Testing services help identify contaminants, potency levels, and consistency in cannabis products. With the legalization of cannabis, demand for testing services has increased greatly to ensure product safety and consistency for consumers.
The global Cannabis Market is estimated to be valued at US$ 1881.19 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cannabis testing services provide analytical testing for cannabinoid potency profiles, residual solvents, heavy metals, microbiological impurities, mycotoxins, and pesticides in cannabis and cannabis-infused products. Given stringent regulations around product quality and safety, testing has become crucial for the cannabis industry.
Market key trends:
One of the key trends in the Global Cannabis Testing Services Market Size is the increasing deployment of new technologies for accurate and fast testing. Technologies such as chromatography, spectroscopy, and automated dispensing are being widely used to test multiple samples simultaneously with minimal error and reduced turnaround time. Furthermore, growing product diversification with edibles, extracts, and concentrates has also increased the need for testing different matrices using optimized methodologies. Another trend is the market consolidation through mergers and acquisitions to enhance service portfolios and geographic footprint.
Segment Analysis
The cannabis testing services market is segmented based on product type, sample type, technology type, and end use. Products in the cannabis testing services market include analytical instruments, consumables, and software/data integration services. Among these, consumables dominate the market as they need to be consistently purchased by cannabis testing laboratories for performing testing. Growing cannabis production and legalization of cannabis in several countries is increasing the need for quality testing of cannabis, thereby driving demand for consumables.
Key Takeaways
The global cannabis testing services market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing legalization of cannabis for medical and recreational use across regions.
Regional analysis:
North America dominated the global cannabis testing services market in 2022 and is expected to continue its dominance over the forecast period. This is attributable to the growing legalization of medical and recreational cannabis in countries like the U.S. and Canada. The Asia Pacific region is expected to be the fastest growing market due to increasing adoption of modern cannabis testing technologies and growing cannabis cultivation in countries like Australia, Thailand, and Israel.
Key players: Key players operating in the cannabis testing services market are Thermo Fisher Scientific Inc., Merck KGaA, Shimadzu Corporation, PerkinElmer, Inc., Steep Hill Labs, Inc., CB Scientific Inc., Alpha-CAT, Orange Photonics, Inc., Gobi Labs, MyDx, Inc., SC Laboratories Inc., Restek Corporation, Waters Corporation, PharmLabs LLC, Eurofins Scientific, EVIO Labs, ProVerde Laboratories, Inc., Praxis Laboratory, Atlantic Test Labs, Inc., American Clinical Solutions, LLC., MCR Labs, Cannalysis, Aurum Laboratory, LLC, The Niva Labs, Encore Labs, SGS Canada Inc., Agricore Laboratories, and California Cannabis Testing Labs. Major players are focusing on expanding their product portfolio and presence across different geographies through collaborations and partnerships.
For More Insights, Read- https://www.newsstatix.com/cannabis-testing-services-market-size-share-analysis-2023-2030/
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