Cannabis Testing Market is Expected to Reach $4.0 billion | MarketsandMarkets™


MarketsandMarkets Research Pvt. Ltd.MarketsandMarkets Research Pvt. Ltd.

MarketsandMarkets Research Pvt. Ltd.

Chicago, June 11, 2024 (GLOBE NEWSWIRE) — Cannabis Testing market in terms of revenue was estimated to be worth $1.8 billion in 2024 and is poised to reach $4.0 billion by 2029, growing at a CAGR of 17.2% from 2024 to 2029 according to a latest report published by MarketsandMarkets™.

The growth of the market is driven by regulatory shifts favoring legalization, propelling companies to adhere to stringent quality and safety standards. Moreover, R&D investments by key players promote technical innovation thus boosting testing efficiency and accuracy.

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Cannabis Testing Market Scope:

Report Coverage

Details

Market Revenue in 2024

$1.8 billion

Estimated Value by 2029

$4.0 billion

Growth Rate

Poised to grow at a CAGR of 17.2%

Market Size Available for

2022–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Product & Software, By Service & By End User

Geographies Covered

North America, Europe, the Asia Pacific, Latin America and the Middle East & Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunity

Untapped markets in emerging economies

Key Market Driver

Increasing legalization of medical and recreational cannabis

Based on product & software, the cannabis testing market is broadly segmented into products (analytical instruments and consumables) and software. Cannabis testing products dominate the market, accounting for the largest share throughout the forecast period. This segment is also projected to register the highest growth rate. The high growth of this segment can be attributed to the rising demand for pesticide screening and potency labeling, leading to an increase in the need for analytical instruments and associated high-tech products and increases the demand for consumables used in cannabis testing.

Based on service, the cannabis testing market is broadly segmented into potency testing, terpene profiling, residual solvent analysis, microbial analysis, pesticide screening, heavy metal testing, and other services. In 2023, potency testing accounted for the largest share of the cannabis testing services market. The potency testing segment is growing at significant CAGR due to increased demand for accurate measurement of THC and CBD levels. This trend is led by companies like Kaycha Holdings LLC and SC Labs, and driven by regulatory requirements, consumer safety concerns, and the need for consistent product quality in both medical and recreational cannabis industries.

Based on end user, the cannabis testing market has been segmented into product & software end users and service end users. The service end users segment accounted for the largest share of the global cannabis testing market in 2023 and the highest CAGR over the forecast period. The dominant share of this segment can primarily be attributed to the increasing legalization of cannabis, rising consumer awareness of safety and quality, stringent regulatory standards, and advancements in testing technologies.

The key regional markets for the global cannabis testing market are North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. In 2023, North America commanded the largest share in the cannabis testing market in 2023 and is expected to grow at a significant CAGR during the forecast period. The market in this region is driven by the rising legalization of cannabis for both recreational and medical purposes all over North America and the increasing medical applications of cannabis.  For example, in May 2023, Biophore India Pharmaceuticals’ subsidiary Zenara Pharma received approval for the final product, Cannabidiol Oral Solution 100mg/ml, indicated for neuro disorders. This was a first-of-its-kind Cannabidiol-based product approval in India. The market is further driven by the presence of major cannabis giants such as Aurora Cannabis Inc., Medical Marijuana Inc., and Canopy Growth Corporation, who consistently invest and collaborate to develop new products.

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Prominent Players of Cannabis Testing Market:

  • Agilent Technologies, Inc. (US)

  • Shimadzu Corporation (Japan)

  • Thermo Fisher Scientific Inc. (US)

  • Danaher Corporation (US)

  • Waters Corporation (US)

  • Restek Corporation (US)

  • SGS SA (Switzerland)

  • Merck KGaA (Germany)

  • PerkinElmer, Inc. (US)

  • Hamilton Company (US)

  • Sigma Analytical Services (Canada)

  • SC Labs (US)

  • PharmLabs LLC (US)

  • MCS, Inc.  (US)

  • ProVerde Laboratories (US)

  • Eurofins Scientific (Luxembourg)

  • Green Leaf Lab, LLC (US)

  • Kaycha Holdings LLC (US)

  • Accelerated Technology Laboratories, Inc. (US)

  • Cloudlims (US)

  • Labware (US)

  • Lablynx Inc. (US)

  • Encore Labs LLC (US)

  • Trichome Analytical (US)

  • Green Scientific Labs (US)

  • Digipath, Inc. (US)

  • and Among others

This report categorizes the cannabis testing market into the following segments and subsegments:

By Product & Software

By service

By end user

  • Product & Software

  • Services

By Region

  • North America

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Rest of Europe

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa

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Key Market Stakeholders of the Cannabis Testing:

  • Cannabis Testing Product Manufacturing Companies

  • Regulatory Authorities

  • Cannabis Producers/Cultivators

  • Research & Development Companies

  • Biotechnology Companies

  • Research Laboratories & Academic Institutes.

  • Market Research & Consulting Firms

  • Testing Laboratories

Report Objectives:

  • To define, describe, and forecast the cannabis testing market by product & software, service, end user, and region

  • To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)

  • To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall cannabis testing market

  • To analyze the opportunities for stakeholders and provide details of the competitive landscape for market leaders

  • To forecast the size of the market segments with respect to five regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa

  • To profile the key players and analyze their market shares and core competencies2

  • To track and analyze competitive developments, such as product launches, partnerships, agreements, collaborations, and expansions.

  • To benchmark players within the market using the proprietary “Company Evaluation Matrix” framework, which analyzes market players on various parameters within the broad categories of business and product excellence strategy.

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Get access to the latest updates on Cannabis Testing Companies and Cannabis Testing Market Size

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