Cannabis Testing Market Growth

Increasing investment to drive cannabis testing market growth; reaching $20.2 billion by 2035

 

According to a recently published report by Roots Analysis, therapeutic potential of cannabis and its derivatives has been recently recognized by scientists and doctors, which is positively impacting the cannabis testing market in the coming years.

Cannabis Testing Industry Overview

The global cannabis testing market is anticipated to grow at a CAGR of 22.79% from 2023-2035, reaching USD 20.2 billion by 2035.

The extracts of the plant Cannabis sativa represent a class of psychoactive and non-psychoactive compositions that have been used for both recreational and therapeutic purposes. The primary psychoactive component of the plant, delta-9-tetrahydrocannabinol (THC), has been identified to possess substantial therapeutic effects, treating nausea, vomiting and inflammatory symptoms associated with advanced stages of certain illnesses, including AIDS and cancer. However, unsupervised consumption of low-quality cannabis may compromise consumer safety, necessitating the awareness among users about the potential chances of psychosis and addiction related to the prolonged use of the plant. Along with the safety concerns associated with the drug, the dynamics of the growing demand for medical-grade cannabis have presented unique challenges in producing high-quality cannabis products.

Over the last few years, the consumption of cannabis in the age group of 18-29 has increased from 14% to 20%. In fact, the use of CBD increased in almost 45% of potential CBD users during the pandemic.58 The increased consumption of cannabis and cannabis-infused products has intensified safety-related concerns for consumers. Therefore, in order to ensure consumer safety as well as product quality, all cannabis-infused products manufactured by a licensed facility should be subjected to stringent compliance testing procedures that meet the regulatory standards.

Browse 100+ figures and 110+ market data tables spread across 220+ pages and detailed Table of Content on “Cannabis Testing Market by Type of Cannabis Tested, Type of Sample Tested, Company Size, and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035” here: https://www.rootsanalysis.com/reports/cannabis-testing-market.html

Market Drivers

Several factors are propelling the growth of the cannabis testing market. Cannabis and hemp-infused products have gained substantial traction within the last decade. Given the various therapeutic applications, such as pain management, treatment of anorexia and weight loss during chemotherapy, and aiding sleep disorders, the field of cannabis research, primarily medicinal cannabis, has piqued the interest of stakeholders. However, in order to meet the growing demand for such products and eliminate the challenges associated with their inadequate quality and GMP-compliant production, product manufacturers in this domain prefer to leverage services for testing of product quality and ensure consumer safety.

Market Restraints

Despite the huge benefits, legalization of the plant is still limited across the globe, due to which cannabis testing market is only limited to few countries. Further, the FDA’s stringent approval protocols is another bottleneck for the testing players to set up their plants. Moreover, within US, each state has different regulations for the cannabis, which makes it more challenging for the service providers to set up more facilities as it is challenging to deal with different regulations.

Growth Factors

Nonetheless, the cannabis testing market is expected to witness considerable growth, in the foreseen future. Increasing demand for cannabis-infused products, coupled with proper regulatory standards, are among the key forces driving the industry.72 To meet the set regulations on cannabis and cannabis-infused products, investors are also paying close attention to advancements in the field of cannabis testing. Novel techniques, such as chromatographic methods coupled with UV spectrometric analysis or the implementation of flame ionization detectors (FID), enhance the overall accuracy and sensitivity of the analytical assays. This creates opportunities for cannabis product manufacturers to introduce more products with improved quality into the market, further strengthening the cannabis testing market.

Cannabis Testing Market Segments

Based on the Type of Cannabis Tested, the Cannabis Testing market is segmented into Medical Cannabis and Recreational-use Cannabis/ Adult-use Cannabis.

• Medical Cannabis holds majority (61%) share of the overall Cannabis Testing market in 2023.
• Medical Cannabis is anticipated to show the highest growth potential during the forecast period of over 24% annually.

Based on the Type of Sample Tested, the Cannabis Testing market is segmented into Flowers, Extracts, Edibles and Others.

• Flower samples hold 59% share of the overall Cannabis Testing market in 2023.
• Extracts is anticipated to show the highest growth potential during the forecast period of over 24% annually.

Based on the Company Size, the Cannabis Testing market is segmented into Small, Mid-Sized and Large.

• Large companies hold 58% share of the overall Cannabis Testing market in 2023.
• Mid-sized is anticipated to show the highest growth potential during the forecast period of over 24% annually.

Based on the Regional Insights, the Cannabis Testing market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and North Africa

• North America is anticipated to hold the maximum share (58%) of the global Cannabis Testing market in 2023.
• In Asia-Pacific, the Cannabis Testing market is anticipated to demonstrate lucrative growth during the forecast period.

Key Companies Profiled

The Cannabis Testing market report also includes detailed profiles of key players (listed below) that offer testing services for medical cannabis:

• AccuScience Laboratories
• Anresco Labs
• CDX Analytics
• Coastal Analytical
• Eurofins Scientific
• EVIO Labs
• FoodChain ID
• LGC
• Medicine Creek Analytics
• SGS
• Tentamus

You Can Download Free Sample PDF Copy of This Report At:
https://www.rootsanalysis.com/reports/cannabis-testing-market/request-sample.html

About Roots Analysis

Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research / consulting services dedicated to serve our clients in the best possible way.

Contact Details

Gaurav Chaudhary
Email: Gaurav.chaudhary@rootsanalysis.com or sales@rootsanalysis.com