Science, Inc.
4. Canopy Growth Corporation
5. Medical Marijuana, Inc.

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Cannabis market.
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the Cannabis market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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