Cannabis Packaging Market to grow at a CAGR of 35.11% during 2024-2028
The Cannabis Packaging Market is expected to grow at a CAGR of 35.11% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 12184.8 million. In the burgeoning cannabis industry, smart packaging is gaining significant traction as a value-added solution for manufacturers and retailers. This advanced packaging technology offers numerous benefits, including providing consumers with additional product information, regulating temperature to ensure product freshness, preventing theft through tamper-evident features, and enabling real-time product tracking during transit. Smart packaging employs indicators and sensors, such as QR codes, NFC, RFID, and embedded barcodes, to enhance the consumer experience and boost product shelf life through food preservation technologies. Furthermore, the integration of antimicrobial films with additives that control microorganism growth adds an extra layer of protection for the cannabis products. The global cannabis packaging market is poised for growth as a result of the adoption of these innovative packaging solutions.
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Technavio analysts predict that the Glass subsegment will lead the Material segment during 2024 and 2028 The Cannabis Packaging Market represents a significant business opportunity, driven by the legalization of medical and recreational marijuana in various regions. This market is witnessing robust growth due to increasing consumer demand for child-resistant, tamper-evident, and sustainable packaging solutions. Additionally, regulatory requirements and branding considerations further fuel the need for innovative and compliant packaging designs. Market players are focusing on offering customized solutions to meet the unique requirements of this burgeoning industry.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growing millennial purchasing power in key cannabis industry
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The Cannabis Packaging Market has seen significant growth in recent years due to the legalization of marijuana in various parts of the world and the increasing popularity of CBD products. Companies like Impak Corporation are at the forefront of this industry, providing innovative solutions for cannabis packaging. They offer a range of eco-friendly options, including containers made from ocean-reclaimed plastic and hemp packaging. Chinese suppliers have also entered the market, offering competitive pricing for high-density polyethylene containers and caps. However, concerns over the quality and regulation of these products persist. Marijuana Business Daily reports that plastic packaging remains the most common choice for cannabis products, with tinctures and pills requiring specialized containers. As the market expands, new players are entering the scene. Hippo Packaging, for instance, offers child-resistant packaging for edibles and THC products, ensuring safety and compliance with regulations. The rise of CBD products has also led to a demand for sustainable and eco-friendly packaging, making hemp a popular choice for many brands. Overall, the cannabis packaging market is expected to continue growing, driven by the legalization of cannabis and the increasing demand for safe and sustainable packaging solutions.
The cannabis packaging market encompasses a diverse range of suppliers and manufacturing processes. Raw material procurement is a crucial aspect, with suppliers providing metal, glass, and plastic container raw materials such as borosilicate glass, neutral glass, soda-lime-silica glass, treated soda-lime glass, de-alkalized soda-lime glass, regular soda-lime glass, high-density polyethylene (HDPE), low-density polyethylene (LDPE), polyethylene terephthalate (PET), polypropylene (PP), and polyvinyl chloride (PVC). The supply chain extends to research and development, large-scale manufacturing, and distribution through various channels to meet the demands of end-users. Each layer requires meticulous attention to ensure the production of high-quality, compliant packaging solutions for the cannabis industry.
The Cannabis Packaging Market is experiencing significant growth, fueled by the growing millennial purchasing power in key cannabis industry. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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