According to Custom Market Insights (CMI), The Medical Cannabis (CBD) packaging market has grown to USD 992.21 million by 2021 and is foreseen to record a growth of USD 2,742.34 million by 2030, at a compound annual growth rate of 15.7%. The increasing demand for Cannabis (CBD) and its products has also boosted the packaging industry’s market.
The huge number of health benefits that are obtained from the use of these products has propelled the size of the market to a great extent. The various advanced packaging options available in the market have enabled the manufacturers to provide better protection to the material’s structure and shape, which helps attract potential consumers. And it took to packaging helps to drive the market to new heights.
Browse the full “Medical Cannabis (CBD) Packaging Market Size, Trends and Insights By Material (Plastic, Glass, Metal, Paper), By Product (Tubes, Jars and bottles, Pouches, Tins, Clamshells and blisters, Others), By Application (Medical Use, Recreational Use), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/medical-cannabis-packaging/
Market Dynamics
Drivers
The use of medical Cannabis (CBD) in treating various diseases related to the central nervous system has encouraged a huge population to opt for such products. The one-stop packaging techniques that the key market players have adopted have attracted potential consumers worldwide. Innovative packaging options introduced by the key market players help spread easy awareness regarding the contents and uses of such products, enabling people to purchase them. Induction cell research and development carried out by the key market players, along with a huge investment made by them for this purpose, has helped drive the market to new heights and is foreseen to record considerable growth during the forecast period.
Restraints
The use of advanced packaging options imposes an additional cost on the product’s total price, which greatly hampers the market’s growth. The use of plastics hampers the quality of the medicine over time, which also emerges as a restraining factor for the market’s growth. Many countries have imposed restrictions and rules on the sales and distribution of Cannabis (CBD) and its products, which have hampered the packaging industry as well. The outbreak of the pandemic had a significant impact on the growth of the market, which hampered the sales and distribution channel to a great extent.
Opportunities
The huge number of benefits obtained from medical Cannabis (CBD) to manage the treatment of chronic diseases has emerged as a major opportunity for the market’s growth, which also, in turn, supports the packaging industry. Cannabis (CBD) products act as a major pain reliever; hence, the demand for such products is increasing in the market.
Advanced packaging options help indirect publicity and popularity of Cannabis (CBD) products which makes people aware of the uses of Cannabis (CBD) in the medical field. Proper packaging provided for Cannabis (CBD) products helps maintain the content’s integrity, and hence it is experiencing a huge demand from the market. The huge investments the key market players have made in introducing new packaging options for the manufacturers have boosted the market’s size to a great extent.
Challenges
Lack of awareness among the people regarding the health benefits obtained from using Cannabis (CBD) products has also challenged the packaging industry’s growth. The total cost of the product increases along with the use of advanced packaging options, which greatly challenges the packaging industry’s growth. Restrictions imposed by the government of many countries have hindered the sales and distribution of Cannabis (CBD) products, which also affects the growth of the packaging industry. Increasing competition among key players has challenged the market’s growth due to manufacturers’ availability of a huge variety of options.
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Segmental Highlights
Based on material, the segment of plastic has emerged as the largest segment due to the extensive use of plastic packaging materials by the menu Cannabis (CBD) industry. The extreme flexibility and resistance offered by good quality plastics propel the growth of this segment to a great extent.
The use of glass materials has also been considered a great option by the manufacturers, which provides maximum protection to the liquids. Based on product, jars and bottles have emerged as the largest segment resulting from their extensive use in the market. Bottles and jars are mainly used to hold liquid substances that tend to leak. Prince and pouches are other segments discussed under this category. On the pictures of the application, the use of Cannabis (CBD) products and packaging for recreation has emerged as the largest market. Based on geography, the region of North America has emerged as the largest consumer of medical Cannabis (CBD) packaging market. The other regions that have contributed significantly to this market include the European nations, which have legalized the use of Cannabis (CBD) and its products.
Regional Snapshots
The region of North America has emerged as the largest sector for the medical Cannabis (CBD) packaging market due to the huge number of products demanded by this region. The process of legalization that has taken place in this region has helped to boost the sales and demand for cannabis products which enhances the growth of the packaging industry as well. Advanced packaging options available in this region, including glass and plastics, emerged as the major segments that have greatly boosted the market’s size.
Key Market Players
- L. CLARK
- IMPAK Corp.
- Berry Global Inc.
- KushCo Holdings Inc.
- Pollen Gear
- Cannaline Cannabis Packaging Solutions
- Norkol Packaging LLC
- N2 Packaging Systems, LLC
- Green Rush Packaging
- MMC DEPOT
Table of Contents: https://www.custommarketinsights.com/report/medical-cannabis-packaging/#table-of-contents
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