The Global Cannabis Packaging Market is projected to expand at a CAGR of 27.1% during the forecast period 2020 to 2026.
Major Players in the cannabis market are Berry Global, Illinois Tool Works Inc., Presto Product Company, Sana Packaging, Kush Bottles, Maple Leaf Green World, J.L.Clark, KAYA CANNABIS and Lexaria Bioscience. Berry Global has found cannabis solution in that there are many trending options for packaging in these Embark solutions, Jar, Bottles and closures are included.
Future Prediction Of Cannabis packaging:
Jared Mirsky, Wick & Mortar: Hopefully much more sustainable and certainly much more standardized. Right now, most legalized states outlaw cannabis recycling programs, creating a major waste issue throughout the industry. We sincerely hope that changes. In the meantime, we’re pushing our clients toward more sustainable packaging options, like glass and biodegradable materials. To be honest, it’s a pretty easy sell because many of our clients already have sustainability in mind. The legal cannabis market is presenting an exciting growth opportunity for the packaging industry. A new study dedicated to this emerging segment shows that the value of the legal cannabis market globally will more than double from $20 billion in 2020 to reach $55 billion in 2024. The Future of Cannabis Packaging to 2024—forecasts that as this market evolves, the value of the packaging for legal cannabis products will rise from $493 million to exceed $1.63 billion in 2024. This is equivalent to a year-on-year growth rate of around 24%, well in excess of other more established consumer goods.
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. 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. July 2020 - Ventiv Design, a sustainable packaging solution provider, launched an anti-counterfeit and personalized packaging line for the cannabis industry. The New York City-based company develops distinctive packaging made of sustainably-sourced materials, such as ahemp paper-made Slider Box designed for vapes and pre-rolls.
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.
Trends in cannabis packaging- Green in color and ethos. Muted greens and browns are used to indicate how natural these products are while the language used reflects this as well. Focused on Health this hemp-based cooling balm is labeled as “sport medicine” in a design by 99designs designer hollyM. Minimalism- Taking a minimalist approach to branding can give a business a more stylish and contemporary look. Clean and simple designs still fit well with the theme of relaxation and meditation but bring the brand into the new era.
Market Segmentation of cannabis packaging is categorized by type, Application and basis of region. By type Rigid, Semi-Rigid and Flexible. On the basis of application it has medical use and recreational use. By region it includes North America, Europe, Asia-Pacific and Row. Cannabis sales are expected to grow at a CAGR of 10.45% during the forecast period when the North American market is expected to reach $8904 million in 2021.