The global cannabis packaging market reached a value of US$ 982.4 million in 2021. Looking forward, the market is projected to reach a value of US$ 3949.6 million by 2027, exhibiting a CAGR of 25.40% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Cannabis is a psychoactive drug derived from the Cannabis sativa plant and used for medical as well as recreational purposes. It is packed in jars, bottles, bags, pouches, tubes, and metal tins to prevent damage while transporting, handling, and storing. At present, the legalization of cannabis in several countries worldwide on account of increasing job growth and investment opportunities are catalyzing the demand for cannabis packaging.
Cannabis Packaging Market Trends
The growing utilization of cannabis in the healthcare industry represents one of the major factors driving the market. It is used in medical conditions, such as cancer, arthritis, migraines, epilepsy, Alzheimer’s, post-traumatic stress disorder (PTSD), Parkinson’s and Tourette’s, due to its therapeutic benefits.
In addition, there is a rise in the application of cannabis in the food and beverage (F&B) industry to manufacture nutritional supplements, sparkling water, and confectionery and bakery products, which is offering lucrative growth opportunities to the End-users and investors.
Besides this, the increasing adoption of automation in cannabis packaging to focus on sustainability, regulations, and branding is contributing to the growth of the market. Additionally, there is a rise in the prevalence of stress among individuals due to the overuse of social media and poor sleeping habits. This, in turn, is stimulating the growth of the market.
Furthermore, stringent regulations imposed by governments of various countries on the packaging of cannabis are propelling key players to offer tamper-evident, child-resistant, re-sealable, and opaque packaging for edible cannabis products. They are also introducing recyclable packaging variants, such as compostable pouches, biodegradable cellophane bags and metal cans, which are projected to bolster the growth of the market.
Key Questions Answered in This Report
- How has the global cannabis packaging market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global cannabis packaging market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the packaging material?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global cannabis packaging market and who are the key players?
- What is the degree of competition in the industry?
- Berry Global Inc.
- Cannabis Science Inc.
- Cannaline Cannabis Packaging Solutions
- Diamond Packaging
- Elevate Packaging Inc.
- Green Rush Packaging
- Greenlane Holdings Inc.
- Kaya Packaging
- KushCo Holdings Inc.
- Maple Leaf Green World Inc.
- N2 Packaging Systems LLC
Key Market Segmentation
Breakup by Type:
- Semi Rigid
Breakup by Packaging Material:
- Cardboard Containers
Breakup by Application:
- Medical Use
- Recreational Use
Breakup by Region:
- North America
For more information about this report visit https://www.researchandmarkets.com/r/ooo0mo
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900