According to the research report titled ‘Europe Cannabidiol Market Forecast 2027 by Route of Administration, Product, Application, Source, Distribution Channel, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, Europe cannabidiol market is expected to register substantial growth during 2021-2027.
 

Rising cognizance regarding the beneficial attributes of the product, increasing medical applications of CBD, favorable regulatory outlook, and proliferating CBD sales are some of the key factors driving the growth of Europe cannabidiol market.
 

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Various European countries are focusing on legalizing and commercializing cannabidiol. This domino effect is likely to propel the overall market size. High costs associated with CBD and availability of counterfeit products are, however, likely to act as a bottleneck to the market expansion.
 

As per the product type, the report cites that the oil segment accounted for USD 450 million in 2020 and is predicted to showcase consistent growth throughout the study period. Widespread adoption of oil products coupled with availability of various administration routes are fueling the segmental share.
 

Moving on to the application scope, the anxiety/stress segment held 22% share in Europe cannabidiol market in 2020. This can be attributed to the rising prevalence of depression, stress, and anxiety which has compelled healthcare professionals to recommend cannabidiol-based products.
 

In terms of route of administration, the report cites that the topical segment is predicted to expand at 33.1% CAGR through 2027. Growing demand for cannabidiol-based products owing to its cosmetic advantages, rising cognizance regarding aesthetic appeal, and easy availability of essential oils are favoring the overall market scenario.
 

From the regional point of view, U.K. cannabidiol market share is anticipated to showcase a y-o-y growth rate of 40% through 2027, with revenues reaching USD 7 billion by the end of the forecast period. This can be attributed to increased pervasiveness of chronic disorders and rising geriatric population.
 

The competitive landscape of Europe cannabidiol market is defined by companies such as uHemp, Spectrums Europe SAS, Nordic Oil, MH medical hemp GmbH, HemPoland Sp. z o.o., GW Pharmaceuticals plc, Green Brothers Switzerland SA, Formula Swiss AG, and CBD One Ltd. among others.