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Global Cannabis Packaging Market 2021: By Type (Rigid Packaging, Flexible Packaging), By Application (Medical, Recreational, Others), By Product (Jars, Bottles, Folding carton, Bags & pouches, Tubes, Metal tins, Others)Global Cannabis Packaging Market is the title of an upcoming market research report by Trusted Business Insights. Critical factors have been analyzed and studied in depth to present vital data and information in a well-planned format. In addition to the revenue shares of each segment, region, and country, revenue growth driving factors, restraints, as well as opportunities in untapped regions and economies are included. The company profiles of key players comprise detailed information, recent developments, strategies, acquisitions & mergers, etc. The Global Cannabis Packaging market size was valued at USD $38.69 Billion in 2020, USD $45.93 Billion in 2021, forecasted to reach USD $54.52 Billion in 2022, and is projected to reach USD $272.42 Billion by 2030, and is anticipated to expand at a CAGR of 18.7% over the forecast period from 2020 to 2030.
OverviewCannabis is currently used in many applications in industries such as healthcare, food & beverage, etc. Cannabis and products infused with cannabis must comply with stringent guidelines and rules that are enforced by respective governments across the globe. As such, the need for quality compliant packaging is given importance among cannabis manufacturers. These guidelines may hinder the growth of the global cannabis packaging. Guidelines such as the packaging need to be child-resistant, tamper-evident, resealable. And in the case of edible cannabis products, the packaging must be opaque. Packaging of cannabis is done in jars, bags, bottles, vials, wrappers, concentrated containers, tubes, etc.
DynamicsDrivers: The rising use of cannabis for both medicinal and recreational purposes are major factors contributing significantly to the growth of the global cannabis packaging market. The decision of legitimizing the use of cannabis by governments of countries especially in North America is boosting further growth of the cannabis packaging market. Cannabis packaging is extremely important as there are varied regulations imposed by different governments across the globe. They state that the packaging of cannabis products should have a uniform and single color, with a font style that is standardized. The rising use of cannabis in the medical industry to treat various chronic conditions, such as Alzheimers, epilepsy, etc., is anticipated to fuel the cannabis packaging markets growth in the coming years. Cannabis is used to reduce nausea and vomiting during chemotherapy, improve appetites in HIV/AIDS patients, and reduce chronic pain as well as muscle spasms. The cannabis packaging market is slated to index steady growth over the next few years due to the increase in demand for recreational and medicinal cannabis products. Furthermore, the legalization of cannabis in various countries is another factor that is fostering the global cannabis packaging markets growth. However, stringent regulations related to cannabis packaging may restrain the cannabis packaging markets future growth.
Segment AnalysisBy Material: The plastic segment is projected to account for the highest revenue share over the forecast period. Plastic materials are flexible, opaque and can be produced at low costs. Such factors are leading to the growth of this segment. By Product: The jars segment is expected to account for the majority revenue share when compared to other segments due to the increasing preference for jars to package cannabis leaves and buds. By Application: The medical segment is projected to register a significant growth rate over the next ten years. This can be attributed to the increasing demand for cannabis for medicinal purposes after the legalization of cannabis for medical use by governments of many countries.
Regional Analysis:The market in North America is projected to account for the highest revenue share in the global market. The markets in the US and Canada are two major contributors to market revenue growth in the region. Growing awareness among consumers about the positive health effects of cannabis as well as legitimizing the use of cannabis in Canada for medical & recreational purposes are major factors contributing to significant market growth in the region. Major companies that specialize in producing cannabis such as Aurora Cannabis Inc., Medical Marijuana and Canopy Growth Corporation are present in the region. These companies are investing in various research & development activities for developing innovative products that can meet the demands of consumers. In addition, inclination towards the adoption of products such as weed-laced topical sprays and other food items is expected to provide growth opportunities for this market in the region.
Below are the leading companies profiled in this Cannabis Packaging Market Report:
Chapter 1 Methodology and Scope