The global Cannabis Packaging Market is estimated to be valued at US$ 2.64 Bn in 2023 and is expected to exhibit a CAGR of 25.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cannabis packaging products include containers that provide protection and aid in marketing of cannabis products such as pre-rolls, dried flowers, tinctures, edibles and other cannabis-infused products. Cannabis packaging helps in maintaining freshness, legibility of content information and preventing tampering. The need for effective and appealing cannabis packaging is growing in line with the expanding legal cannabis industry.
Market key trends:
One of the key trends in the cannabis packaging market is the increasing demand for sustainable and environment-friendly packaging solutions. With growing health and environmental consciousness among consumers, cannabis companies are focusing on utilizing eco-friendly materials for packaging such as plant-based plastics, recycled paper and glass containers that are reusable or recyclable. Another focus area is on printed graphics and designs on packaging that effectively communicates key content details as well as creates brand appeal and loyalty among target customers. Secure and multi-layered packaging solutions that prevent accidental exposure are also gaining significance.
Segment Analysis
The global cannabis packaging market is dominated by the flower segment. Flower packaging accounts for over 50% of the total market share owing to the high demand for dried flowers in the cannabis market. Dried flowers are the most common form of cannabis consumed globally and require suitable packaging solutions for storage and transportation. Rigid packaging containers are highly preferred for flower packaging as they effectively protect the product during distribution and retail. However, pre-roll packaging and concentrate packaging segments are expected to witness significant growth during the forecast period driven by the increasing usage of cannabis extracts and pre-rolled joints.
Key Takeaways
The Global Cannabis Packaging Market Size is expected to witness high growth, exhibiting CAGR of 25.8% over the forecast period, due to increasing legalization of cannabis across countries.
Regional analysis: North America dominates the global cannabis packaging market with over 40% share due to the well-established legal cannabis industry in the US and Canada. However, the Europe market is expected to grow at the fastest rate owing to the favorable regulations and growing consumer acceptance in countries like Germany, Italy, Netherlands.
Key players analysis: Key players operating in the cannabis packaging market are Kush Supply Co., J.L.Clark, KAYA Packaging, Impak Corporation, Pollen Gear, Maple Leaf Green World, Lexaria Bioscience, Cannaline Cannabis Packaging Solutions, Green Rush Packaging, Berry Global, Pacific Packaging, Sun Grown Packaging, Sana Packaging, SKS Bottle & Packaging, SWAGPLUG, HLP Klearfold, N2 Packaging Systems, Dymapak, Pollen Gear, Funksac. These players are focusing on developing innovative and sustainable packaging solutions to cater to the growing demand for cannabis products across the world.
Read More: https://www.newsstatix.com/cannabis-packaging-market-size-share-and-growth-forecast-2023-2030/
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