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

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.