Global Cannabis Packaging Equipment Market: Market Outlook
Traditionally, cannabis was hand-packed illicitly across the globe. The demand for cannabis packaging has improved due to the legality of cannabis in Canada, many of the US states and also some countries in Europe. As a result, the cannabis packaging equipment market is growing at a soaring rate and is demonstrating enormous potential. There have been several advancements in the cannabis equipment packaging market, like automation of the packaging process to improve productivity and efficiency to cope with the rising demand for cannabis across the world.
What are the Key Trends Impacting Growth of the Cannabis Packaging Equipment Market?
According to The United Nations report published in 2020, cannabis was used by 192 million people worldwide in 2018, making it the most consumed substance globally. The number is anticipated to move in a positive direction due to increasing the number of consumers and suppliers entering the market. This rise in the demand and supply cycle of the product will fuel the growth of the cannabis packaging equipment market.
How Is Customization in Cannabis Packaging Reshaping the Market for Cannabis Packaging Equipment?
Cannabis usage is well-established in the pharmaceutical sector and is eyeing growth opportunities in sectors like health & wellness and other industrial sectors. The accelerating demand for cannabis in the market is constantly impelling the efficiency of cannabis packaging from the manufacturers. Cannabis packaging equipment manufacturers are offering automatic machines to help packaging manufacturers with increased speed and productivity in cannabis packaging. Other factors like reducing wastage at the packaging stage and weighing solutions with greater accuracy are provided by cannabis packaging equipment manufacturers.
What are the Key Challenges that may Restrain Growth of the Cannabis Packaging Equipment Market?
Even though cannabis is now legal in many states of the USA, federal laws and FDA regulations may hamper the market growth for the same through changing restrictions and usage regulations. Frequently changing packaging and labelling laws regarding legal cannabis packaging can act as a market restrain for cannabis packaging equipment. Updating machines with new technologies and adapting to packaging standards are few other challenges that cannabis packaging equipment manufacturers are facing all around the world.
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Key players such as
- Cannabis Packaging Machinery
- Canapa Solutions
- ActionPac Scales and Automation
- Ohlson Packaging Inc.
- All-Fill Inc.
- Viking Masek Global Packaging
- WeighPack Systems Inc.
- Cannaline Cannabis Packaging Solution
are actively involved in manufacturing cannabis packaging equipment.
What are the Significant Strategies That Key Players Are Adopting to Magnify Their Market Share in the Cannabis Packaging Equipment Market?
Major players in the cannabis packaging equipment market are focused on innovation because the sector is still at a burgeoning stage and promises upright growth in the future. The manufacturers of legal cannabis are demanding identifiable packaging and branding solutions to make their product stand out in the marketplace. Many packaging equipment manufacturers are providing features like customization in shape, enhanced labels, a better quality of packaging materials and good sealing and locking properties in their packaging.
What are the Key Opportunities for Cannabis Packaging Equipment Manufacturers?
Cannabis packaging mainly serves two major purposes, one being the protection of the product packed inside and the other being branding of the product. Increasing consumption of cannabis in the form of chocolates, cannabis-infused butter and other health & wellness products is forcing packaging companies to increase and improve packaging productions. This proves as a huge opportunity for cannabis packaging equipment manufacturers as they’re approaching the arcade with new, innovative and customized designs to establish dominance in the global market.
Why will the North America Generate Significant Demand for the Cannabis Packaging Equipment Market?
The increase in cannabis legalization in North America for its recreational as well as medical purposes has resulted in the region holding the largest market share in the global cannabis packaging equipment market.
The demand for cannabis packaging equipment market is comparatively higher in North America followed by Europe which is growing rapidly and showing massive potential due to the extensive use of cannabis in the region for medical purposes.
What is the Repercussion of the Pandemic on the Growth of the Cannabis Packaging Equipment Market?
The COVID-19 pandemic has not spared the cannabis packaging equipment market. Before the pandemic, the market was demonstrating high growth which is suppressed due to the increased restrictions and lockdowns.
The cannabis packaging equipment market was hit majorly due to the pandemic as the product demand was decreased globally but it is expected to recover rapidly with the ease of restrictions around the globe.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
Key Segments of Cannabis Packaging Equipment Market Covered in the Report
Based on equipment type, the cannabis packaging equipment market has been segmented as
- Automatic Equipment
- SEMI- Automatic Equipment
Based on application, the cannabis packaging equipment market has been segmented as
- Medical use
- Recreational use
Based on the region, the cannabis packaging equipment market has been segmented as
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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