Market Dynamics:
The growing legalization of medical and recreational cannabis across various regions is driving the market growth. According to the National Conference of State Legislatures (NCSL), in 2020, a total of 15 states and Washington D.C. have legalized recreational use of cannabis and 36 states, Guam, Puerto Rico and the U.S. Virgin Islands have legalized medical cannabis. The rising consumer demand, ease of availability of cannabis through dispensaries and improved product offerings are fueling the need for effective and compliant packaging solutions. Additionally, increasing focus on product marketing, branding and consumer experience is propelling innovation in packaging formats, styles, materials and designs. However, volatility in raw material prices remains a market challenge.

Key Takeaways
The Global Cannabis Packaging Market Size is expected to witness high growth, exhibiting a CAGR of 25.8% over the forecast period, due to increasing legalization of cannabis across regions. In 2023, the market size is estimated to reach US$2.64 billion.

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