Cannabis Testing market size reached USD 1.58 billion in 2022 and is expected to reach USD 3.66 billion by 2029, growing at a CAGR of 12.7 % during the forecast period.
Cannabis Testing Market Overview:
This Cannabis Testing market study looks at current and emerging industry trends and dynamics in the global Cannabis Testing market. Cannabis Testing Extensive market forecasting for the major market segments is carried out between 2022 and 2029. Extensive Cannabis Testing market analysis is carried out by closely monitoring key product positions and the main competitors in the market framework. To understand the competitive landscape of the worldwide Cannabis Testing market, key players are profiled and their strategies are thoroughly evaluated.
Market Scope:
The analysis contains a current examination of the present Cannabis Testing market landscape, as well as the most recent trends and drivers, as well as an overview of the entire Cannabis Testing market environment. Increased demand for Cannabis Testing is driving the market. The Cannabis Testing market research examines the technology, end-user, and type categories, among other things, as well as the geographical landscape.
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Segmentation:
With a revenue share of 23.7% in 2022, potency testing services topped the market in terms of service type. The primary drivers of the market are the growing need to analyze the potency of different cannabinoids, specifically Tetra hydro cannabinol (THC) and CBD (cannabidiol) in cannabis grown, and the growing use of potency testing techniques such as High-Performance Liquid Chromatography (HPLC) and Gas Chromatography (GC) for testing samples.
Key Players:
The market research report provides comprehensive quantitative insights that provide a clear picture of the worldwide market potential in a variety of categories, as well as country-by-country analyses in each covered topic. The analysis investigates the market’s major influencing factors, as well as complete company profiles of
• Saskatchewan Research Council (SRC)
• SC Labs
• Steep Hill, Inc.
• SGS Canada Inc.
• CW ANALYTICAL
• PharmLabs
• GreenLeaf Lab
• Agilent Technologies Inc.
• Shimadzu Scientific Instruments
• Merck KGaA
• Restek Corporation
• PerkinElmer Inc.,
• Danaher Corporation
• Accelerated Technology Laboratories Inc.
• Steep Hill Halent Laboratories Inc.
• Digipath Inc.
• Pharmlabs LLC.
Regional Analysis:
Individual market influencing variables and changes in market laws that impact present and future market trends are also included in the regional segment of the Cannabis Testing market study. Data points such as downstream and upstream value chain analysis, technology trends, porter’s five forces analysis, and case studies are just a few of the indicators utilized to anticipate market scenarios for various industries. When examining projection data for the region, the existence and availability of global players, as well as the obstacles they face as a result of substantial or low to none competition from local and domestic brands, are all taken into account.
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COVID-19 Impact Analysis on Cannabis Testing Market:
The COVID-19 epidemic has had a significant impact on the global Cannabis Testing industry. Cannabis Testing Production facilities were halted due to the global economic slump and a lack of manpower. The COVID-19 pandemic has led to a significant and extended drop in production utilization, and travel prohibitions and facility closures have kept personnel away from their facilities, causing the Cannabis Testing market to decelerate in 2020. The negative impact of COVID-19 on the Cannabis Testing market, on the other hand, is expected to be transitory, and the sector is expected to revive significantly by early 2022, owing to increased demand for Cannabis Testing.
Key Questions Answered in the Cannabis Testing Market Report are:
- Which segment was responsible for the largest share in the Cannabis Testing market?
- How was the competitive scenario of the Cannabis Testing market in 2022?
- Which are the key factors responsible for the Cannabis Testing market growth?
- Which region held the maximum share in the Cannabis Testing market in 2022?
