The Cannabis Testing Market was at US$ 1.5 Billion in 2021 and is growing to approx US$ 3.0 Billion by 2030, with a CAGR growth of 10.5% between 2022 and 2030.

SANDY, UTAH, UNITED STATES, January 19, 2023 /EINPresswire.com/ -- According to the study, The Global Cannabis Testing Market was estimated at USD 1.5 Billion in 2021 and is anticipated to reach around USD 3.0 Billion by 2030, growing at a CAGR of roughly 10.5% between 2022 and 2030.

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Cannabis Testing Market: Overview

Cannabis sativa, the hemp plant, contains pharmacologically potent substances called cannabinoids. Cannabis is made up of dried cannabis Sativa as well as cannabis indica plant parts such as leaves, flowers, stems, and seeds. Since ancient times, this plant has been used medicinally, primarily as an anti-inflammatory or to treat pain, anxiety, or agitation. Cannabis is one of the most often used narcotics worldwide and is rising in demand. Cannabis drug testing is becoming more and more common in the legal, sports, and pharmaceutical industries. Before being delivered to retailers, all batches of cannabis flowers and products should be sampled and analyzed by licensed laboratories. For what must be evaluated and displayed on cannabis product labeling, various states and regions have set their own standards and laws. Over the course of the projected period, rising certifications for cannabis-based medications are anticipated to drive market expansion for cannabis testing services globally.

Cannabis Testing Market: Growth Drivers

Over the projection period, the worldwide cannabis testing services market is anticipated to rise due to the increased focus of key industry participants on new product releases. Permitting marijuana for medicinal use will also create new growth prospects for testing labs, resulting in significant growth in the cannabis testing market over the course of the projected period. Medical cannabis has proven useful in treating a number of medical conditions, such as nausea brought on by chemotherapy, AIDS-related hunger stimulation, movement disorders muscle spasm control, as well as glaucoma intraocular pressure reduction. On the other side, a significant factor impeding the expansion of the worldwide for cannabis testing services market during the forecast period is the absence of standardized testing methodologies. Facilities for cannabis quality control testing are required due to the increasing requirement for secure cannabis products. However, a number of items fall short of the required standards.

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Key Insights:

A) As per the analysis shared by our research analyst, the Cannabis Testing market is estimated to grow annually at a CAGR of around 10.5% over the forecast period (2022-2030).
B) In terms of revenue, the Cannabis Testing market size was valued at around USD 1.5 Billion in 2021 and is projected to reach USD 3.0 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) According to end-use segmentation, the cultivator industry is anticipated to have the most market share in 2021.
D) Geographically speaking, the “North America” region generated the most income in 2021.

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Regional Landscape

All through the entire projection period, North America is anticipated to lead the market as a whole. The high frequency of chronic illnesses in the area, favorable laws, and the existence of big businesses are all contributing factors to market growth. Europe is the second-largest market for cannabis testing following North America. The majority of the funding for this sector comes from Germany, the United Kingdom, Spain, and the rest of Europe. Due to factors including increased clinical trials involving cannabis conducted by major pharma companies in Europe, the market in the area is expanding.

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Key Players

Saskatchewan Research Council (SRC)
SC Labs
Steep Hill, Inc.
SGS Canada Inc.
CW ANALYTICAL

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The Cannabis Testing Market is segmented as follows:

By Types

Potency Testing
Terpene Profiling
Heavy Metal Testing
Pesticide Screening
Microscopy Testing
Residual Solvent Screening
Others

By End User

Cultivators
Laboratories
Research Institutes

By End-User Services

Cannabis Drug Manufacturers
Cannabis Cultivators/Growers
Others

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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