Cannabis Testing Market worth USD 3,009.9 million by 2030

The Market Statsville Group (MSG) publishes the new report on the "Cannabis Testing Market by Product (Instruments, Consumables, and Software), by Test Type (Microbial Analysis, Potency Testing, Heavy Metal Testing, Residual Screening, and Others), by End-Users (Cannabis Cultivators/Growers, Cannabis Drug Manufacturers, and Others), by Region – Global Share and Forecast to 2030".

The global cannabis testing market size is expected to grow from USD 1,224.4 million in 2021 to USD 3,009.9 million by 2030, at a CAGR of 11.9% during the forecast period (2022-2030). Cannabis refers to a group of three plants with a psychoactive properties, known as Cannabis indica, Cannabis ruderalis, and Cannabis sativa. The cannabis testing market is witnessing rapid growth due to the growing legalization of medical marijuana, funding initiatives for cannabis testing laboratories, and a growing number of cannabis cultivators, cannabis drug manufacturers, & testing laboratories, which contribute to the growth of the cannabis testing market. However, variations in cannabis testing methods and a lack of testing regulations are expected to restrain the market's growth.

Global Cannabis Testing Market Segmentation

The cannabis testing market has been segmented into the product, test type, end-users, and region.

By Product Outlook (Revenue, USD Million, 2017-2030)

• Instruments
• Consumables
• Software

By Test Type Outlook (Revenue, USD Million, 2017-2030)

• Heavy metal testing
• Microbial analysis
• Potency testing
• Residual screening
• Others

By End-Users Outlook (Revenue, USD Million, 2017-2030)

• Cannabis Cultivators/Growers
• Cannabis Drug Manufacturers
• Others

By Region Outlook (Revenue, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Potency testing, by method, is estimated to hold the largest market share during the forecast period

Based on the method, the cannabis testing market is categorized into heavy metal testing, microbial analysis, potency testing, residual screening, and others. In 2021, The potency testing segment was the highest contributor to the market. An important component of cannabis testing is the analysis of cannabinoid profiles, also known as potency. Cannabis plants naturally produce cannabinoids that determine the overall effect and strength of the cultivar, which is also referred to as the strain.

Different cannabinoids have distinct medicinal effects. Traditional high-performance liquid chromatography (HPLC) is recommended for potency testing, which has become the gold standard for analyzing cannabinoid profiles. Furthermore, an increase in product launches for potency testing is expected to boost the market growth. For instance, in 2018, Shimadzu released its Cannabis Analyzer for Potency testing, an easy-to-use cannabinoids content analyzer based on HPLC. In addition, increased use of CBD for disease treatment is also a driving factor for the market.

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North America accounts for the largest market share in cannabis testing market 2021

The report analyzes the global cannabis testing market based on the five key regions North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 50.1% in the global cannabis testing market. The North America cannabis testing market includes the U.S., Canada, and Mexico. North America was and would continue to be the largest revenue contributor in the global cannabis testing market. In North America, the U.S. holds the dominant share, owing to increase in number of cannabis drug manufacturers and cannabis cultivators. Furthermore, rise in number of testing laboratories and increase in research activities related to cannabis further boost the U.S. cannabis testing market growth over the forecast period.

Furthermore, stringent regulatory needs implemented by authorities to ensure superior quality products are expected to provide lucrative opportunities for the growth of the market. In addition, major players are continuously adopting diverse strategies to maintain their competitive edge, which include Agilent Technologies Inc., Danaher Corporation, PerkinElmer, Restek Corporation, SC Laboratories, Steep Hill, and others.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the cannabis testing market. It also consists of the profiles of leading companies such as Restek Corporation, Shimadzu Corporation, SC Laboratories, Agilent Technologies Inc., Danaher Corporation, Merck KGAA, Steep Hill, Thermo Fisher Scientific, PerkinElmer, and Waters Corporation. These market players have focused on acquisitions and expansion to gain a larger market share in the cannabis testing market.

Browse the complete report: https://www.marketstatsville.com/cannabis-testing-market

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