DUBLIN–(BUSINESS WIRE)–The “Cannabis Packaging Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The cannabis packaging market was valued at USD 101.48 billion in 2020 and is expected to reach USD 297.51 billion by 2026, at a CAGR of 22.59% over the forecast period 2021 – 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.
The recreational cannabis application is expected to drive the market in the future, as it showed 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 widespread legalization of cannabis has increased since 2018, due to which the market is still new and more advanced processing and packaging are not being used in the market. The manual methods are mostly used by cultivators to send their bulk produce to dispensaries. However, as the market matures, the demand for pre-packaged cannabis is expected to grow in the future. This demand may not only drive the market in the future, but the increased competition is expected to see more premium and customized packaging solutions being offered in the market. The current players, like KushCo, offer customization through printing on different jars they offer.
Furthermore, starting in 2020, Chicago legalized cannabis sales and reported USD 10 million worth of cannabis sales in the first six days, since it was legalized. Almost 271,000 transactions were made during this period. On January 2, 2020, the Department of Revenue reported that, in the first round of applications for new cannabis dispensary licenses, it received more than 700 applications seeking almost 4,000 licenses.
The packaging of cannabis is essential for various forms to protect the flower’s integrity, while the airtight containers allow the curing process of cannabis to develop over time. According to these strict regulations, cannabis products’ packaging should have a single and uniform color, with a standardized font style. As more states have been legalizing medical cannabis, the cannabis industry across the world is growing at a tremendous rate, thereby fueling the demand for its packaging in the emerging marketplace.
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, which are extracted in the form of oils, extracts, or edibles. This medical cannabis packaging is growing, thus boosting various companies to offer holistic solutions to its manufacturers.
In August 2020, researchers in Israel have been testing the efficacy of cannabis terpenes in treating COVID-19 infections. The study conducted by the cannabis research and development firm Eybna and Cannasoul examined how a specific cannabis terpene formulation can treat the inflammatory conditions, such as cytokine storm syndrome, a common occurrence in severe COVID-19 cases.
The 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.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Force Analysis
4.4 Assessment of COVID-19 Impact on the Cannabis Packaging 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)
7 MARKET SEGMENTATION
7.1 By Type
7.1.1 Rigid Packaging
7.1.2 Flexible Packaging
7.2 By Packaging Materials
7.2.4 Cardboard Containers
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 KushCo Holdings Inc.
8.1.2 JL Clarks Inc.
8.1.3 Kaya Packaging
8.1.4 Cannaline Cannabis Packaging Solutions
8.1.5 Funksac LLC.
8.1.6 Dixie Elixirs & Edibles
8.1.7 Pollen Gear LLC.
8.1.8 N2 Packaging Systems
8.1.9 Green Rush Packaging
8.1.10 Isodiol International Inc.
8.1.11 Berry Global Inc.
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/me236g