The Cannabis Packaging Market would exceed $356.3 million by 2028, says Global Market Insights Inc.
As per the report published by Global Market Insights Inc., the global Cannabis Packaging Market was estimated at USD 151 million in 2021 and is estimated to surpass a valuation of $356.3 million by 2028, progressing at a CAGR of 11.7% from 2022 to 2028. This report offers a detailed analysis of wavering market trends, drivers & opportunities, top winning strategies, competitive scenarios, major investment pockets, and market size & estimations.
Growing awareness of the positive effects of cannabis in medical treatments, along with the formulation of numerous drugs, has boosted the consumption of cannabis ingredients in the medical industry, which is propelling market growth. For instance, the U.S. Food and Drug Administration (FDA) approved the usage of medications prepared using Tetrahydrocannabinol (THC) like nabilone and dronabinol to treat nausea in patients undertaking chemotherapy as well as to enhance appetite in patients with Acquired Immune Deficiency Syndrome (AIDS) who showcase wasting syndrome. Likewise, consuming cannabis in the form of smoking or a beverage causes intoxication & euphoria without harm, which has led numerous countries to legalize it for recreational purposes. Therefore, rising demand for cannabis products in these regions is anticipated to significantly drive the cannabis packaging market revenue over the forecast timespan.