Cannabis Packaging Market surpass $13.17 billion by 2030 - Exclusive Report by Coherent Market Insights

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Mar 14, 2024, 11:45 ET

BURLINGAME, Calif., March 14, 2024 /PRNewswire/ -- Coherent Market Insights published a report, titled, Global Cannabis Packaging Market, By Material Type (Plastics, Paper, Glass, Metal, Cardboard, and Others (Foils, Hemp Plastic)), By Packaging Type (Rigid Packaging, Flexible Packaging, Semi-rigid Packaging, and Others (Cans, Boxes)), By Application (Food, Beverages, Pharmaceuticals, Cosmetics, and Others (Automotive, Electronics)), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global cannabis packaging market was valued at US$ 2.64 Bn in 2023 and is expected to reach US$ 13.17 Bn by 2030, growing at a compound annual growth rate (CAGR) of 25.8% from 2023 to 2030.

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Market Dynamics:

The growing legalization of cannabis for medical and recreational purposes across the globe is one of the key drivers driving the growth of the cannabis packaging market. Additionally, the increasing awareness about the importance of child-resistant packaging for cannabis products is also fueling market growth.

Cannabis Packaging Market Report Coverage

Report Coverage	Details
Market Revenue in 2023	$2.64 billion
Estimated Value by 2030	$13.17 billion
Growth Rate	Poised to grow at a CAGR of 25.8%
Historical Data	2018–2021
Forecast Period	2023–2030
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Material Type, By Packaging Type, By Application
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	• Legalization of Cannabis Products • Growth of the Medical Cannabis Industry • Product Innovation in Cannabis Packaging • Growth of Cannabis e-Commerce Platforms
Restraints & Challenges	• High Costs of Packaging Solutions • Complexities in the Cannabis Supply Chain • Limitations Due to Varying Regional Cannabis Regulations

Market Trends:

One of the key trends observed in the cannabis packaging market is the development of sustainable packaging solutions. With the increasing focus on environmental sustainability, manufacturers are investing in eco-friendly packaging materials for cannabis products. Another trend is the integration of smart packaging technologies, such as QR codes and RFID tracking, to ensure product safety and authenticity. These technological advancements are expected to drive market growth in the coming years.

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The cannabis packaging market is witnessing a significant rise in demand for sustainable packaging solutions. With the increasing awareness about environmental concerns and the need to reduce plastic waste, consumers are actively seeking eco-friendly packaging options. This trend is driving the market towards materials such as paper, glass, and cardboard, which are biodegradable and recyclable. Manufacturers are focusing on developing innovative, sustainable packaging solutions to meet the growing consumer demand for environmentally friendly products.

The legalization of cannabis for medical and recreational use in various regions around the world is creating new opportunities for the cannabis packaging market. As the cannabis industry grows, the demand for secure and compliant packaging solutions is also increasing. Regulations require cannabis products to be packaged in child-resistant, tamper-evident packaging to ensure safety and compliance. This has led to the development of specialized packaging solutions designed specifically for the cannabis industry, such as child-resistant bags and containers.

Recent Developments:

In February 2021, a new automated cannabis packaging technology was introduced by Spee-dee.

In December 2020, a packaging start up called Dymapak introduced Vessel, a high-end, reusable aluminium container for cannabis flowers.

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Key Market Takeaways:

Cannabis Packaging Market is anticipated to witness a CAGR of 25.8% during the forecast period 2023-2030, owing to the increasing demand for sustainable packaging solutions and the legalization of cannabis in various regions.

On the basis of material type, plastics are dominating the market, with plastic packaging solutions being widely used in the cannabis industry. In the packaging type segment, rigid packaging is expected to hold a dominant position, providing secure and durable packaging solutions for cannabis products. The food application segment is dominating the market, with packaging solutions designed specifically for food products infused with cannabis.

In terms of regions, North America is expected to hold a dominant position in the cannabis packaging market, driven by the legalization of cannabis in various states and the growing demand for compliant packaging solutions. Key players operating in the market include Kush Supply Co., J.L.Clark, KAYA Packaging, and other leading companies in the packaging industry. These players are focusing on developing innovative packaging solutions to meet the unique needs of the cannabis industry and capitalize on the growing market opportunities.

Overall, the cannabis packaging market is poised for significant growth, driven by the increasing demand for sustainable packaging solutions, the legalization of cannabis in various regions, and the focus on compliant packaging solutions for the cannabis industry. Manufacturers and key players in the market are expected to continue innovating and developing specialized packaging solutions to meet the evolving needs of the cannabis industry and capitalize on the growing market opportunities.

Read complete market research report, "Cannabis Packaging Market, By Material Type, By Packaging Type, By Application, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.

Detailed Segmentation

By Material Type:

Plastics
Paper
Glass
Metal
Cardboard
Others (Foils, Hemp Plastic)

By Packaging Type:

Rigid Packaging
Flexible Packaging
Semi-rigid Packaging
Others (Cans, Boxes)

By Application:

Food
Beverages
Pharmaceuticals
Cosmetics
Others (Automotive, Electronics)

By Region:

North America

- U.S.
- Canada

Latin America

- Brazil
- Mexico
- Rest of Latin America

Europe

- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe

Asia Pacific

- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific

Middle East & Africa

- South Africa
- GCC Countries
- Rest of Middle East & Africa

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