July 25, 2024
Cannabis Testing Services Market

The Rising Demand For Cannabis Product Quality Assurance Is Anticipated To Open Up New Avenues For The Cannabis Testing Services Market

Market Overview:

Cannabis testing services help ensure cannabis products contain the correct cannabinoid profile and are free from contaminants like metals, pesticides, and microbes. Cannabis testing laboratories analyze cannabis and cannabis-derived products using analytical testing methods like potency testing, pesticide screening, homogeneity testing, microbiological testing, and terpene profiling. These services are crucial for cannabis companies to produce consistent, compliant, and safe products.

Market Dynamics:

Increasing legalization of cannabis across various regions is a key driver boosting demand for cannabis testing services. More countries and states are approving adult-use and medical cannabis programs which requires testing of cannabis crops and products. Stringent regulatory guidelines regarding composition and safety of cannabis items have also necessitated testing. Furthermore, growing consumption of cannabis derivatives such as edibles, beverages, topicals and other novel delivery formats is augmenting need for testing services to ensure dosage accuracy and contamination-free products. Significant research activities to leverage potential medical benefits of cannabinoids and discover new strains are further propelling market growth.

The global Cannabis Testing Services Market Size 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.

Segment Analysis

The cannabis testing services market can be segmented into product and technology testing, potency testing, residual solvent screening testing, terpene analysis, pesticide screening, microbial analysis, and heavy metal analysis. Potency testing is the dominating sub-segment since it is crucial to test the psychoactive and medicinal properties of cannabis through the identification and quantitation of tetrahydrocannabinol (THC) and cannabidiol (CBD) concentration levels.

PEST Analysis

Political: Regulations regarding the legal use of cannabis for medical and recreational purposes are continuously evolving which drives the need for standardized quality testing.
Economic: The legalization of cannabis in numerous states has created new economic opportunities and significantly boosted the cannabis testing services industry revenues.
Social: Increasing social acceptance of both medical and recreational use of cannabis has increased the demand for high-quality and safe cannabis products which supports the growth of the cannabis testing market.
Technological: Advanced analytical technologies such as chromatography, spectroscopy and process automation solutions are being adopted by cannabis testing labs to deliver accurate and timely test results to meet strict regulatory standards.

Key Takeaways

The global cannabis testing services market size was valued at US$ 1,881.19 Mn in 2023 and is expected to reach US$ 5,797.33 Mn by 2030, expanding at a CAGR of 13%. The market is growing due to the increasing legalization of medical and recreational cannabis across various states in the US and countries globally.

Regional analysis: North America dominated the market in 2023 and is expected to continue its dominance over the forecast period owing to the growing cannabis cultivation and production activities across Canada and various states in the US such as Colorado, Washington and California.

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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

About Author - Priya Pandey

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn Profile 

 

About Author - Priya Pandey

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn Profile   

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