Global Cannabis Testing Services Market to Surpass US$ 4,527.6 Million by 2030, Says Coherent Market Insights (CMI)
Seattle, July 04, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global cannabis testing services market is estimated to be valued at US$ 1,658.9 million in 2022 and is expected to exhibit a CAGR of 13.4% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Cannabis Testing Services Market:
The growing legalization of medical cannabis across various countries is one of the critical factors influencing the growth of the global cannabis testing services market. For instance, in 2018, The Farm Bill was proposed to legalize hemp production in the U.S. Following the trend, several nations in Europe and Asia are preparing to legalize medicinal cannabis to meet the need of growing patient population. Furthermore, the Australian government in January 2018, announced that it would allow medicinal cannabis exports, which is expected to provide growth opportunities for domestic manufacturers. Increasing number of cannabis export increased the testing carried for cannabis in laboratories which is expected to further drive the market growth.
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Key Market Takeaways:
The global cannabis testing services market is expected to exhibit a CAGR of 13.4% during the forecast period, owing to increasing R&D activities in cannabis production. For instance, in November 2018, a team of agricultural technology and controlled environment experts at the University of Guelph, located in Canada worked on methods for cultivating higher-quality cannabis. The team is focused on medical cannabis production in a controlled setting, using patented plant-growing equipment that uses chambers to monitor and manage all factors during the growth process, including nutritional demands.
In terms of end users, testing laboratories are expected to exhibit the highest CAGR in the cannabis testing services market during the forecast period, as cannabis testing facilities are becoming more efficient at providing complete analysis of possible analytes. For instance, according to Health Canada, on October 17, 2018, the federal government announced legalization of cannabis in Canada under the Cannabis Act (C-45). Moreover, Government of Canada, in 2018, approved 56 laboratories under Narcotic control regulation Canada for cannabis testing service.
Based on test type, cannabinoid profiling segment is estimated to grow with the fastest CAGR in the global cannabis testing services market over the forecast period, owing to increasing analysis of cannabis to detect its medicinal uses. Cannabinoid testing for cannabidiol (CBD), cannabidiolic acid (CBDA) and tetrahydrocannabinolic acid (THCA) is performed to assess the therapeutic advantages of cannabis (THCA). There are around 70 identifiable cannabinoid compounds, which possess distinct medicinal benefits and pharmacological applications.
Competitive Landscape:
Key players operating in the global cannabis testing services market include Thermo Fisher Scientific Inc., Merck KGaA, Shimadzu Corporation, PerkinElmer, Inc., Steep Hill Labs, Inc., CB Scientific Inc., Alpha-CAT, Orange Photonics, Inc., Gobi Labs, MyDx, Inc., SC Laboratories Inc., Restek Corporation, Waters Corporation, PharmLabs LLC, Eurofins Scientific, EVIO Labs, ProVerde Laboratories, Inc., Praxis Laboratory, Atlantic Test Labs, Inc., American Clinical Solutions, LLC., MCR Labs, Cannalysis, Aurum Laboratory, LLC, The Niva Labs, Encore Labs, SGS Canada Inc., Agricore Laboratories, and California Cannabis Testing Labs
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Market Segmentation:
Global Cannabis Testing Services Market, By Test Type :
Potency Testing
Terpene Profiling
Cannabinoid Profiling
CBD Testing
THC Testing
Pesticide Screening
Residual Solvent Testing
Microbiological Screening
Other Tests
Global Cannabis Testing Services Market, By Product Type :
Instruments
Chromatography Instruments
Liquid Chromatography
Gas Chromatography
Others
Spectroscopy Instruments
Mass Spectroscopy
Atomic Spectroscopy
Other Instruments
Consumables & Test Kit
Global Cannabis Testing Services Market , By End Users:
Testing Laboratories
Research Institutes
Others
Global Cannabis Testing Services Market , By Region:
North America
By Country
U.S.
Canada
Latin America
By Country
Brazil
Mexico
Argentina
Rest of Latin America
Europe
By Country
Germany
U.K.
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
By Country
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
By Country
GCC
Israel
Rest of Middle East
Africa
By Region/Country
South Africa
Central Africa
North Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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