Press Release

Europe Cannabis Market to Witness Rapid Growth through 2024

Rising adoption of cannabis as a medical product and increasing legalisation of cannabis are driving Europe Cannabis market

According to TechSci Research report, Europe Cannabis Market By Product Type, By Compound, By Application, By Company, Competition, Forecast & Opportunities, 2024, the Europe cannabis market is expected to grow rapidly during the forecast period on the account of its rising applications in treatment of pain, anxiety, sleep disorders, and other medical conditions such as fibrotic problems and neuropathic pain. Over €500 million has been invested in the cannabis industry until 2018, and six countries have announced new legislations regarding the growth, sale or consumption of cannabis. Countries including Germany, Italy, Netherlands are considered as the Cannabis industry leaders that are focusing more on expanding existing medical programs, thus aiding the growth of Europe cannabis market.

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The Europe cannabis market is segmented based on product type, compound, application, region and company. Based on application, the market can be bifurcated into Medical and Recreational. The recreational segment is anticipated to witness higher traction over the next five years. Despite recreational cannabis having a low presence, its consumption and demand remain almost equal when compared to medicinal cannabis. Additionally, due to legalization in various countries, the demand for recreational cannabis is projected to surpass the demand for medical cannabis by 2024. In terms of Compound, the cannabis market is segmented into THC-Dominant, CBD-Dominant, and Balanced THC & CBD. Out of these, THC-dominant is projected to be the fastest-growing segment in the region’s cannabis market during 2019-2024. The dominance of this segment is majorly attributed to the fact that THC is the psychoactive substance in cannabis products and is responsible for head high feeling. Even though high THC content is better known for its mind-altering euphoria, it has important medical benefits and is considered effective in relieving nausea, appetite loss, and insomnia.

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Bedrocan Cannabis Corp., Aurora Cannabis, Canopy Growth, Aphria Inc., Demecan GmBH, Tilray Inc. and Cronos Group, among others are some of the leading players operating in Europe cannabis market. “With a population that is about double than that of the United States and Canada combined, the Europe cannabis market is ripe, and the industry has grown more in the last year than over the last six years combined. Over the next five years, Europe is set to become the world’s largest legal cannabis market. The cannabis market would be among the fastest growing markets during the forecast period owing to rising support of the governments for the application of cannabis in medical as well as in recreational treatment. The number of people using marijuana is projected to increase owing to less limitations, lower prices, and ease of access that is expected to spur the growth of the market through 2024.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Europe Cannabis Market By Product Type, By Compound, By Application, Competition, Forecast & Opportunities, 2024 has evaluated the future growth potential of Europe cannabis market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Europe cannabis market.

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