Cannabis Testing Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

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Cannabis Testing Market: By Type (Medical and Recreational), and Geography

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Report

Description

Cannabis Testing Market Size is estimated to be valued at USD 1,088.98 million in 2021 and poised grow to at a significant CAGR of 13.2% during forecast period 2022-28. The cannabis testing market is being propelled forward by rising demand for cannabis legalization for medical purposes in a number of countries, as well as the establishment of Laboratory Information Management Systems (LIMS) in cannabis testing laboratories. Collaborations between large corporations are also likely to contribute to market growth. The cannabis testing industry is predicted to increase in emerging economies throughout LATAM (Latin America) and MEA (the Middle East and Africa). Compared to other regions, this is primarily due to significant government backing for medical marijuana legalization in these countries. This is drawing several investors, notable players, and government organizations to invest in developing cannabis testing laboratory standards or improving their operations and activity. Cannabis testing laboratories are focusing on expanding their services, which provides enormous opportunities for these labs to gain a more customer base and enhance revenue. CannaSafe plans to develop into a number of states beyond California, such as Oregon, Florida, and Illinois, in the near future. Medical cannabis segment is anticipated to show the moderate growth rate during forecast period, and this can be due to growing interest among pharma companies to incorporate cannabis into medicinal products, as cannabis has potential opportunities to treat wide range of diseases like anxiety, epilepsy, pain management, arthritis, sleep disorders, and others. The recreational segment holds the highest share. The expanding number of licences for recreational cannabis dealers and distributors for a wide range of items like as herbal teas, edibles, and other adult-use cannabis is responsible for the recreational segment’s large proportion. Demand is also one of the variables that has allowed recreational cannabis to gain a significant market share.

Recent Market Developments:

In January 2021, MCR Labs, a Massachusetts-based cannabis testing firm, has recently opened a laboratory in Allentown and has started to approve and analyze product samples for medical marijuana licensees.

In January 2019, Digipath, Inc. announced an agreement with Cannabis, Inc. to increase its market share in the cannabis test and strengthen its position in the domestic and international cannabis testing market.

Cannabis Testing Market

MARKET SUMMARY
-
13.2% CAGR
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 13.2%
  • Largest Market– North-America
  • Fastest Growing Market– Asia-Pacific

Cannabis Testing Market

  • The cannabis testing market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The cannabis testing market is segmented based on type and geography.
Key Players
  • Agilent Technologies, Inc.
  • Detection Technology Plc.
  • Shimadzu Corporation
  • Restek Corporation.
  • Waters Corporation.
Cannabis Testing Market

Dynamics

The entire market is being driven by the growing demand for cannabis legalization for medical purposes in numerous nations. In addition, increasing research on various medical use of cannabis and growing number of cannabis testing laboratories in various emerging markets are also key factors driving the cannabis testing market. Lack of uniformity in quality standards and high cost of laboratory equipment, are major impediments to the cannabis testing market.


North-America Got Significant Share

Cannabis Testing Market

The North American cannabis testing market value is estimated at USD 253.2 Million in 2021 and projected to reach USD 834.3 million by 2028 with a CAGR of 22.3% during the 2022-2028 period, which can be due to the legalization of cannabis in all states is a fast-growing trend. Furthermore, the growing focus of different business units like cannabis growers/cultivators, producers/manufacturers, distributors, dispensaries/retailers to get approval from respective state-level authorities to cultivate, produce, distribute, and sell cannabis respectively with in the US. 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.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The report provides granular level information about the market size, regional market share, historic market (2017-2021) and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Cannabis Testing Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The CAGR of the cannabis testing market is13.2% over the forecast period (2022 – 2028)

 

 

Restek Corporation, Digipath, Inc, Sigma-Aldrich,Detection Technology Plc.

The Asia Pacific is the fastest-growing region for the cannabis testing market


Report

Company Profile

  • Agilent Technologies, Inc.
  • Detection Technology Plc.
  • Shimadzu Corporation
  • Merck KGaA
  • Restek Corporation.
  • Digipath, Inc
  • Waters Corporation.
  • Sigma-Aldrich
  • Accelerated Technology Laboratories, Inc.

Description

Cannabis Testing Market Size is estimated to be valued at USD 1,088.98 million in 2021 and poised grow to at a significant CAGR of 13.2% during forecast period 2022-28. The cannabis testing market is being propelled forward by rising demand for cannabis legalization for medical purposes in a number of countries, as well as the establishment of Laboratory Information Management Systems (LIMS) in cannabis testing laboratories. Collaborations between large corporations are also likely to contribute to market growth. The cannabis testing industry is predicted to increase in emerging economies throughout LATAM (Latin America) and MEA (the Middle East and Africa). Compared to other regions, this is primarily due to significant government backing for medical marijuana legalization in these countries. This is drawing several investors, notable players, and government organizations to invest in developing cannabis testing laboratory standards or improving their operations and activity. Cannabis testing laboratories are focusing on expanding their services, which provides enormous opportunities for these labs to gain a more customer base and enhance revenue. CannaSafe plans to develop into a number of states beyond California, such as Oregon, Florida, and Illinois, in the near future. Medical cannabis segment is anticipated to show the moderate growth rate during forecast period, and this can be due to growing interest among pharma companies to incorporate cannabis into medicinal products, as cannabis has potential opportunities to treat wide range of diseases like anxiety, epilepsy, pain management, arthritis, sleep disorders, and others. The recreational segment holds the highest share. The expanding number of licences for recreational cannabis dealers and distributors for a wide range of items like as herbal teas, edibles, and other adult-use cannabis is responsible for the recreational segment’s large proportion. Demand is also one of the variables that has allowed recreational cannabis to gain a significant market share.

Recent Market Developments:

In January 2021, MCR Labs, a Massachusetts-based cannabis testing firm, has recently opened a laboratory in Allentown and has started to approve and analyze product samples for medical marijuana licensees.

In January 2019, Digipath, Inc. announced an agreement with Cannabis, Inc. to increase its market share in the cannabis test and strengthen its position in the domestic and international cannabis testing market.

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