What Has Been Cannabis Testing Market in Recent Years?
The cannabis testing market has seen considerable growth due to a variety of factors.
• Recent years have seen a swift expansion in the size of the cannabis testing market. The forecast is that this market will escalate from a value of $3.02 billion in 2024 to $3.57 billion in 2025, progressing at a compound annual growth rate (CAGR) of 18.0%.
Factors such as the globalization of the cannabis market, attention to consumer safety, regulatory compliance, assurance of product quality, public health and safety, along with transparent supply chains have fuelled the growth during the historic period.
What Can Be Expected from the Cannabis Testing Market in the Coming Years?
The cannabis testing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of cannabis testing is predicted to witness a swift surge in the upcoming years, escalating to $7.36 billion in 2029 with a compound annual growth rate (CAGR) of 19.9%.
The projected expansion during this period is due to increased legalization, tight regulations, attention to quality in cultivation, genetic assessments, bolstering research & development, and public enlightenment and teaching. Noteworthy trends anticipated in the forecast period encompass technological progress, quality management in cultivation, microbial scrutiny, cannabinoid profiling, along with testing for pesticides and residues.
What Are The Core Factors Supporting Growth In Cannabis Testing Market?
The rise in the application of cannabis for medicinal purposes is anticipated to stimulate the expansion of the cannabis testing market. Cannabis is utilized for easing tension, muscle issues, and also to reduce nausea and ensuing vomiting post-chemotherapy, leading to its increased use as a healing compound. Moreover, cannabis aids in pacifying epileptic seizures and has the bonus effect of reducing the severity of such seizures. For instance, the World Health Organization's data in 2022 reported that out of the 147 million global population, 2.5% indulged in cannabis consumption. Consequently, the escalating use of cannabis for therapeutic reasons propels the advancement of the cannabis testing market.
How Are The Segments Defined Within The Global Cannabis Testing Market?
The cannabis testing market covered in this report is segmented –
1) By Test Type: Potency Testing, Pesticide Screening, Residual Solvent Screening, Heavy Metal Testing, Terpene Testing, Mycotoxin Testing, Other Test Types
2) By Technology: Chromatography, Spectroscopy, Other Technologies
3) By Portability: Standalone, Hand Held Devices
4) By End User: Testing Laboratories, Drug Manufacturers, Research Institutes, Other End Users
Subsegments:
1) By Potency Testing: THC Testing, CBD Testing, Other Cannabinoids Testing
2) By Pesticide Screening: Herbicide Testing, Insecticide Testing, Fungicide Testing
3) By Residual Solvent Screening: Solvent Class Testing, Total Residual Solvent Analysis
4) By Heavy Metal Testing: Lead Testing, Arsenic Testing, Cadmium Testing, Mercury Testing
5) By Terpene Testing: Major Terpene Profile Analysis, Minor Terpene Analysis
6) By Mycotoxin Testing: Aflatoxin Testing, Ochratoxin Testing, Other Mycotoxins
7) By Other Test Types: Microbial Testing, Moisture Content Testing, Foreign Material Testing
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How Are New Trends Expected To Influence The Growth Of The Cannabis Testing Market?
Strategic alliances have become the leading trend catching on in the cannabis testing market. Prominent firms in this market are forming partnerships to solidify their standing. For example, in March 2022, Digipath Inc., a U.S. cannabis testing lab, formed a partnership with CASPR Technologies, a Nigerian firm offering intelligent indoor environmental technology for healthcare. Through this collaboration, Digipath will conduct tests and confirm the effectiveness of CASPR's technology for botanical uses, focusing particularly on cannabis and hemp.
Who Are the Key Players in the Cannabis Testing Market?
Major companies operating in the cannabis testing market include:
• Thermo Fisher Scientific Inc.
• Danaher Corporation
• Merck KGaA
• SGS Canada Inc.
• Eurofins Scientific SE
• Agilent Technologies Inc.
• Sartorius AG
• PerkinElmer Inc.
• Shimadzu Corporation
• Waters Corporation
• Ab Sciex LLC
• LGC Limited
• Tentamus Group
• Phenomenex Inc.
• Saskatchewan Research Council (SRC)
• Restek Corporation
• SC Laboratories
• Anresco Labs
• Praxis Labs
• Accelerated Technology Laboratories Inc.
• GreenLeaf Lab
• ACT Laboratories
• PharmLabs LLC
• Abko Labs
• BelCosta Labs
• Medicinal Genomics
• CW Analytical Laboratories Inc
• DigiPath Inc
• CDX Analytics
• Steep Hill Halent Laboratories Inc.
What Is The Most Dominant Region In The Cannabis Testing Market?
North America was the largest region in the cannabis testing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cannabis testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
