Cannabis Testing Cannabis Testing Services Is Fastest Growing Segment Fueling The Growth Of Cannabis Testing Services Market
Cannabis Testing Services Market |
Cannabis testing services involve analyzing cannabis and cannabis-infused products for quality, safety and potency. This ensures consumers are provided consistent and accurate product information. With the legalization of cannabis in many regions, demand for cannabis testing services has increased significantly.
Market Overview:
Cannabis testing services analyze various cannabis attributes like cannabinoid
profile, terpene analysis, residual solvents, heavy metals, pesticides,
microbes and other contaminants. This helps ensure product quality and safety
for consumers.
Market key trends:
The cannabis testing services market is driven by growing demand for analytical
testing of cannabis for various purposes like quality control, seed-to-sale
traceability, and product consistency. With large-scale production and
commercialization of cannabis, testing has become obligatory to ensure products
meet various regulatory compliances around the world. Technological
advancements are allowing the testing of multiple parameters simultaneously using
small sample size. This is improving efficiency and lowering costs.
Standardization of testing protocols and accreditation of laboratories is also
an ongoing trend to bring more credibility and transparency to the legal
cannabis industry.
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
Content: The cannabis testing services market is segmented into products and
services, technology, and end use. The product and services segment is further
divided into analytical testing and sample preparation. Among these, the
analytical testing segment dominates the market and accounts for the largest
market share. This segment holds the highest share as analytical testing
involves various tests such as potency test, microbiological test, and
pesticide screening which validate the quality and safety of cannabis products.
Key Takeaways
Market size: 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 medical and recreational cannabis across various
regions.
Regional analysis: North America currently dominates the cannabis testing
services market owing to the widespread legalization of cannabis for medical as
well as adult-use in major countries like the US and Canada. The North American
market is expected to account for over 45% share of the global market by 2030.
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.
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