The growing awareness of the positive effects of cannabis in medical treatments, along with the formulation of many drugs, has led to increased consumption of cannabis ingredients in the medical industry, driving market growth. For example, the US Food and Drug Administration (FDA) has approved the use of Tetrahydrocannabinol (THC) drugs such as nabilone and dronabinol to treat nausea in patients undergoing chemotherapy as well as to enhance appetite in patients with acquired immunodeficiency syndrome (AIDS). who display wasting syndrome. Similarly, consumption of cannabis in the form of smoking or a beverage causes intoxication and euphoria without harm, which has led many countries to legalize it for recreational purposes. Therefore, the increasing demand for cannabis products in these regions is expected to significantly drive the revenue of the cannabis packaging market during the forecast time period.
CBD oil offers many benefits, such as treating pain and some mental health disorders, reducing symptoms associated with cancer, avoiding cancer treatment side effects such as vomiting, nausea and pain, and benefiting the heart and blood circulation. CBD oil is usually packaged in a glass material, which boosts the demand for glass cannabis packaging. Jars or bottles are airtight, completely moisture-proof and odor-resistant storage solutions that are manufactured from high-quality, hygienic glass, increasing product adoption. The glass materials segment is set to advance at a compound annual growth rate (CAGR) of over 11.8% during the evaluation period.
Meanwhile, the plastics segment dominated the cannabis packaging market in 2021 and is set to record significant revenue growth until 2028. Plastic packaging is highly economical, cost-effective and more stable, and is expected to drive segmental growth in the coming years. .
The main reasons for the growth of the hemp packaging market:
- Increased legalization of cannabis for medical use.
- Increased adoption of glass in cannabis packaging.
- Growing consumer preference for the cannabis flower.
Forecasts for the year 2028 show that the “Venus” sector will maintain its dominance:
On the basis of the form of cannabis, the Cannabis bottling industry The share of the flower lot is expected to grow at a compound annual growth rate of more than 12.0% from 2022 to 2028. The predominant legalization of cannabis for medicinal purposes in major states in the United States, such as FloridaAnd the ColoradoAnd the CaliforniaAnd the Washingtonaided the uptake of the cannabis flower, which is likely to drive sectoral growth over the coming years.
North Amarica To continue its number one position in terms of revenue:
In the regional scene, the North Amarica The cannabis packaging market is expected to maintain a market share of approximately 93.0% by 2028. Rising government support and initiatives in many US states have led to the legalization of cannabis. The United States presents lucrative opportunities for many startups to enter the regional market and offer cannabis packaging services at competitive prices to meet the growing demand. It is estimated that factors such as these will enhance the growth of the cannabis packaging market in the future.
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Impact of the COVID-19 pandemic on the hemp packaging market
Announcing the closure following the COVID-19 outbreak has boosted the uptake of cannabis products for medical and recreational purposes. Many retail stores in various states of the United States have seen a strong attraction of cannabis products due to consumers’ fear of a shortage of cannabis products, which has led to the consumption of large quantities of cannabis. Hemp products recorded the highest retail sales in March 2020which has created a massive demand for cannabis packaging during the COVID period.
Market Leading Players
The major market players analyzed in the hemp packaging market report include Green Rush Packaging, Berry Global Inc. and Cannaline Cannabis Packaging Solutions, Kaya Packaging, Max Bright Packaging Ltd, Pollen Gear, and KushCo Holdings Inc. and Dymapak, Drug Plastics Group and Impak Corporation, N2 Packaging, Diamond Packaging, Bee Packaging, and others.
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