Dublin, Oct. 11, 2021 (GLOBE NEWSWIRE) -- The "Global Cannabis Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Cannabis Packaging Market is expected to witness a CAGR of 24.3% over the forecast period from 2021 to 2026.
The cannabis packaging market is anticipated to witness notable growth in the next few years, owing to the rising demand for medical and recreational cannabis products for consumption. The increasing legalization of cannabis in various countries is likely to drive the future market.
Key Highlights
The recreational cannabis application is expected to drive the market in the future, as it has shown unprecedented growth in recent years. The Marijuana Business Daily reported flowers as the most preferred form of cannabis sold in the United States. The flower is packed in jars or flexible packaging bags.
The rapid legalization of the consumption of cannabis in the United States and the existing free environment in Canada is anticipated to drive the ancillary demand for the packaging of cannabis. 36 out of 50 states in the United States allow patients to use medical cannabis with a proper prescription. The growth of the cannabis market in the North American region indicates that the region is expected to witness the rapid development of the studied market.
The packaging of cannabis is the most crucial process, owing to various regulations imposed by different countries' governments across the world. For instance, medical cannabis is available in various forms, such as flowers or concentrates, extracted in oils, extracts, or edibles. This medical cannabis packaging is growing, thus boosting various companies to offer holistic solutions to its manufacturers.
A notable trend in the cannabis packaging industry is to tap on the rising consumption of recreational cannabis amongst the younger population. Due to high brand saturation amongst cannabis players, the packaging plays a high role amongst smaller and emerging players to strengthen the brand image.
The announcement of a nationwide lockdown during the COVID-19 outbreak sparked increased demand for cannabis products. Multiple retail stores registered havoc traffic from consumers as the general idea of stocking up cannabis products in fear of its scarcity took center stage. Relevant statistics suggest the high growth of retail sales of cannabis products in March of 2020, creating an ancillary demand for cannabis packaging products.
The focus on sustainability, regulations, and branding has heavily impacted the packaging of cannabis and has facilitated the shift from traditional methods which relied on manual labor for processing and packaging to more sophisticated methodologies which involve automated machines. The incorporation of automation is slowly gaining traction in the cannabis packaging industry as the industry players become aware of the benefits of automating packaging processes. This is envisaged to become more popular with the standardization of the legal landscape of cannabis.
Competitive Landscape
The global cannabis packaging market is a highly consolidated market with few top players dominating the market's significant share. Some of the dominant players in the market are KushCo Holdings Inc., JL Clarks Inc., Kaya Packaging, Impak Corporation, Funksac LLC., Dixie Elixirs & Edibles, Pollen Gear LLC., among others.
Some of the recent developments in the market are:
- Sep 2021 - Green Rush Packaging announced the availability of Grip' N Lock cannabis boxes. These boxes come in default small and large sizes and give the option to the customer to get them customized. Furthermore, the Green Rush Packaging Grip' N Lock cannabis storage boxes are 16 CFR 1700 certified. The Gloss box finishes also add water resistance to the packaging and also prevent the box's print designs from fading.
- Apr 2021 - Cannaline announced its new C-Class Jars. These jars are shorter and wider than the company's previous models, making it easier to stack and store them. These C-Class jars come in all the essential sizes, from 2oz to 5 oz., and customers can purchase them in matte black, matte white, and clear jars with lid options in matte or glossy black and matte or glossy white lids.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Demand for Medical and Recreational Cannabis Products
5.1.2 Legalization of Cannabis in Various North American Countries
5.2 Market Restraints
5.2.1 Stringent Regulation Related to Cannabis Packaging
6 CANNABIS APPLICATIONS (QUALITATIVE ANALYSIS)
6.1 Medical
6.2 Recreational
7 MARKET SEGMENTATION
7.1 By Type
7.1.1 Rigid Packaging
7.1.2 Flexible Packaging
7.2 By Packaging Materials
7.2.1 Glass
7.2.2 Metal
7.2.3 Plastics
7.2.4 Cardboard Containers
7.3 By Geography
7.3.1 North America
7.3.2 Europe
7.3.3 Latin America
7.3.4 Rest of the World
8 KEY VENDOR PROFILES
8.1 KushCo Holdings Inc.
8.2 JL Clarks Inc.
8.3 Kaya Packaging
8.4 Cannaline Cannabis Packaging Solutions
8.5 Dymapak
8.6 Diamond Packaging
8.7 Greenlane Holdings Inc.
8.8 N2 Packaging Systems LLC
8.9 Green Rush Packaging
8.10 Elevate Packaging Inc.
8.11 Berry Global Inc.
For more information about this report visit https://www.researchandmarkets.com/r/c4oado
