Market Research Future (MRFR) has published a cooked research report on the “Global Cannabis packaging Market” that contains information from 2018 to 2032. The Cannabis packaging market is estimated to register a CAGR of 17.30% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Cannabis packaging market— KushCo Holdings Inc., JL Clarks Inc., Kaya Packaging, Cannaline Cannabis Packaging Solutions, Dymapak, Diamond Packaging, Greenlane Holdings Inc., N2 Packaging Systems LLC, Green Rush Packaging, Elevate Packaging Inc., Berry Global Inc. and others
The global cannabis packaging market is accounted to register a CAGR of 17.30% during the forecast period and is estimated to reach USD 2.52 Billion by 2032.
The cannabis packaging industry is expanding as cannabis products become increasingly legal. The need for packaging solutions that are safe, legal, and environmentally friendly is driving innovation in this sector.
The global cannabis packaging market has been segmented based type and packaging materials.
On the basis of type, the market is segmented into rigid packaging and flexible packaging. The rigid packaging segment dominated the market in 2022. This is because tightly sealed cannabis products are better protected from the elements. However, the market for flexible packaging is growing more swiftly as a result of the rising desire for cannabis products that are portable and lightweight.
Based on packaging materials, the global cannabis packaging market has been segmented into packaging materials, includes glass, metal, plastics and cardboard containers. The glass packaging category generated the most income in 2022. This is so because pricey packaging materials like glass are typically associated with premium brands. However, the plastic packaging industry is growing at the fastest rate due to the growing demand for cannabis products that are portable and lightweight.
The global cannabis packaging market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Cannabis packaging market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Cannabis packaging market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Cannabis packaging market comprises of Middle East, Africa, and Latin America.
The North America cannabis packaging market dominated this market in 2022 (45.80%). Particularly in the states and provinces where it is legal for recreational use, the cannabis sector in North America is very competitive. As companies fight for consumers' attention, packaging becomes a crucial component of product differentiation. Packaging designs need to be distinctive, consistent with brand identity, and appealing to target demographics in order to stand out on dispensary shelves.
Moreover, the second-largest market share belongs to Europe. The varying degrees of cannabis legalization in various European countries has led to a need for appropriate and standardized packaging options. Varying countries have varying legal requirements for child-resistant features, labeling requirements, and packaging requirements. Packaging firms have to alter their products to meet the varied regulatory standards in the industry.
Additionally, the Asia-Pacific cannabis packaging market is expected to grow at the fastest CAGR from 2023 to 2032. The aging population in the region and growing interest in complementary treatment are both contributing to the growth of the medicinal cannabis market in various Asia Pacific countries. This expansion asks for packaging that complies with standards for medical-grade packaging while maintaining the purity, potency, and safety of the product.
Furthermore, the rest of the world's cannabis packaging market is divided into the Middle East, Africa, and Latin America. As more nations legalize cannabis, the Latin American cannabis packaging market is evolving. In this developing sector, there is a high demand for compliant, inventive, and environmentally friendly packaging solutions because of stricter laws and sustainability issues.
Key Findings of the Study