Cannabis Packaging Market was worth USD 2.60 billion in 2021 and is poised to amplify at a CAGR of 25.2% over 2022-2030, thereby amassing USD 23.83 billion by end of the assessment timeline.
During the forecast period, factors including the legalisation of marijuana, increasing demand for medical and recreational cannabis products, and an increase in the number of new cannabis product start-ups are anticipated to propel market revenue growth.
Market Overview:
Cannabis has become legal in many nations due to growing public understanding of its many benefits. Governments in many nations have decriminalised and legalised cannabis cultivation and possession, which is anticipated to enhance consumer demand for cannabis and cannabis-based goods and boost market income.
Growing consumer demand for cannabis products for both medical and recreational purposes is a major driver of the market's revenue growth over the forecast period. The legalisation of marijuana has increased demand for a variety of cannabis products, which calls for suitable packaging to extend shelf life. During the projected period, this is a factor that is anticipated to assist the market's revenue growth.
The industry has seen the development of a large range of cannabis-based goods, including oils, beverages, and others, which is likely to dramatically raise demand for cannabis packaging. New businesses are working to increase industrial production and cultivation while also investigating new markets for a variety of cannabis products.
As a result, the nation's packaging market is expanding at the same time. The aforementioned health advantages of cannabis encourage consumer demand for it, and an increasing number of people are in favour of its legalisation in the nation, at least for medical purposes. Thus, it is anticipated that steadily increasing consumer awareness will support the product's demand, supporting the packaging market's growth over the projection period. Along with official assistance through permitting the legal sale of recreational cannabis products on the market, the recreational use of cannabis is expanding. Thus, the demand for packaging that can avoid direct child interaction is driven by rising sales of similar products for adult usage.
Taking advantage of the younger population's growing use of cannabis for recreational purposes is a prominent trend in the cannabis packaging industry. Because there are many cannabis suppliers and there is a high level of brand saturation among the participants, packaging plays a significant role in helping emerging firms establish their brand image.
Segmentation Analysis of Global Cannabis Packaging market:
Based on type
- Rigid
- Semi rigid
- Flexible
- Other
Based on packaging material
- Metal
- Plastic
- Cardboards containers
- Glass
- Others
Based on application
- Medical use
- Recreational use
- Others
Competitive Landscape:
The Key players in the Global Cannabis Packaging Market are Berry Global Inc., Cannabis Science Inc., Cannaline Cannabis Packaging Solutions, Diamond Packaging, Dymapak, Elevate Packaging Inc., Green Rush Packaging, Greenlane Holdings Inc., Kaya Packaging, KushCo Holdings Inc., Maple Leaf Green World Inc. and N2 Packaging Systems LLC.
Major questions answered in this report:
- What is the growth rate of this Market?
- What are the primary growth determinants of this market?
- Which are the major regions constituting the geographical landscape of this Market?
- Which are the prominent companies operating in This Market?
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