According to Precision Business Insights (PBI) latest report. The global cannabis testing market is valued at USD 1,072.4 million in 2021. Global cannabis testing market segmented into following types: By Type (Medical and Recreational) and Geography (North America, Europe, Asia-Pacific, Latin America, and MEA) Forecast to 2028. Key player’s profiles in the cannabis testing market report are Agilent Technologies, Inc., Detection Technology Plc., Shimadzu Corporation, Merck KGaA, Restek Corporation., Digipath, Inc, Accelerated Technology Laboratories, Inc, Waters Corporation, Sigma-Aldrich. The growth of cannabis testing market can be increased owing to the growing number of licensed cannabis testing labs and an increasing number of different business units. The rise of the cannabis testing market will be fueled by an increase in the number of licensed laboratories and an increase in the number of cultivators. In the future years, the growing demand for testing and quality control of hemp products by cannabis producers will push the industry expansion of cannabis testing laboratories. Various organizations accredit laboratories that test hemp and cannabis-derived products for analytical purposes. Because cannabis products must be tested to demonstrate their safety and efficacy, the growing demand for cannabis testing will drive up the number of laboratories offering cannabis testing services. Violation of safety compliance of improper testing results can cause the cancellation or suspension of a license for cannabis testing. Such factor impacts on the revenue generation for cannabis testing laboratories and thereby constrain the cannabis testing services market.
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Recreational Segment Dominates the Cannabis Testing Market:
In 2022, the recreational sector is expected to account for 83.2 percent of the cannabis testing market revenue. Due to a rise in the number of licences for recreational cannabis sellers and distributors, a wide range of items such as herbal teas, edibles, and other adult-use cannabis are now available. Demand is also one of the variables that has allowed recreational cannabis to gain a significant market share.
North America Leads Cannabis Testing Market:
The North American cannabis testing market is expected to develop at a CAGR of 25.6 percent from 2022 to 2028, with a market value of USD 253.2 million in 2021 and USD 834.3 million by 2028, owing to the fast-growing trend of cannabis legalisation in all states. Furthermore, diverse business units such as cannabis growers/cultivators, producers/manufacturers, distributors, and dispensaries/retailers are increasingly focusing on obtaining approval from state level authorities to cultivate, produce, distribute, and sell cannabis in the United States. The majority of the market share is held by Europe, which is followed by North America. The growing legalisation of cannabis in key European countries, as well as the herb’s increased use in drug production and research, were projected to drive up demand for cannabis testing services.
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Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players
The global cannabis testing market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region.
Detailed Segmentation:
Based on the type, the market is segmented into the following:
- Medical
- Recreational
Based on Geography, the market is segmented into the following:
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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