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How Big Is Italy’s CBD And Hemp Consumables Market?

Products that are hemp-derived and low in THC content, often referred to as ‘cannabis light,’ are very popular in Europe, including in Italy. According to leading Italian trade group Federcanapa, Italy’s emerging hemp-derived consumables industry includes 3,000 businesses and over 15,000 workers.

Hemp-derived products, including CBD products, are currently governed by a patchwork of policies and regulations in Europe, with the continent being governed by a combination of limited EU policies and nation-level policies.

The Prime Minister of Italy is currently pushing for a ban on hemp flowers and consumable products derived from hemp, which advocates have stated would violate EU agreements that permit hemp commerce.

Statista lists the following for Italy’s emerging cannabis industry:

  • Italy is projected to reach a revenue of US$312.50m in the Cannabis market by 2024.
  • The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.58%, leading to a market volume of US$337.90m by 2029.

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.

The global legal medical cannabis market is projected to reach $82.5 billion by 2030 according to a separate report by Research and Markets. The legal medical cannabis market was worth an estimated $32.3 billion in 2023 according to the report.

“Extract Form Marijuana, one of the segments analyzed in the report, is expected to record 14.6% CAGR and reach US$54.2 Billion by the end of the analysis period. Growth in the Dried Flower Marijuana segment is estimated at 13.7% CAGR for the next 7-year period.” Research and Markets stated in a press release.

The global cannabidiol (CBD) market was worth an estimated $7.6 billion in 2023 according to a previous market analysis by Market.us, and will climb to a projected $36.6 in value by 2033.

“Between 2023 and 2032, this market is estimated to register the highest CAGR of 27%.” the researchers stated.

The global cannabis edibles market is projected to reach $27.2 billion by 2030 according to a previous market analysis by Fairfield Market Research. For comparison purposes, the same researchers estimated that the global cannabis edibles market was worth $9.6 billion in 2022.

“This robust growth will be driven by a multitude of factors, including shifting consumer preferences away from smoking cannabis, and rising awareness of the health benefits associated with cannabis edibles.” Fairfield Market Research stated in a press release.