Global Cannabis Testing Market is projected to grow at a CAGR of 14% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Cannabis Testing Market by Product & Software (Analytical Instruments, Consumables, Software), Testing Procedures (Residual Solvent Screening, Terpene Profiling, Potency Testing, Genetic Testing, Pesticide Screening, Heavy Metal Testing, Microbial Analysis), End-User (Laboratories, Cannabis Cultivators, Research Institutes, Drug Manufacturers & Dispensaries), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global cannabis testing market is expected to grow from USD 1.71 billion in 2019 to USD 4.87 billion by 2027, at a CAGR of 14% during the forecast period 2020-2027. North America dominated the market in the year 2019. This growth was due to the growing legalization pertaining to the use of cannabis across various U.S. states, increasing cultivators of marijuana, and the rising number of testing laboratories. The growing demand for cannabis for personal use will further propel the market growth. The Chile cannabis testing market is anticipated to grow due to the growing awareness of the medical use of cannabis and the increase in cannabis use for medical purposes. The Germany market is expected to witness significant growth due to increased approval of production licenses and new medical cannabis legislation.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are CannaSafe Analytics, Steep Hill, Anandia Labs, Eirlab, Phytovista Laboratories, CW Analytical Laboratories, Pure Analytics, Anresco, EVIO, SC Labs, and Digipath. In January 2019, Hemp Inc. and Digipath Inc. has an agreement to provide on-site potency testing laboratories for three hemp production sites in Arizona and Oregon that are owned by Hemp Inc. This collaboration enabled Digipath to expand its market share and strengthen its position in the international as well as domestic cannabis testing industry.
The product & software segment includes analytical instruments, consumables, and software. The analytical instruments segment is further segmented into chromatography instruments, spectroscopy instruments, and other analytical instruments. The chromatography instruments are further classified into liquid chromatography, gas chromatography, and other chromatography instruments. The spectroscopy instruments segment is further classified into mass spectrometry, atomic spectroscopy, and atomic spectroscopy. The chromatography instruments are further classified into liquid chromatography, gas chromatography, and other chromatography instruments. The spectroscopy instrument segment is anticipated to witness significant growth due to the increasing legalization of cannabis testing and its derivative for adults’ recreational and medical use. The testing procedure segment includes residual solvent screening, terpene profiling, potency testing, genetic testing, pesticide screening, heavy metal testing, and microbial analysis. The potency testing segment holds the largest market share, owing to the increasing applications of cannabinoids for medical purposes. It is also essential for the precise labeling of medical purposes. On the basis of end-user, the market is segmented into laboratories, cannabis cultivators, research institutes, and drug manufacturers & dispensaries. Laboratories segment dominated the market, due to the increasing legalization of cannabis for medical as well as recreational use, and rising demand for cannabis testing software in labs.
The factors influencing the market are growing number of medical applications of cannabis, rising investment by various research institutes, increasing focus to meet the needs of hemp and cannabis cultivator, and legalization of medical cannabis associated with a rising number of cannabis analysis laboratories. The factors restraining the market are high cost of laboratory equipment and lack of uniformity in quality standards.
About the report:
The global cannabis testing market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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