Cannabis Packaging Market Size

Cannabis Packaging Market Size

Cannabis Packaging Market size was valued at over USD 151 million in 2021 and is estimated to grow at a CAGR of above 11.7% from 2022 to 2028 owing to the rising demand for recreational & medical cannabis products in various forms such as flowers, leaves, concentrates, etc. for consumption. The industry size is expected to cross 60,722.5 tons by 2028 in terms of volume with an anticipated CAGR of 11.1% through the forecast period.

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The increasing acceptance and legalization of cannabis in several countries is further expected to drive market growth in the near future. The surging demand for cannabis in North America along with increasing usage of cannabis owing to the COVID-19 outburst across the globe is estimated to offer new growth opportunities for the cannabis packaging market.

The rapid legalization of cannabis consumption in the U.S. and the existing free environment in Canada are anticipated to drive the demand for cannabis packaging. 37 states in the U.S. allow the use of cannabis for medical purpose for the patients with a proper prescription. Growth in the North America cannabis market indicates that the region is expected to witness rapid development during the study market.

A major trend in the cannabis packaging sector is to tap into the rising consumption of cannabis for recreational purpose amongst the younger population. Packaging plays a major role among the emerging players to strengthen their brand image owing to the presence of large number of cannabis suppliers and high brand saturation amongst players.