cannabis projection estimate market value sales

Medical Cannabis Packaging Market Projected To Reach $117.2 Billion By 2032

The global cannabis packaging market is projected to reach $117.2 billion in value by 2032 according to a recent analysis by Astute Analytica. The entity describes itself as “a global analytics and advisory company.”

“The global medical marijuana packaging market was valued at US$ 6.5 billion in 2023 and is projected to reach US$ 117.2 billion by 2032, growing at a CAGR of 37.9% during the forecast period of 2024 to 2032.” the researchers stated in a press release.

“The United States dominates this market, holding a 80% share, with over 5 million registered medical marijuana patients across 38 states where it is legalized. This significant market presence is driving the cannabis packaging industry, which is valued at $6.5 billion. The packaging sector is evolving rapidly, with 60% of companies transitioning to sustainable packaging solutions and 45% adopting biodegradable materials, reflecting a broader trend towards environmental responsibility.” the researchers also stated.

Every legal cannabis jurisdiction requires cannabis to be packaged in certain ways, including medical cannabis. Medical cannabis is dispensed and sold through a number of different channels, and logistical and regulatory concerns drive much of the sector.

“Currently, 90% of medical marijuana products use child-resistant packaging, and 85% include tamper-evident features. Additionally, 95% of products comply with state labeling regulations, and 70% of packaging incorporates QR codes for detailed product information. Despite the push for sustainability, plastic remains the dominant packaging material, comprising 55% of the market, followed by glass at 25%, aluminum at 15%, and paper-based options at 5%. The shift towards sustainable packaging has increased costs by 10%, but it aligns with consumer preferences, as 72% of consumers favor eco-friendly packaging.” Astute Analytica stated about the medical cannabis packaging market.

“The regulatory landscape and medical marijuana packaging market competition are shaping the future of medical marijuana packaging. With 80% of states imposing specific advertising restrictions and 65% of consumers recognizing brands through packaging, companies are investing heavily in compliance and brand differentiation. Minimalist design trends are preferred by 50% of brands, with green being the dominant color used by 60%. Advanced security features are included in 75% of products, and 50% of packaging is fully recyclable. The industry faces challenges such as generating 1.2 million tons of packaging waste annually, but it also sees significant investment in research and development, with $500 million allocated annually. Over 200 packaging suppliers compete in this market, driving innovation and consumer education, with 55% of companies investing in initiatives to inform consumers about packaging features and benefits.” they also stated.

“Canada, with its fully legalized status, is another significant player, contributing to a 14% share of the market. In Europe, Germany leads with a 34% share of the European market, thanks to its robust medical marijuana framework. The UK follows with an anticipated market growth of 21% annually.” the researchers stated in their press release.

“In Asia-Pacific medical marijuana packaging market, Australia is a burgeoning market with an expected annual growth rate of 24%. Meanwhile, Latin America, particularly Brazil and Mexico, shows a combined market growth rate of 28% annually. Packaging manufacturers are also keen on eco-friendly solutions, with 72% of consumers preferring sustainable packaging. Child-resistant packaging remains crucial, with 68% of medical marijuana products requiring such features. Moreover, 55% of consumers favor packaging with clear dosage instructions, while 47% look for resealable options. Innovation is key, with 63% of manufacturers investing in advanced tamper-proof technologies.” Astute Analytica concluded.

Other recent cannabis packaging sector projections are less bold. 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.

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.”