Future Market Insights conducted a thorough analysis of the global CBD product packaging market with the assistance of his specialized team in the packaging sector. It is been stated that the global market is presumed to witness a flourish growth rate of nearly 6.8% CAGR over the assessment period (2021-2031).
Elevating spending on end use products in response to amplified discriminatory income is an evident sign for the global packaging market. Whereas, lifting regulation from CBD across multiple countries may supplement the growth curve in a longer run. However, soaring CBD snacks and beverages is likely to unfold immense opportunities for market in coming years.
Whereas, increasing application of CBD in pharmaceutical industry with a blend of soaring technological advancement in packaging sector may amidst demand.
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What is Driving Demand for CBD Product Packaging?
Heightening pharmaceutical sector coupled with escalating trend of CBD infused medicines may upsurge demand for packaging products. According to IMF, Spending on healthcare sector is likely to increase by 6% on y-o-y basis in regards to current GDP forecast. However, currently healthcare industry accounts for 10% of global GDP. Gradual uptrend in healthcare industry is expected to aid the packaging sector over the evaluation period.
CBD has been approved and legalized in a number of countries for both recreational and therapeutic purposes. In the United States, thirty-four states (including Washington, DC) have authorized CBD for therapeutic purposes, including 10 states legalizing CBD for both recreational and medicinal purposes.
CBD-infused supplements can aid with a variety of health and lifestyle issues, including anxiety, behavior disorder, sleep disorders and few more, which might help the market grow throughout the forecast period.
Increasing trend for CBD infused beverages and snacks is one of the prominent end use industry. Dynamically shifting consumer preference towards the packaged food may aid to brisk penetration. Surging demand for such edibles will proportionally emphasize demand for packaging materials.
Whereas, in pet care products such as therapeutic-grade CBD oil for pet is anticipated to witness significant growth due to its wide range of applications, including pain and inflammation treatment. CBD oil for pets is gaining in popularity due to its increased adoptability and absence of tetrahydrocannabinol (THC), which eliminates the euphoric impact and does not disrupt a pet's nervous system.
Geographical Outlook
In depth Analysis and exhaustive research has been conducted by the specialized team of FMI in packaging sector amidst light on six crucial regions including North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa. Among these prominent regions North America seems to be at forefront along with a significant global revenue share over the evaluation period.
Rising demand for CBD infused products across multitude avenues over multiple sectors attributed to intensified disposable income is expected to portray an upsurge in global revenue bar over the next decade.
North America is presumed to corner a significant market share and possess an enormous growth trend over the assessment period. Due to world’s largest federally legal adult use of CBD in Canada with a blend of legalized framework in U.S States, North America is likely to be the pivot for global industry.
The United States as well as Canada is dominant in legalizing the use of CBD which further influencing numerous countries and their regulatory bodies to approach towards the legalization of CBD.
Whereas, Asia has been historically known for their most restrictive cannabis policies. Asia comparatively lags behind other region owing to legalization of CBD. As far now recently in 2018 two countries “Thailand and South Korea” of Asia Pacific has legalized CBD for medical purposes.
However the trend of legalizing CBD is escalating gradually which further expected to amid growth for packaging sector. Although Asia have potential to dominate on global market owing to severe factors including fertility yield, low cost labor and gradually expanding industrialization.
However, Middle East and Africa is expected to register an immense demand for CBD product packaging owing to significant consumption of cannabis and hemp. Due to high consumption rate MEA is presumed to expand exponentially with a healthy CAGR over the forecast period.
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Covid-19 Impact
Covid-19 has brutally impacted multitude avenues across multiple sectors resulting to flatten the global economy curve. Unprecedented event of covid-19 has massively disrupted the supply chain and crippled the equilibrium of market.
A severe fall has been registered on global economy graph which relentlessly dents on industries as well as down the line working class. Covid-19 compel to inforce lockdown and social distancing measures worldwide in the view to suppress the spread of virus.
Furthermore, after the second wave of Covid-19, a declining phase of covid cases can be observed which tends to presume the abolishment of covid-19 by the fourth quarter of 2021.
Whereas, regardless of soaring cases during 2020, CBD product packaging market witness a moderate growth owing to applicability in pharmaceutical sector. Despite of severe fall in multiple conventional industries pharma has not thumped comparatively and able to sustain.
Who are the Key Players of CBD Product Packaging Market?
Some of the leading manufacturers and suppliers operating at the global scale are
Blue Box Packaging
Hollingsworth
Berlin Packaging
Diamond Packaging
LF OF AMERICA
Assemblies Unlimited
Precise Packaging
Grow Packer
Blueline Labels
Marijuana Packaging Solution.
Market is evaluated as moderately consolidated Tier-1 players operating at global scale is presumed to hold a significant market share. Whereas, prominent players are opting both organic and inorganic growth strategies in order to expand their business horizontally and vertically.
Product launch, technological advancement, product development are the most preferable strategies which are being opted. However, companies are also leaned to robust their sales and distribution network worldwide.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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