As more states legalize medical marijuana, the cannabis industry across the globe has grown more than 310% in the past four years.
Market Size – USD 1.39 billion in 2018, Market Growth - CAGR of 26.4%, Market Trends – Increase in number of states legalizing medical marijuana
NEW YORK, March 11, 2019 (GLOBE NEWSWIRE) -- The Global Cannabis Packaging Market is expected to reach USD 5.20 billion by 2026, according to a new report by Reports and Data. Green packing a significant trend arising is the push for weed products to be packaged in materials that are recyclable, biodegradable, and compostable. As more states legalize medical marijuana, the weed industry across the globe has grown more than 310% in the past four years. As per the Association for Packaging and Processing Technologies, marijuana has been legalized at some or the other level in 28+ states and is pending further legalization in 13+ others. This exponential growth, along with an attribute of self-funded small organizations, has helped legitimize its use in the eyes of many. By 2020, it is anticipated the industry is expected to reach $24.5 billion alone in the U.S., with $11.2 billion alone for recreational products. While 89% of customers preferred flowers in 2017, by 2020 only 61% of customers prefer flowers, instead favoring concentrated, processed weed formats.
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Further key findings from the report suggest
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For this study, Reports and Data have segmented the Cannabis Packaging Market on the basis of Packaging Type, Packaging Material, Applications, and Region:
Packaging Type (Revenue, USD Million; 2016–2026)
Packaging Material (Revenue, USD Million; 2016–2026)
Applications (Revenue, USD Million; 2016–2026)
Regional Outlook (Revenue, USD Million; 2016–2026)
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