Your latest cannabis business info from Europe

Your latest cannabis business info from Europe

2023-02-23

Cannabis in Europe forecast for 2023

Cannabis in Europe – forecast for 2023

It is worth taking a look at the numerous reports and forecast for the cannabis market in Europe in 2023. Can we expect development like in the USA? Are we in the most dynamic moment of this market?
According to the Prohibition Partners report, 2020 was a significant year for medical cannabis in Europe. This applies to its availability to patients and to regulatory and commercial progress. Several European countries such as Germany, Greece, Italy, the Netherlands, Poland and Portugal have legalized the use of cannabis for medicinal purposes. So what are the expected trends for next few years?

First of all, estimations show that from 2021 the European cannabis market will grow at an average annual growth rate (CAGR) of 67.4%. Thus, it will reach EUR 3.2 billion by 2025. Additionally, we can expect several countries to introduce legal access to cannabis for adults. These countries include the Netherlands, Switzerland, Germany and others. By 2025, these sales could amount to over EUR 500 million. Moreover, Germany will account for more than half of the European market by 2024 and will be worth over EUR 840 million by the end of the forecast period. Also, by 2025, large countries such as France and the United Kingdom will significantly expand patient access. Eventually they will represent a significant share of the European market.

What does the European cannabis market actually do?

The changes are also noticeable in the activities of pharmaceutical companies. In March 2021, STADA Arzneimittel AG, one of the largest German companies in this industry, teamed up with the Canadian company MediPharm Labs to introduce eight cannabis products. In April 2019, Aphria introduced the first CBD-based nutraceutical to the German market, the first product of this type from the cosmetics line. Pharmaceutical companies are expected to enter new segments with innovative products.
There was an interview with the co-founder of the Company Rainbow, selling CBD products. According to him, Europe is seen as the next big cannabis market, especially for emerging US and Canadian companies. However, Europe is still diverse in terms of regulations and consumer habits, which gives local producers an opportunity. Moreover, thanks to the access to information about cannabis and its derivatives, it can be said that the current consumer is aware, looking for new brands and experiences.

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