Europe’s emerging medical cannabis oil market is projected to reach an estimated value of nearly $2.4 billion by 2032 according to a new market analysis by Astute Analytica. The market research entity describes itself as “a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients.”
“The Europe medical cannabis oil market was valued at approximately US$ 905.56 million in 2023 and is projected to achieve a market valuation of US$ 2,395.83 by 2032. This significant growth represents a robust compound annual growth rate (CAGR) of 12.8% over the forecast period from 2024 to 2032.” the company stated in a press release.
“The expansion of the medical cannabis oil market in Europe is driven by increasing acceptance of cannabis-based treatments, advancements in medical research, and a growing emphasis on alternative therapies for chronic conditions. As regulatory frameworks continue to evolve and public awareness increases, the demand for medical cannabis oil is anticipated to rise substantially.” the company also stated.
“Germany and the United Kingdom are at the forefront of this burgeoning market. Germany, which currently dominates the European medical cannabis sector, is expected to maintain a robust CAGR of 13.10% throughout the forecast period.” Astute Analytica reported about Germany’s market.
Germany and the United Kingdom are projected to control an estimated 77% of Europe’s emerging legal medical cannabis market by 2028 according to a separate recent analysis by The Dales Report.
“This growth is driven by both expanding legal frameworks and an increasing acknowledgment of the therapeutic benefits of cannabis. As both nations continue to refine their policies and commercial strategies, the focus remains on balancing patient needs with scientific and public health priorities.” The Dales Report stated about both national markets.
According to another separate 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.