Cannabis flower jar dispensary

Global Cannabis Packaging Market Projected To Reach $9.06 Billion By 2030

Research and Markets recently published a new report projecting that the global cannabis packaging market will reach an estimated $9.06 billion in value by 2030, “expanding at a CAGR of 22.7% from 2024 to 2030.”

“The growing legalization of cannabis consumption for medical and recreational use is contributing to market growth.” Research and Markets stated in a press release.

“The rapid growth of the cannabis industry has spurred innovation in packaging design, sustainability, and functionality, leading to patent filing related to cannabis packaging products.” the researchers also stated. Research and Markets also determined the following:

  • Rapidly developing pharmaceutical industry for the production of cannabis-inclusive medicines and growing legalization of cannabis are expected to drive market growth
  • The plastics segment dominated the global market in 2023 due to high demand for plastics as they are lightweight, shatterproof, and more cost-effective compared to glass and metal
  • Unlike glass jars, plastic containers are less prone to damage during their transportation and storage
  • North America dominated the global market in 2023. The legalization of both medical use and recreational use of cannabis in various jurisdictions across the U.S. and Canada has propelled the demand for innovative and compliant packaging solutions for cannabis products, thereby supporting regional market growth

According to a separate analysis conducted by Coherent Market Insights, “the global cannabis packaging market was valued at US$ 2.64 Bn in 2023 and is expected to reach US$ 13.17 Bn by 2030, growing at a compound annual growth rate (CAGR) of 25.8% from 2023 to 2030.”

“The growing legalization of cannabis for medical and recreational purposes across the globe is one of the key drivers driving the growth of the cannabis packaging market. Additionally, the increasing awareness about the importance of child-resistant packaging for cannabis products is also fueling market growth.” the researchers stated.

“One of the key trends observed in the cannabis packaging market is the development of sustainable packaging solutions. With the increasing focus on environmental sustainability, manufacturers are investing in eco-friendly packaging materials for cannabis products. Another trend is the integration of smart packaging technologies, such as QR codes and RFID tracking, to ensure product safety and authenticity. These technological advancements are expected to drive market growth in the coming years.” the researchers also stated.

Another report also recently published by Research and Markets is projecting that the legal global cannabis market will be worth an estimated $125.4 billion by 2030. Research and Markets also recently published a report projecting that the global medical cannabis sector will be worth$82.5 billion by 2030.

“The global market for Legal Marijuana estimated at US$30.6 Billion in the year 2023, is projected to reach a revised size of US$125.4 Billion by 2030, growing at a CAGR of 22.3% over the analysis period 2023-2030.” Research and Markets stated in a press release.

“Oil & Tinctures, one of the segments analyzed in the report, is expected to record 23.4% CAGR and reach US$80.4 Billion by the end of the analysis period. Growth in the Flowers segment is estimated at 20.5% CAGR for the next 7-year period.” the researchers also stated.

“The Legal Marijuana market in the U.S. is estimated at US$9.8 Billion in the year 2023. China, the world’s second largest economy, is forecast to reach a projected market size of US$21.2 Billion by the year 2030 trailing a CAGR of 21.5% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.7% and 18.6% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 15.3% CAGR.” the press release also stated.

According to yet another analysis by New Frontier Data, cannabis consumers around the globe “spent an estimated $415 billion on high-THC cannabis in 2020” and that figure is expected to increase to to $496 billion by 2025.

“Much of the world has not yet legalized cannabis, and nearly all the demand resides in illicit or unregulated markets. In 2020, 94% of high-THC cannabis spend was in unregulated channels.” New Frontier Data states.

New Frontier Data has determined that sales of high-THC cannabis products through legal regulated outlets totaled $23.7 billion in 2020 and that legal sales are projected to reach $51 billion by 2025. New Frontier Data estimates that legal cannabis sales of adult-use cannabis “are projected to be double those of legal medical sales by 2025, despite the higher number of medical markets globally.”