New York (US), Sept. 15, 2023 (GLOBE NEWSWIRE) -- Cannabis Packaging Market Overview
The study documents by MRFR state that in the “Cannabis Packaging Market Research Report Information by Packaging Materials, Type, and Region - Forecast Till 2032”, the Cannabis Packaging market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 17.30%. The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 2.52 Billion by the end of 2032. As per the reports, the market was priced at almost USD 0.6 Billion in 2022.
Market Scope
The Cannabis Packaging market has recently advanced. Legalizing cannabis for medical and recreational use in various regions is the main feature causing a rise in market performance.
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Competitive Analysis
The list of the top leaders across the global Market for Cannabis Packaging includes players such as:
- KushCo Holdings Inc.
- Diamond Packaging
- JL Clarks Inc.
- Greenlane Holdings Inc.
- Kaya Packaging
- N2 Packaging Systems LLC
- Cannaline Cannabis Packaging Solutions
- Green Rush Packaging
- Dymapak
- Berry Inc.
- Elevate Packaging Inc.
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 2.52 Billion |
| Compound Annual Growth Rate (CAGR) | 17.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Packaging Materials, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Investment and Entrepreneurship |
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Market USP Covered
Market Drivers
The Cannabis Packaging market has recently advanced. The main features causing a rise in market performance are the legalization of cannabis for medical & recreational use in various regions, the growing number of companies entering the cannabis market, medical & therapeutic applications, sustainability & environmental concerns, and product differentiation & branding.
Market Restraints
On the contrary, various aspects may harm expanding the global market for Cannabis Packaging. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.
COVID-19 Impact
The COVID-19 pandemic has massively impacted the majority of industry sectors all around the world. The global health hazard has not only impacted public health but also caused a severe disruption in industrial operations of almost all kinds. The global market for Cannabis Packaging is no different than others. The restriction on manufacturing facilities from various end-use sectors has caused a major fall in revenue figures for the global market. On the contrary, with the market operations getting back on track, the market is anticipated to grow substantially over the review era.
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Segment Analysis
Among all the types, the rigid packaging segment ensured the leading position across the global market for cannabis packaging in 2022, mainly because cannabis products are better shielded from the weather by tight packaging. On the other hand, given the escalating demand for cannabis products that are portable and lightweight, the flexible packaging market is expanding more quickly.
Among all the packaging materials, the glass packaging category ensured the leading position across the global market for cannabis packaging in 2022, mainly because glass is an expensive packaging material frequently connected to luxury companies. On the other hand, because of the escalating demand for cannabis products that are portable and lightweight, the plastic packaging market is expanding at the highest rate.
Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The North American Region ensured the prime position across the Cannabis Packaging market in 2022, with a maximum share of about 45.80%. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Cannabis Packaging market is the fiercely competitive cannabis industry, especially in the states and provinces where it is permitted for recreational use. Packaging becomes vital for product distinction as businesses compete for consumers' attention. To be conspicuous on dispensary shelves, packaging designs must be extraordinary, in line with company identity, and appealing to target markets.
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The European Region is estimated to hold the second position across the Cannabis Packaging market over the assessment era. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional Cannabis Packaging market is the necessity for appropriate and standardized packaging solutions given to the different levels of cannabis legalization in various European countries. Different nations have different legislation regarding packaging specifications, child-resistant features, and labeling standards. Packaging companies must customize their goods to deal with the several regulatory requirements in the area.
The Asia-Pacific region will grow at the maximum CAGR across the Cannabis Packaging market from 2023 to 2032. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Cannabis Packaging market is the aging population in the region. Furthermore, the rising interest in complementary medicine is also believed to be one of the vital parameters enhancing the growth of the regional market. In addition, packaging that upholds medical-grade requirements while preserving the product's purity, safety, and potency is also likely to impact the regional market performance over the coming years.
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