Report Description of the UK Cannabis Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for UK Cannabis Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the UK Cannabis Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
UK Cannabis Market Analysis Executive Summary
Research from two industry pressure groups reveals the UK cannabinoid (CBD) industry was worth £690mln in the 12 months to the end of April – up almost a third since a 2019 estimate. CBD is the non-psychoactive element derived from both marijuana and hemp plants. It is used in an array of products for conditions such as anxiety and insomnia through to skincare. Its healthcare benefits, however, are yet to be proven.
Market Size and Key Findings
The UK Cannabis Market Analysis size stood at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Market Growth Drivers Analysis
The growth of the market in this region is attributed to the upgrading of regulations for medical cannabis and growth of the cannabis industry. The European countries are experiencing transformation in the regulations for marketing cannabis and related products. The changes in the regulations have allowed the cultivation, processing, and trade of the cannabis-derived products across this region. In addition, the online distribution of CBD has received more attention, and companies are emerging at a faster rate.
High cost of biologics and accessibility to these biologics may restrict the market growth in the upcoming years.
Covid-19 Market Impact Analysis
Britain’s legal cannabis market has boomed during the coronavirus pandemic to become the second biggest after the United States, as consumers rushed to alleviate Covid – linked symptoms, industry experts say.
A major of companies mentioned: Aphria, Inc., Aurora Cannabis, Cannabis Science, Inc., Canopy Growth Corporation, and Medical Marijuana, Inc.
Products in Pipeline
- In May 2019, European Cannabis Holding (ECH) and Miller & Miller Chemicals Ltd. formed Astral Health, a new end-to-end platform, in the UK to import approved medical cannabis products. In the following weeks of May, countries such as Germany, Italy, Spain, and France were expected to announce the distribution of cannabis medical products.
- For instance, in December 2019, EMMAC Life Sciences Group launched its first unlicensed medical cannabis products in the UK and European market.
Notable Recent Deals
- There has been a significant rise in startups in the European cannabis market in the past few years. For instance, Blossom Genetics, Cannamedical Pharma, Demecan, Grass & Co, Cannaray, Rainbow, NOBL Group, Alphagreen, Sanity Group, and Daye were founded after 2015. Moreover, well-established companies are launching new products in the market.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
In November 2018, medical cannabis was legalized in the United Kingdom, meaning cannabis can be prescribed if no other licensed medicine could be of help to the patient. The policy of cannabis legalization for medical purposes wad supported overwhelmingly by the British population as of 2020. At the current moment, GPs are not able to prescribe cannabis to patients, only a specialist doctor can do this. Furthermore, the NHS will only advocate the use of medical cannabis in three circumstances: in cases of rare, severe epilepsy; to deal with chemotherapy effects such as nausea, or to help with multiple sclerosis.
In April, 2020, a study posted on Pan European Networks Ltd, a health European website, stated that the researchers would conduct an anonymous survey among medical cannabis patients regarding their mental health and physical health, as well as examining changes in patient’s frequency of use of cannabis, dosage, and route of administration based on COVID-19-realted closures and updates. Thus, it is expected that the COVID-19 pandemic is likely to offer extensive growth opportunities for market growth.
According to a report by the UN’s International Narcotics Control Board, before legalization, the UK has emerged as the largest producer and exporter of legalized cannabis for medical and research applications. Therefore, it is expected that the legalization of cannabis in the European region would further enhance the UK’s cannabis industry.