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.
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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
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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
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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.
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.
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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.
About Market Statsville Group
Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.
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