Many countries on the European continent now permit legal medical cannabis commerce activity, ranging from the limited importation of cannabis-derived pharmaceutical and CBD products to large-scale medical cannabis programs and sales, such as what is in place in Germany.
According to a recent market analysis by Research and Markets, the emerging legal European medical cannabis industry is set to undergo considerable growth between now and 2028.
“The burgeoning Europe medical marijuana market is poised for robust growth, as evidenced by the latest market insights which project an impressive leap from US$ 3,414.26 million in 2022 to US$ 9,703.38 million by 2028.” the researchers stated in a press release.
“This significant expansion is characterized by a Compound Annual Growth Rate (CAGR) of 19.0% over the forecast period.” they also stated.
Adult-use cannabis reform is spreading across the European continent, with three nations having adopted national adult-use legalization measures (Malta, Luxembourg, and Germany). Adult-use reform gets a significant amount of coverage in the mainstream media, and rightfully so. However, Europe’s medical cannabis industry is far more established on the continent.
European Union agreements prohibit nationwide adult-use cannabis sales, such as what is currently in place in Canada. Yet, the EU does permit its members to allow medical cannabis commerce and research.
“The divide of the Europe medical marijuana market encompasses several key regions including Germany, the UK, France, Italy, Spain, and the Rest of Europe. Germany currently leads the market share, with an anticipated surging growth rate, owing to significant investments in life science research across the region.” Research and Markets stated about Europe’s emerging medical cannabis industry.
Research and Markets also determined the following:
- Product Type: Dominated by the extract form segment, the market is bifurcated into dried and extract forms, with the latter showing a broader acceptance.
- Application: The pain management sector has emerged as the largest market shareholder, amongst other applications such as Tourette’s, Alzheimer’s disease, cancer, and more.
- Distribution Channel: Retail pharmacies hold the lion’s share in distribution channels, followed by e-commerce platforms and others.
- Country: Amongst the listed countries, Germany stands out as the dominant player within the European market.