Press Release

Diversified Application of Cannabidiol (CBD) Products to Boost the European Market

Europe Cannabidiol (CBD) Market is projected to grow at a CAGR of around 24.57% in the forecast period of 2023-28, says MarkNtel Advisors in their recent research report. This is due to the widening application of cannabis in a large number of industries, such as cosmetics, medical, and sports, coupled with the rising awareness of consumers about the health benefits of CBD products & their increasing inclination to its consumption. The general population of the region has started consuming cannabidiol in a variety of forms like CBD-infused oils, chocolates, coffees, face masks, cakes, and even drinks, supporting the market growth in the forthcoming years.

Moreover, the increasing relaxation by different countries in the provisions related to the use of products, including the usage of cannabis, is providing support to the CBD industry in the region. Many countries, such as Germany & Italy, have been gradually easing the norms related to cannabidiol. For instance:

• In 2021, Indena, a leading company dedicated to the identification, development, and production of high-quality active principles from plants, was given the authorization by the Italian Ministry of Health and Italian Medicines Agency (AIFA) to produce CBD-based cannabis extracts to create medical-grade CBD for the global market for clinical & commercial use.

Consequently, this has increased the demand for CBD-based products in Europe, leading to the expansion of cannabis production facilities. Therefore, the rising demand for CBD-based products in the region is expected to lead to the development of more authorized cannabis production capabilities in the near future, reveals MarkNtel Advisors in their research report, “Europe Cannabidiol (CBD) Market Analysis, 2023."

Growing Application of Cannabidiol for Beauty & Personal Care to Push the Market Growth

Based on application, the Europe Cannabidiol (CBD) Market is bifurcated into Medicinal Use, Beauty & Personal Care, Pets, and Recreational. The Europe region is estimated to witness significant market growth from the Beauty & Personal Care segment owing to the rising use of naturally derived products in the cosmetic industry. The increasing curiosity of consumers to make use of natural beauty products that could help maintain healthy skin has dramatically supplemented the sales of cannabidiol in the beauty & personal care industry. The European Union, in 2021, announced the inclusion of CBD, derived from cannabis extract or tincture or resin, as a raw material used by the cosmetics industry & included in the CosIng, which is the reference document for cosmetic raw materials for countries in the European Union. This is further raising the level of investments in research & development by major CBD manufacturers to test the potential of its use in cosmetic products. Hence, this would accelerate the growth of the market sales of cannabidiol -based beauty products during the forecast period.

Edibles to Hold a Significant Market Share

Based on the Product Type, the market is classified into Edibles, Flowers, Oil & Tinctures, Pills & Capsules, Topical, and Others (Vape, Spray, etc.). Among them, Edibles would acquire a considerable share of the Europe Cannabidiol (CBD) Market in the upcoming years. A large number of products, such as brownies, gummies, and candies, are becoming popular sources for recreational purposes. Further, the usage of cannabidiol products in the medical industry is augmenting, owing to its by various countries in the region. The role played by these products to treat various cardio & immune-based diseases, nausea, stress, and chronic pain is heightening their usefulness among adults in the region. Further, the enhancement in the taste of edible products by the use of cannabis would accelerate the demand for edible CBD products in the forecast years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Aurora Europe, uHemp, Sequoya, Endoca, CBD One Ltd., Formula Swiss, Spectrums Europe, MH medical hemp GmbH, Green Brothers, Canopy Growth Corporation, and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?