Cannabis testing services provide various analytical testing services to determine quality, safety, and potency of cannabis and cannabis products. Testing services include product testing, environmental monitoring, soil analysis, water testing, and contaminant screening. Product testing detects concentration levels of THC, CBD, and other cannabinoids. Environmental monitoring screens for microbial contaminants, heavy metals or pesticide residues.

The Cannabis Testing Services market is estimated to be valued at US$ 1881.19 Mn in 2023 and is expected to exhibit a CAGR of 13.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The global cannabis testing services market is witnessing high growth owing to increasing legalization of cannabis for both medical and recreational purposes in various countries. For instance, according to the National Organization for Reform of Marijuana Laws (NORML), as of January 2020, around 33 states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands have approved comprehensive public medical cannabis programs. Moreover, 11 states and D.C. have legalized recreational marijuana use for adults. To ensure safety and efficacy of cannabis products, testing becomes mandatory which is fueling demand for cannabis testing services. Furthermore, increasing awareness about health benefits of cannabis among consumers and healthcare professionals is also propelling market growth.

SWOT Analysis

Strength: The Global Cannabis Testing Services Market Size has strong regulatory compliance with quality standards set by government bodies for safety and potency testing. The analytical testing helps producers ensure consistent quality and identify/remove contaminated batches. Advance testing technologies help deliver accurate results quickly.

Weakness: Lack of harmonization of testing standards across regions leads to inconsistent requirements. High costs associated with lab equipment and trained workforce makes cannabis testing an expensive service.

Opportunity: Growing number of countries legalizing medical and recreational cannabis widens the addressable market for testing services. New product forms and consumption methods necessitate additional quality checks, providing opportunities.

Threats: Conflicting state and federal laws in some countries pose regulatory uncertainties. Stringent quality norms may discourage small producers due to compliance costs.

Key Takeaways

The global cannabis testing services market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing legalization of cannabis across various countries and stringent safety and quality regulations.

Regional Analysis

North America dominates the global market, owing to increasing cannabis cultivation activities in Canada and legalization in many U.S. states. The Asia Pacific region is anticipated to exhibit fastest growth due to widening acceptance of medical cannabis and expansion of domestic cultivation programs in countries like Australia and Thailand.

Key Players

Key players operating in the cannabis testing services market are 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.

For More Insights, Read- https://www.trendingwebwire.com/cannabis-testing-services-market-analysis-growth-forecast-outlook-2023-2030/