Cannabis testing market 2023: USD 46.5 billion by 2031, Driven by rising legalization rates for cannabis
Cannabis testing is an essential part of the industry, ensuring that products are safe and accurately labeled. Testing typically includes screening for contaminants like pesticides, heavy metals, and residual solvents, as well as measuring cannabinoid and terpene profiles. State regulations dictate the specific tests required, and labs must follow strict protocols to ensure accurate and reliable results. Testing also plays a crucial role in product development, allowing growers and manufacturers to refine their techniques and create new strains with specific properties. As the cannabis industry continues to grow and evolve, testing will remain a critical component in ensuring the safety and quality of products.
The global cannabis testing market was valued at $ 1,029 million in 2019, and is projected to reach $2,445 million by 2027, registering a CAGR of 11.9%.
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The cannabis testing market is witnessing rapid growth due to growing legalization of medical marijuana (especially in the U.S.), funding initiatives for cannabis testing laboratories, and the growing number of cannabis cultivators, cannabis drug manufacturers, & testing laboratories, which are contributing to the growth of the cannabis testing market. However, variations in cannabis testing methods and lack of testing regulations are expected to restrain the growth of the market. Conversely, emerging economies across developing regions, such as LATAM and Asia-Pacific, are expected to provide new opportunities for market players in future.
North America accounted for the largest share of revenue in 2019, and is anticipated to maintain its dominance from 2020 to 2027, owing to legalization of cannabis (especially in the U.S.) and the growing ease of availability of instruments, software, and services for cannabis testing, which are driving the growth of the North American cannabis testing market. However, LAMEA is expected to grow at the highest CAGR, owing to increasing number of cannabis cultivators, rising number of testing laboratories, and legalization of cannabis for medical use.
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During the lockdown imposed by governments during the Covid-19 pandemic, many cannabis testing labs were partially or completely closed. Moreover, there have been disruptions in the supply chain and restricted movement of people.
Many market players that offer products and software to the cannabis testing market witnessed decline in the sales of instruments and consumables due to numerous factors such as shutdown of labs, reduced number of cannabis tests, and restrictions on import and export.
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Key Player –
• Agilent Technologies Inc.
• Danaher Corporation
• Merck KGAA
• Restek Corporation
• SC Laboratories
• Shimadzu Corporation
• Steep Hill
• Thermo Fisher Scientific
• Waters Corporation
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- The Wire Times