According to The Insight Partners market research study of “Europe Cannabis Unit Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type, Application and Compound,” Europe cannabis market is projected to reach US$ 36,997.1 million by 2027 from US$ 3,498.1 million in 2019. The market is estimated to grow at CAGR of 29.6% from 2020 to 2027. The report highlights trends prevailing in the Europe cannabis market and the factors driving market along with those that act as hindrances.
Based on application, the Europe cannabis market is further segmented into medical and recreational. The medical segment held a larger share of the market in 2019. The medical segment is further segmented into pain management, neurological health management, mental health management, others. In 2019, by pain management held the largest market share by medical, and is expected to dominate the market share during the forecast period. The growth of medical segment by application is expected to grow due to rising regulatory approvals for treating several medical conditions. Also, the other leading factor for the segment growth is increasing investments for medical cannabis products.
Europe cannabis market is expected to grow owing to factors such as up-gradation of regulations for medical cannabis, and growing cannabis industry. However, the challenges related to cannabis are likely to restraint the market growth during the forecast period.
Aphria, Inc.; Aurora Cannabis; Cannabis Science, Inc.; Canopy Growth Corporation, and Medical Marijuana, Inc. are among the leading companies operating in the Europe cannabis market.
Europe Cannabis Market, By Country, 2019 (%)
The report segments Europe cannabis unit market as follows:
By Product Type
- Flowers
- Concentrates
- Others
By Application
- Medical
- Pain Management
- Neurological Health Management
- Mental Health Management
- Others
- Recreational
By Compound
- Tetrahydrocannabinol (THC)-Dominant
- Cannabidiol (CBD)-Dominant
- Balanced THC and CBD
- Germany
- UK
- France
- Spain
- Italy