Dubai, UAE, June 06, 2023 (GLOBE NEWSWIRE) -- The Global Medical Marijuana Packaging Market size is projected to reach USD 1.35 billion by 2030 from USD 568.98 million in 2022 At a significant CAGR of 11.62% from 2023 to 2030. Given the growing demand for cannabis products for both medical and recreational purposes, the market is predicted to experience significant growth over the next years.
Additionally, the recreational use of cannabis by the majority of the world's population is anticipated to have a significant impact on the market for medical marijuana packaging's overall growth structure. Several chronic diseases and ailments have been attributed to marijuana as one of its primary healers. This factor will open up lucrative new growth opportunities for the global market.
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Competitive Landscape
The global medical marijuana packaging market is characterized by a high consolidation, with key players holding a significant share of the market. The growth of the global market is being aided by manufacturers' increasing initiatives to develop cutting-edge and environmentally friendly packaging for medical marijuana.
Prominent players in the market include:
- Origin Pharma Packaging
- PakTech
- JOHNSBYRNE
- Cannaline Cannabis Packaging Solutions
- Green Rush Packaging
- Oceanworks
- Honest Marijuana Company
- Green Rush Packaging
- Maple Leaf Green World Inc.
Trending Now: Redesigned Packaging for Insa’s Cannabis Pre-Rolls Protects Product Quality and Offers On-the-go Convenience.
Insa, a marijuana producer and merchant located in Massachusetts is commemorating the 4/20 festival with a new 5-pack of pre-rolled joints, often known as cannabis pre-rolls. The child-resistant container, which consists of a sturdy metal case with a clear clamshell insert and allows portability, was created to offer multiple layers of protection for the half-gram pre-rolls.
The pre-rolls are held firmly and shielded from physical harm by the clamshell, which is molded to their shape. The metal outer pack and hard plastic inside pack also shield the pre-rolls from light and air, two major factors in product quality. Compact packaging is also useful. The case's dimensions of 4.5 x 3.5 x 0.5 inches make it simple to tuck into a pocket, bag, or backpack. There are several Insa cultivars available in the 5-packs.
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Market Segmentation:
By Material
- Glass
- Metal
- Plastic
- Others
High-Quality of Glass Segment Dominated Market at 39.75% Bolstering Potential Growth
The glass segment dominated the medical marijuana market in 2022 with a significant share of 39.75%. The exceptional capacity of glass packaging to preserve airtightness and provide efficient barriers against moisture and gases makes it the market leader. Moreover, hygienic and high-quality materials are taken into consideration while choosing the materials to be utilized in the production of glass packaging. Furthermore, the market's growth has been driven by glass packaging's ability to resist odors.
By Type
- Tubes
- Jars & bottles
- Solo
- Tins
- Clamshells & Blisters
- Others
Jars & Bottles to Acrue Sales Backed by Rising Demand of CBD Oil Globally
The jars and bottles segment dominated the global market in 2022. They typically come in a range of shapes, sizes, colors, and levels of transparency driving sales. Additionally, the major driver boosting the need for bottles is the rising demand for CBD oil. The oil has several advantages, including the ability to cure pain and various mental health conditions as well as promoting brain health.
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Rapid Legalization of Medical Marijuana Across Prominent Countries to Boost Sales
It is projected that the quick legalization of medical marijuana use in the United States and Canada's already-existing free market will aid in medical marijuana packaging growth. With a valid prescription, patients are permitted to use medicinal cannabis in 36 of the 50 states in the US. The North American cannabis market is expanding, which suggests that the market under study is likely to develop rapidly in the region.
Taking advantage of the young population's growing use of medical marijuana for recreational purposes is a prominent trend in the cannabis packaging sector. Given the high level of brand saturation among cannabis businesses, the packaging is critical for smaller and emerging players to support the brand's reputation.
Latest Regulations in North America to Promote Growth With Growing Cannabis Legalization
The medical marijuana packaging market share in North America was valued at USD 488.05 million in 2022, making it the most dominant region. To ensure adherence to local laws, manufacturers and distributors around the region are concentrating on the most recent advancements and regulations in North America.
For instance, in the US, about 30% of people reside in places where marijuana is allowed for recreational use, and nearly 70% of states permit its medical use. As a result of these initiatives, authorized hemp growers are now able to produce and sell hemp-based goods, which has ultimately surged the demand for marijuana packaging options.
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Growing Awareness of Traditional Packaging Environmental Impact in Europe to Boost Product Demand
Europe, with a market value of USD 66.90 million in 2022, was the second-dominant region. The regional market is expanding at a faster rate due to growing environmental awareness as well as rising demand for medical marijuana products that are permitted in countries including France, Romania, and the Czech Republic.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Global Medical Marijuana Packaging Market
Chapter 5. Global Medical Marijuana Packaging Market Overview, By Material, 2018 - 2032 (USD Million)
Chapter 6. Global Medical Marijuana Packaging Market Overview, By Type, 2018 - 2032 (USD Million)
Chapter 7. Global Medical Marijuana Packaging Market Overview, By Distribution Channel, 2018 - 2032 (USD Million)
Chapter 8. Global Medical Marijuana Packaging Market Overview, By Geography, 2018 - 2032 (USD Million)
...
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market
Part II: Medical Marijuana Market Report 2023-2028.
The Global Medical Marijuana Market size was valued at USD 9.58 billion in 2022. The market is projected to grow USD 80.32 billion in 2030, at a CAGR of 31.22% from 2023 to 2030. The market is growing significantly as a result of a rising understanding of the product's multiple therapeutic uses.
The legalization of marijuana for medical use by state regulations, either to treat illnesses or lessen their symptoms, significantly increased the demand for medical marijuana. Several conditions, including Alzheimer's disease, severe nausea, and intense and continuous pain, can be treated with medical marijuana. Consequently, the market has been greatly aided by its wide range of medicinal uses.
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Competitive Landscape
The leading companies are focusing on the employment of a number of strategic initiatives to expand their market reach and gain a competitive advantage over rivals. For instance, Canopy Growth, one of the biggest cannabis businesses, announced in June 2021 that it had fully acquired The Supreme Cannabis Company. Its position as a global leader will be further strengthened by the acquisition.
Prominent players in the market include:
- Tilray
- Canopy Growth Corporation
- Aurora Cannabis Inc.
- Maricann Group Inc.
- Aphria Inc
- CannTrust Inc.
- Trulieve
- Emerald Health Therapeutics
- Tikun Olam
- GW Pharmaceuticals
- Cannabis Sativa
- Medical Marijuana, Inc.
- MedReleaf Corp
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Trending Now: Reaffirming Their Commitment to Promoting French Patients' Access to Medical Marijuana, Aurora and Ethypharm Collaborate Together
The French General Directorate of Health (DGS) has once again chosen Aurora Europe GmbH, a subsidiary of Aurora Cannabis Inc., and Ethypharm as its sole providers of dried medical cannabis flower until the conclusion of the French trial period. Recently, the trial's conclusion date was moved up to March 2024.
In October 2020, Aurora and Ethypharm inked a contract to use their combined skills to support the French pilot program run by the National Agency for the Safety of Medicines and Health Products (ANSM). In accordance with the rules of the exclusive collaboration, Aurora provides medicinal cannabis as well as manufacturing and logistics support under EU GMP (Good Manufacturing Practices). Ethypharm Laboratories, the French sales division of Ethypharm, is still in charge of distribution and pharmacovigilance operations.
In January 2023, the DGS issued a request for proposals for the provision of medical cannabis as part of the trial's extension. Patients who participated in the trial will continue to receive medical cannabis prepared in accordance with European GMP standards from Aurora Europe and Ethypharm as of March.
Market Segmentation
By Type
- Flowers
- Concentrates
- Edibles
- Others
The Versatility of Flowers Segment to Promote Utility in Multiple Methods Globally
The flowers segment dominated the shares of the global medical marijuana market. The growth of the segment is primarily attributable to the fact that, due to its adaptability and usage options, it is the most popular form among the general public. Additionally, the flower type will offer a less expensive substitute for topical treatments and medical wax. For instance, according to the Minnesota Department of Health, approximately 30,000 residents of the state participated in the medical marijuana program in 2020. Only two dispensaries have been given permission to sell marijuana in dried flower form so far in the Twin Cities metro area.
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By Application
- Chronic Pain
- Arthritis
- Migraine
- Cancer
- Others
Rising Prevalence of Chronic Pain to Promote Market Growth in Forthcoming Years
The chronic pain segment dominated the market holding the largest share of the market. The substantial growth of the segment is mainly attributable to the increasing use of chronic pain medications to treat conditions such as nerve pain, arthritis, cancer, and HIV around the world. For instance, chronic patients who used medical marijuana in January 2022 lowered their opioid use by 64%, according to the National Center for Biotechnology Information.
Growing Product Demand in Healthcare Sector to Generate Revenue
Some of the key factors projected to drive the demand for medical marijuana over the next few years are the rising number of states that have legalized it, the expanding use of cannabis in the healthcare industry, and recreational applications. Moreover, the product demand is anticipated to increase due to rising research and development activities.
Cannabis is a highly effective treatment for chronic disorders, according to clinical trials. According to figures released by the WHO, the burden of chronic diseases was expected to reach 57% in 2020. As a result, the market is anticipated to experience rapid growth through the projection period due to the increased prevalence of chronic diseases worldwide.
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North America to Remain Dominant Backed by Rising Product Utility for Chronic Pain
North America is projected to dominate the share of the global medical marijuana market throughout the projection period. The recent changes in governmental programs that are increasing its usage is the primary factor driving the growth of the regional market. R&D, testing, and manufacturing are priorities for a number of emerging cannabis firms. The privatization of cannabis retail shops is anticipated to be high in several Canadian provinces.
Around 20.4% of American adults, according to the Centers for Disease Control and Prevention (CDC), have chronic pain. Chronic pain is becoming increasingly common, which is supporting an increase in demand for medicinal marijuana and raising market revenue. Costa Rica recently, in March 2022, authorized the use of medical marijuana and permitted its industrial growth.
Europe to Experience Highest CAGR with Increase in Medical Marijuana Legalization
Europe is anticipated to experience the highest CAGR during the forecast period. Several factors including increased legality, ongoing genetic modification, and research development, as well as improvements in cannabis intellectual property rights, are anticipated to support the growth of the market in the region.
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