Global Cannabis Packaging Market: Overview
Cannabis packaging is a booming industry as it offers enhanced cannabis preservation which aids, thus facilitating effective transportation. Global cannabis packaging market is expected to display a positive growth trajectory owing to the rising demand for cannabis worldwide. Moreover, penetration of cannabis in the medical industry has contributed to the market’s growth during the forecast period.
Global Cannabis Packaging Market: Notable Developments
Below are a few new developments aiding the growth of the global cannabis packaging market:
- Berk has developed new child-resistant tins for cannabis packaging that are highly portable and 100 percent biodegradable. Additionally, this sustainable packaging solution can be decorated using food safe coatings, thereby enhancing the aesthetics. It is highly suited for edible cannabis applications and offers a push and lock system. Launch of this product has opened several growth prospects for the cannabis packaging market.
- Development of new tuna-style can for cannabis packaging has served as a major breakthrough in the global cannabis packaging market. It preserves the freshness of cannabis by sealing it in nitrogen after removing the oxygen. As a result, consumer receives the product as fresh as the day it was packaged. It is extensively used in companies dealing with large-scale production of cannabis to maintain the product quality for a longer period of time.
Prominent players in the global cannabis packaging market include Lexaria Bioscience, Dixie Elixirs & Edibles, Shatter Labels, Maple Leaf Green World, Brandy Cannabis Creative, and Kush Bottles.
Global Cannabis Packaging Market: Key Growth Dynamics
Introduction of new active packaging solutions for cannabis is one of the major drivers in the growth of global cannabis packaging market. This type of packaging offers enhanced protection of cannabis by controlling the thermodynamic cooling and humidity. In addition, a rise in the medical cannabis packaging industry owing to increasing proliferation of cannabis in the medical industry has highly contributed to the market’s growth. Cannabis is extensively used for the treatment of several chronic diseases such as Alzheimer and epilepsy.
On account of stringent environmental policies there has been a rise in production and adoption recyclable cannabis packaging solutions such as compostable pouches and metal cans. This has impacted the cannabis packaging market favourably, thus expediting its growth. Additionally, rising consumer awareness regarding sustainable and protective packaging of cannabis has propelled the global cannabis packaging market.
Furthermore, a rise in transportation of cannabis leading to a rise in demand for efficient packaging solutions has led to an expansion of the market. Additionally, development of customized cannabis packaging solutions to support the brand positioning has facilitated cannabis packaging market’s growth.
On the downside, there a few bottlenecks that result impediment of the market’s growth. Factors such as stringent regulatory procedures pertaining to cannabis packaging and high initial investment may hamper the global cannabis packaging market’s growth. Nonetheless, increasing use of cannabis for recreational purposes and development of new tamper-proof and child-proof cannabis packaging solutions may create new opportunities for the market.
Global Cannabis Packaging Market: Regional Outlook
Geographically, North America is expected to hold a dominant position in the global cannabis packaging market. This is owing to a rise in use of cannabis for the treatment of chronic diseases and recreational purposes. The market in Asia-Pacific is expected to witness a steady growth owing to rising applications of cannabis in the treatment of mental illness.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.