Medical Cannabis Packaging Market Projected To Reach $117.2B By 2032 Amid Sustainability Push
The medical cannabis packaging market is undergoing rapid expansion, forecasted to catapult from $6.5 billion in 2023 to a staggering $117.2 billion by 2032. This represents an impressive compound annual growth rate (CAGR) of 37.9%, according to a report by Astute Analytica, a global analytics and advisory company based in India.
Balancing Sustainability, Costs And Consumer Preferences
The recent analysis notes that the key to thriving in this burgeoning market lies in balancing innovative, sustainable packaging solutions with the stringent compliance demanded by regulators. 60% of companies are now transitioning toward sustainable packaging options, with 45% opting for biodegradable materials. This shift aligns with consumer preferences where 72% favor eco-friendly packaging.
Plastic remains the dominant packaging material, comprising 55% of the market, followed by glass (25%), aluminum …