CHICAGO, May 23, 2024 /PRNewswire/ -- Cannabis
Testing Market in terms of revenue was estimated to be
worth $1.8 billion in 2024 and is
poised to reach $4.0 billion by 2029,
growing at a CAGR of 17.2% from 2024 to 2029 according to a new
report by MarketsandMarkets™.
The important factors impacting market growth are legalization
trends and rising medical applications for cannabis. Rising
approvals for medical and recreational cannabis drive the
regulations requiring product safety testing which in turn fuel the
need for cannabis testing services. Additionally, the rise in the
number of cannabis testing labs due to legalization is propelling
the demand for analytical instruments is likely to uplift market
growth in coming years.
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Browse in-depth TOC on "Cannabis Testing
Market"
439 - Tables
52 - Figures
378
- Pages
Cannabis Testing Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$1.8 billion
|
Estimated Value by
2029
|
$4.0 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 17.2%
|
Market Size Available
for
|
2022–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Product &
Software, By Service & By End User
|
Geographies
Covered
|
North America, Europe,
the Asia Pacific, Latin America and the Middle East &
Africa
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Untapped markets in
emerging economies
|
Key Market
Drivers
|
Increasing legalization
of medical and recreational cannabis
|
Products segment held the highest estimated share of the
cannabis testing market.
Based on product & software, the cannabis testing market is
segmented into products (analytical instruments {chromatography
instruments [liquid chromatography, gas chromatography & other
chromatography instruments], spectroscopy instruments [mass
spectrometry instruments & atomic spectroscopy instruments]
& other analytical instruments} and consumables {chromatography
columns, standards and CRMS, sample preparation products and other
consumables) and software. The product segment accounted for the
largest share of the cannabis testing market in 2023. Market growth
is driven by technological advancements providing sophisticated
tools for precise analysis, ensuring compliance and quality
control, and the expanding legalization of cannabis products.
Additionally, increasing requirements for potency labeling and
pesticide screening fuel the demand for specialized consumables,
further propelling growth in the cannabis testing market. For
example, Thermo Fisher Scientific Inc. launched the Thermo
Scientific SureSTART consumables portfolio consisting of vials,
well plates, caps, inserts, kits, and mats to improve analytical
performance and sample security for chromatography and mass
spectrometry users in routine and research labs in clinical, food,
pharma, biopharma, environmental, and academic sectors.
High growth of services segment attributed to potency testing
services.
Based on service, the cannabis testing market is broadly
segmented into terpene profiling, microbial analysis, residual
solvent analysis, potency testing, heavy metal testing, pesticide
screening, and other services. In 2023, potency testing accounted
for the largest share of the cannabis testing services market. The
high growth of this segment is due to stringent regulatory
requirements ensuring accurate THC and CBD levels. This is crucial
for product labeling, consumer safety, and compliance, driving
demand from producers and dispensaries seeking to meet legal
standards and provide reliable, high-quality products.
Services take away the largest estimated share of the
end-user segment.
Based on end users, the cannabis testing market is classified
into segmented into product & software end users (cannabis
testing laboratories {small-scale laboratories, medium-scale
laboratories, large-scale laboratories} and research institutes)
and service end users (cannabis drug manufacturers &
dispensaries, cannabis cultivators/growers). In 2023, the service
end users' segment was predicted to account for the highest share
of the global cannabis testing market. The large share of this end
user segment is due to the rising consumer awareness of quality and
safety, rising legalization of cannabis, stringent regulatory
standards, and technological advancements in cannabis testing.
During the forecast period, North
America displayed lucrative market growth.
North America accounted for the
largest share of 65.5% of the cannabis testing market in 2023. The
North American market is projected to reach a value of USD 2.6 billion by 2029 from an estimated value
of USD 1.2 million in 2024, at a CAGR
of 17.3% during the forecast period. The region leads the cannabis
testing market due to stringent regulatory standards, robust
infrastructure, and widespread legalization of cannabis for medical
and recreational purposes. Additionally, North America's advanced R&D capabilities
and evolving consumer demand for quality assurance drive its
prominence in this growing sector.
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Cannabis Testing Market Dynamics:
Drivers:
- Increasing legalization of medical and recreational
cannabis
- Increasing use of cannabis for medicinal applications
- Technological advancements in testing technologies
Restraints:
- Lack of standardization
- Investment risks due to regularization
Opportunities:
- Untapped markets in emerging economies
- Research collaborations
Challenge:
- High setup costs
Key Market Players of Cannabis Testing
Industry:
The global cannabis testing market comprises many key market
players competing for markets shares like Agilent Technologies,
Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US),
Danaher Corporation (US), Waters Corporation (US), Restek
Corporation (US), SGS SA (Switzerland), Merck KGaA (Germany), PerkinElmer, Inc. (US), Hamilton
Company (US), Sigma Analytical Services (Canada), SC Labs (US), PharmLabs LLC (US),
MCS, Inc. (US), ProVerde Laboratories (US), and Eurofins Scientific
(Luxembourg).
The primary interviews conducted for this report can be
categorized as follows:
- By Respondent: Supply Side- 70%, and Demand Side - 30%
- By Designation (Supply Side): Managers - 45%, CXOs &
Directors - 30%, Executives- 25%
- By Region: North America -40%,
Europe -25%, Asia-Pacific -20%, Latin America -10%, MEA- 5%
Recent Developments:
- In September 2023, Shimadzu
Corporation launched the Brevis GC-2050 gas chromatograph used in
various applications including cannabis testing.
- In April 2023, SC Labs, one of
the leading cannabis testing companies, acquired C4 Laboratories,
one of the first Arizona cannabis
labs, thus allowing it to be licensed and accredited in five
states: California, Colorado, Michigan, Oregon, and Arizona.
- In June 2022, Shimadzu
Corporation launched the AA-7800 series atomic absorption
spectrophotometers. The AA-7800 series is used for quality control
in the raw material, food, and for inspecting water quality and
hazardous substances in soil thus presenting an advantage in heavy
metal testing of cannabis.
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Cannabis Testing Market - Key Benefits of Buying the
Report:
The report will help market leaders/new entrants by providing
them with the closest approximations of the revenue numbers for the
overall cannabis testing market and its subsegments. It will also
help stakeholders better understand the competitive landscape and
gain more insights to better position their business and make
suitable go-to-market strategies. This report will enable
stakeholders to understand the market's pulse and provide them with
information on the key market drivers, restraints, opportunities,
and challenges.
The report provides insights on the following
pointers:
- Analysis of key drivers (increasing legalization of medical and
recreational cannabis, increasing use of cannabis for medicinal
applications and technological advancements in testing
technologies), restraints (lack of standardization and investment
risks due to regularization), opportunities (untapped markets in
emerging economies and research collaborations) and challenges
(high setup costs) are influencing the growth of cannabis testing
market.
- Product Development/Innovation: Detailed insights on newly
launched products of the cannabis testing market.
- Market Development: Comprehensive information about lucrative
markets – the report analyses the cannabis testing market across
varied regions.
- Market Diversification: Exhaustive information about new
products, untapped geographies, recent developments, and
investments in the cannabis testing market.
- Competitive Assessment: In-depth assessment of market shares,
growth strategies, and product offerings of leading players include
Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US),
Danaher Corporation (US), Waters Corporation (US), Restek
Corporation (US), SGS SA (Switzerland), Merck KGaA (Germany), PerkinElmer, Inc. (US), Hamilton
Company (US), Sigma Analytical Services (Canada), SC Labs (US), PharmLabs LLC (US),
MCS, Inc. (US), ProVerde Laboratories (US), and Eurofins Scientific
(Luxembourg) among others in the
cannabis testing market.
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to 2028
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2028
Digital PCR Market - Global Forecasts to 2028
Flow Cytometry Market - Global Forecasts to 2028
Get access to the latest updates on Cannabis Testing
Companies and Cannabis Testing Industry Growth
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