Dublin, Dec. 10, 2020 (GLOBE NEWSWIRE) — The “Cannabis Packaging Market Analysis By Type, By Material, By Applications, By Regions And Segment Forecasts, 2017-2026” report has been added to ResearchAndMarkets.com’s offering.
The Global Cannabis Packaging Market size is estimated to reach USD 6.57 billion, from USD 1.75 billion in 2019, delivering a CAGR of 26.4% through 2027, according to a recent analysis.
The market growth is driven by the increasing legalization of cannabis and hemp-based CBD products across several countries, which, in turn, is bolstering the demand for cannabis packaging. With the legalization of medical marijuana on the rise, the global cannabis industry has grown over 310% in the past four years.
Currently, cannabis packing has so many formats, including plastic jars, glass, decorative tins, cartons, rigid tubes, bottles, and flexible pouches, among others. There are several other fast-growing products in the sector like shatter, wax, tinctures, and the more recent cannabis-infused wine and cannabis-dissolving mouth strips.
As per the Association for Packaging and Processing Technologies, cannabis legalization is pending in more than 13 states, while on some level, it has already been legalized in over 28 states in the United States. The rise in the number of self-funded small organizations is contributing to this exponential growth of the industry.
A report by New Frontier Data, an analytics company specializing in cannabis, estimates that the cannabis market is expected to be worth USD 24.5 billion in the U.S. alone, with USD 11.2 billion generated by the recreational use of the products. In 2017, nearly 89% of customers preferred cannabis flowers, and estimates suggest that about 61% of the customers would prefer flowers, processed weed, and alternatively concentrated format by the end of 2020.
The rising trend of green packing is prompting industry players to roll out packaging for marijuana and CBD products that is biodegradable, compostable, and recyclable. Moreover, the growing focus on the adoption of specific labels and child-resistant packaging as per government regulations will support the expansion of the cannabis packaging market over the forecast period.
Further key findings from the report suggest
- The plastic segment is estimated to reach the valuation of USD 1.22 billion in the cannabis packaging market, delivering a growth rate of 18.4% through the forecast period.
- The film, sheet, and plastic resins together accounted for more than 69% of the materials used in the United States’ flexible packaging in 2016. Flexible packaging is estimated to witness a growth rate of 1.5% over the forecast period.
- In the regional landscape, North America is forecast to be a major contributor to the cannabis packaging market share through 2027. The U.S. is expected to witness a notable growth rate of 18% over the period on account of the extent of legalization of marijuana in the region. The consumption of cannabis for recreational purposes in Canada is estimated to be around 770000 kg annually, which accounts for USD 6.1 billion in terms of revenue. Additionally, more states are legalizing medical marijuana, which is likely to further bolster regional industry growth.
- The Uruguay cannabis packaging market is forecast to exhibit a CAGR of 18.8% through 2027. The consumption of cannabis in the region has quadrupled from 2011 to 2016 and is estimated to grow in the coming years. The rigid packaging segment is estimated to reach 1.6 billion in Uruguay by 2027.
- Key players operating in the global cannabis packaging market landscape are Cannabis Science Inc., Kush Bottles, Medical Marijuana Corp, Maple Leaf Green World, JL Clark, J.L.Clark, Lexaria Bioscience, Cannaline, and KAYA CANNABIS, among others.
- On 5th March 2019, Sana Packaging, a U.S.-based startup offering compliant and sustainable packaging solutions for the cannabis industry, announced the launch of a new line of fully reclaimed ocean plastic marijuana packaging in partnership with a leading player in recycled ocean plastic, Oceanworks.
Key Topics Covered:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Cannabis Packaging Market Segmentation & Impact Analysis
4.1. Cannabis Packaging Segmentation Analysis
4.2. Industrial Outlook
4.3. Regulatory Framework
4.4. Cannabis Packaging Market Impact Analysis
4.4.1. Market driver analysis
4.4.2. Market restraint analysis
4.5. Key opportunities prioritized
4.6. ETOP Analysis
4.7. Porter’s Five Forces Analysis
4.8. Competitive Metric Space Analysis
4.9. Price trend Analysis
Chapter 5. Cannabis Packaging Market By Type Insights & Trends
5.1. Type Dynamics & Market Share, 2018 & 2026
5.2.1. Market estimates and forecast, 2016 – 2026 (USD Million)
5.2.2. Market estimates and forecast, by region, 2016 – 2026 (USD Million)
5.2.4. Plastic Tubes
5.3.1. Market estimates and forecast, 2016 – 2026 (USD Million)
5.3.2. Market estimates and forecast, by region, 2016 – 2026 (USD Million)
5.3.3. Box Inserts
5.4.1. Market estimates and forecast, 2016 – 2026 (USD Million)
5.4.2. Market estimates and forecast, by region, 2016 – 2026 (USD Million)
5.4.5. Shatter Containers
Chapter 6. Cannabis Packaging Market By Material Insights & Trends
6.1. Material Dynamics & Market Share, 2018 & 2026
6.2.1. Market estimates and forecast, 2016 – 2026 (USD Million)
6.2.2. Market estimates and forecast, by region, 2016 – 2026 (USD Million)
6.3.5. Hinge-Top Containers
6.5. Cardboard Containers
Chapter 7. Cannabis Packaging Market By Applications Insights & Trends
7.1. Applications Dynamics & Market Share, 2018 & 2026
7.2. Medical Use
7.3. Recreational Use
Chapter 8. Cannabis Packaging Market Regional Outlook
Chapter 9. Competitive Landscape
9.1. Market Revenue Share by Manufacturers
9.2. Manufacturing Cost Breakdown Analysis
9.3. Mergers & Acquisitions
9.4. Market positioning
9.5. Strategy Benchmarking
9.6. Vendor Landscape
Chapter 10. Company Profiles
- Kush Bottles
- Cannabis Science Inc.
- Medical Marijuana Corp
- JL Clark
- Maple Leaf Green World
- KAYA CANNABIS
- Lexaria Bioscience
For more information about this report visit https://www.researchandmarkets.com/r/1kf7nq
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