DUBLIN–(BUSINESS WIRE)–The “Cannabis Packaging Market By Type, By Material, By Application, and By Region Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global cannabis packaging market size is expected to reach USD 23.83 Billion in 2030 and register a revenue CAGR of 25.2%.
Increasing demand for child-resistant and tamper-evident packaging, legalization of cannabis in several countries, and growth of the medical cannabis market are some of the key factors propelling the growth of this market.
Cannabis packaging includes various containers such as bags, bottles, cans, cartons, and others used for storing, transporting, and marketing cannabis products. The type of packaging selected for a particular product depends on the form of the product and its end use.
For instance, pre-rolled joints are typically sold in small tubes or papers, while dried cannabis flowers are sold in brown glass jars. Moreover, new types of packaging such as pouches and stand-up bags are being introduced in the market to increase product visibility and shelf life.
The legalization of cannabis for recreational and medicinal purposes in several countries is one of the major factors driving the growth of this market. For instance, according to the U.S. National Conference of State Legislatures, as of September 2018, recreational use of cannabis is legal in nine states and Washington D.C., while medicinal use is legal in 30 states.
Moreover, according to Statistics Canada, the sale of legal cannabis was CAD 562 million in the third quarter of 2019, an increase of CAD 129 million from the second quarter of 2019. The increasing demand for child-resistant and tamper-evident packaging is another major factor driving the growth of this market.
Packaging keeps the product fresh and provides valuable information to consumers about the product. For these reasons, the packaging of cannabis is highly regulated in most legal markets. Regulations around the world vary, but often require child-resistant and tamper-evident packaging as well as clear labeling with strain name, THC and CBD content, cultivator or producer, and expiration date.
Some Key Highlights in the Report
- Flexible segment is expected to account for largest revenue share in global cannabis packaging market between 2021 and 2030, owing to its easy and safe handling. Also, flexible packaging offers better barrier against light, oxygen, moisture, and other environmental factors as compared to other packaging types such as glass and metal cans. Moreover, manufacturers are engaged in developing innovative packaging solutions using sustainable materials such as plant-based polymers to offer eco-friendly options to cannabis consumers. As a result, this factor is expected to fuel growth of the flexible segment during the forecast period.
- Recreational segment is expected to register significantly steady revenue growth over the forecast period due to the widespread legalization of the cannabis globally. Moreover, the product is now being considered for medical applications in several countries including U.S., Canada, and some European nations owing to its wide range of therapeutic benefits. The segment held a market share of more than 60% in 2018.
- Cannabis packaging is witnessing significant growth owing to the legalization of the product for recreational as well as medical purposes in several countries. The product is mainly used for storing and transporting cannabis products such as leaves, buds, and oils. It helps in keeping the product fresh and protects it from external factors such as light, moisture, and oxygen. Moreover, cannabis packaging can be customized according to the requirement of the customer.
- The North America cannabis packaging market is projected to account for largest revenue share in global market between 2021 and 2030, owing to legalizing of cannabis by various countries in the region. For instance, according to the National Conference of State Legislatures (NCSL), as of March 2020, a total of 35 states and Washington D.C. have legalized the use of cannabis in some form. Moreover, according to ProCon.org, as of April 2020, 11 states and Washington D.C. have legalized recreational use of cannabis while 22 states have legalized medical use of cannabis. These factors are expected to fuel demand for cannabis packaging in the region.
- The Asia Pacific is expected to be the fastest-growing region in this market over the forecast period. This is attributed to the increasing demand for cannabis products in countries such as China, India, and Australia. Moreover, the region is also home to some of the leading manufacturers of cannabis packaging, such as Bausch + Lomb (U.S.), WestRock Company (U.S.), and Mondi plc (Austria).
- Legalization of marijuana
- Rising demand for medical and recreational cannabis products
- Rise in number of new start-ups for various cannabis products
- Stringent standards and regulation
- Lack of consensus on legalizing cannabis
Porter’s Five Forces Analysis
Competitive Metric Space Analysis
Price trend Analysis
Covid-19 Impact Analysis
Global Recession Influence
Companies profiled in the global market report include
- KushCo Holdings Inc.
- Cannabis Science Inc.
- Calyx Containers
- JL Clark Inc.
- Maple Leaf Green World Inc.
- Kaya Cannabis
- Lexaria Bioscience
- Berry Global Inc.
- Cannaline Cannabis Packaging Solutions
- Green Rush Packaging
Scope of the Report
Type Outlook (Revenue, USD Billion; 2018-2030)
- Semi Rigid
Material Outlook (Revenue, USD Billion; 2018-2030)
- Cardboard Containers
Application Outlook (Revenue, USD Billion; 2018-2030)
Regional Outlook (Revenue, USD Billion; 2018-2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/n6m4fi