Europe Cannabidiol Market Overview
The Europe cannabidiol market size was valued at US$ 782.35 million in 2022 and is estimated to reach US$ 2974.87 million by 2030, exhibiting a CAGR of 18.8% during the forecast period (2023-2030). Cannabis plants contain a component called cannabinoids, of which there are two types: cannabidiol (CBD) and tetrahydrocannabinol (THC).
Cannabidiol (CBD) is the predominant chemical component present in cannabis plants both hemp and marijuana. Cannabidiol is generally used for medical purposes due to its several health benefits. It is used to treat disorders such as epilepsy, anxiety disorders, depression, insomnia, chronic pain, cancer-related pain, Parkinson’s disease, Crohn’s disease, schizophrenia, and other diseases. Other than medical uses, cannabidiol is also used in the food industry, wellness and personal care products, cosmetics and beauty products, and others. CBD is sold in the form of gels, gummies, oils, supplements, extracts, and more.
Europe Cannabidiol Market Dynamics and Trends
The Europe cannabidiol market growth is driven by increasing demand for cannabidiol products, rising incidence of neurological disorders, psychological disorders, and chronic diseases, and increasing legalizations and product approvals in various countries in Europe. Moreover, increasing demand for cannabidiol edible products is also expected to boost market growth over the forecast period
Increasing legalization and product approvals of cannabidiol products are expected to drive the growth of the Europe cannabidiol market
Cannabidiol products are in huge demand in recent times because of their medicinal properties. Various companies are actively working to legalize cannabis and its derivatives to launch new products to bridge the demand-supply gap for cannabidiol products. For instance, in April 2021, GW Pharmaceuticals Plc, a global company focused on discovering, developing, and delivering regulatory-approved cannabis-based medicines, stated that European Commission (EC) approved the Type II variation application for EPIDYOLEX (cannabidiol) as an adjunctive treatment of seizures associated with Tuberous sclerosis complex (TSC), for patients two years of age and older. This approval, which is the third indication for GW's cannabidiol in Europe, opens up the possibility for the medication's wider introduction across the continent.
Stringent regulatory rules for cannabidiol products are expected to hamper the growth of the market
Cannabidiol products are extracted from cannabis plants, which are illegal for sale in some countries in Europe because of the presence of psychoactive components and some countries consider it as a ‘soft narcotic’. European countries such as Albania, Armenia, Belarus, Bosnia and Herzegovina, Monaco, Serbia, and Ukraine among others have banned the use of any type of cannabidiol products. Therefore, the strict regulations for cannabidiol products are expected to hinder the Europe cannabidiol market growth over the forecast period.
COVID-19 Impact on Europe Cannabidiol Market
The COVID-19 pandemic has had significant effects on the Europe cannabidiol market. The demand for cannabidiol products remained strong in Europe during COVID-19, however, production and sales of cannabidiol products were hampered. According to the data published in Health Europa, in June 2020, the COVID-19 pandemic resulted in delayed product deliveries, which led consumers to go towards the unregulated market. Moreover, the pandemic set back the legalization processes in some countries in Europe.
On the other hand, many research institutes are conducting research studies involving cannabidiol for the treatment of COVID-19-related mental illness. According to the American Society of Addiction Medicine data, cannabidiol products can help patients with post-COVID-19 anxiety, depression, or any substance use disorder. Many clinical trials are being conducted to prove the antianxiety or antidepression therapeutic properties of CBD and support its wide use as medicine to treat COVID-19-associated mental health conditions or substance use disorders.
Europe Cannabidiol Market Segment Analysis
The isolate segment is expected to exhibit the highest CAGR during the forecast period (2023-2030)
On the basis of type, the Europe cannabidiol market is segmented into isolate, full-spectrum, broad-spectrum, and others. Among these, the isolate segment had the largest market share in 2022. This is majorly due to its benefits for the treatment of anxiety, depression, post-traumatic stress disorder (PTSD), sleep disorder, opioid withdrawal, and other mental disorders.
Furthermore, CBD product manufacturers are actively focused on obtaining product approvals from the regulatory authorities. For instance, in February 2022, Brains Bioceutical Corporation, a global company focused on the manufacturing of cannabidiol products, launched natural plant-based cannabidiol (CBD) in the U.K., following the approval by the Food Standards Agency (FSA).
Source: DataM Intelligence Analysis (2022)
Europe Cannabidiol Market Geographical Share
Germany holds the largest market share in the Europe cannabidiol market
Germany holds a dominant position in the Europe cannabidiol market, owing to the increasing demand for cannabidiol products due to its health benefits, favorable reimbursement policies, and increasing product launches. Moreover, many companies are involved in developing innovative CBD products for making them user-friendly.
Many pharmaceutical companies, and beauty and wellness companies are launching a wide range of new CBD and THC products for medicinal use. For instance, in May 2021, Curaleaf Holdings, Inc., a global provider of consumer products in cannabis, has a subsidiary named Adven GmbH, which launched its own range of medical cannabis products in Germany, Europe's largest medical cannabis market. The initial launch of a high THC oil product aims to meet immediate patient demand and will be extended over the course of the year to incorporate a number of different strengths and THC/CBD formulations in both oil and flower formats. Thus, Germany is expected to witness high growth over the forecast period.
Source: DataM Intelligence (2022)
Europe Cannabidiol Companies and Competitive Landscape
The Europe cannabidiol market is a moderately competitive market due to the presence of various pharmaceutical, beauty and wellness, food, and beverage companies. Some of the key players contributing to the growth of the market are Akanda Corporation, Aurora Cannabis Inc., Aphria Inc., Brains Bioceutical Corporation, ENDOCA, Elixinol, NuLeaf Naturals LLC, Cannoid LLC, Isodiol International Inc., and Medical Marijuana Inc. The major players are adopting several growth strategies such as partnerships, manufacturing facility expansion, and collaborations, contributing to the growth of the Europe cannabidiol market.
For instance, in June 2021, Royal DSM, a global science-based company, reported that it entered into an exclusive commercial partnership with a global cannabinoid active pharmaceutical ingredients (APIs) company, Brains Bioceutical Corporation. This partnership aims to establish an early-stage drug development platform and deliver value-added cannabinoid-based products that benefit global patient health. In partnership, DSM and Brains Bioceutical Corporation strategically positioned the development of cannabinoid-based pharmaceutical products, using Brains’ EU-GMP APIs.
Medical Marijuana Inc.
Overview:
Medical Marijuana, Inc. is a cannabis product research and development company. Additionally, the company also invests, creates, and owns subsidiaries involved in a variety of diversified multinational businesses within the medical cannabis and industrial hemp industries. The company offers various CBD oils and related products such as hemp oils, cannabidiol drops, and tinctures. Medical Marijuana distributes its products to worldwide customers.
Product Portfolio:
CBD Oil: Various types of CBD oil isolates are available under the brand name of RSHO Professional. It is a full-spectrum hemp oil. RSHO Liquid features 1000 mg of CBD mixed with medium-chain triglyceride (MCT) oil for a powerful combination of botanical ingredients, giving it a light coconut oil flavor with a hint of earthy hemp. In addition to this, edible gummies are also available.
CBD Tincture: The tincture consists of minimally processed full-spectrum CBD hemp oil, which has 500 mg of CBD and is abundant in vitamins and minerals, terpenes, essential omega-3 and omega-6 fatty acids, chlorophyll, and other cannabinoids naturally found in hemp.
CBD Capsules: These CBD capsules help in digestive wellness and promote a healthy digestive tract. The capsules consist of natural ingredients like fennel seeds, peppermint seeds, digestive enzymes, and vitamin E infused with CBD oil (15 mg of CBD per capsule).
The Europe Cannabidiol Market report provides access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.
