At 19.8% CAGR, Global Cannabis Testing Market Size & Share to Surpass US$ 10.86 Billion By 2028

NEW YORK – As per Zion Market Research study, The global cannabis testing market was valued at around USD 1.35 billion in 2021 and is estimated to grow to about USD 10.86 billion by 2028, with a compound annual growth rate (CAGR) of approximately 19.8 percent over the forecast period.

Key Industry Insights & Finding of the Cannabis Testing Market  Reports:

• As per the analysis shared by our research analyst, the Cannabis Testing Market is expected to grow annually at a CAGR of around 19.8 % (2022-2028).
• Through the primary research, it was established that the Cannabis Testing Market was valued approximately USD 1.35 Billion in 2021 and is projected to reach to roughly USD 10.86 Billion by 2028.
• The existence of a significant number of cultivators, as well as an increase in the number of testing laboratories in the North America region due to strict government restrictions for cannabis producers, are key drivers promoting market growth in this North America region.
• The rising legalization of cannabis in several European countries, as well as the expanding use of the plant in drug development & research, are expected to fuel the market for cannabis testing.
• The cannabis testing market in the region is tightly regulated, with most countries barring goods having more than 0.3 percent THC, thereby driving the market growth in this region.

Cannabis Testing Market : Overview

Cannabis testing is the process of analyzing a single sample of cannabis to evaluate CBD, THC, and terpene levels, as well as pollutants and impurities such as mold spores, residual solvents, infection, and pesticide residue. Each state and municipality has the authority to set their own rules and regulations for what must be tested and printed on cannabis labeling. Individual producers may also choose to adhere to more severe guidelines, even having their samples tested for CBG and CBC levels. Only qualified chemists and lab workers are permitted to conduct this testing. Cannabis production and sales were formerly prohibited worldwide for numerous years.

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Industry Dynamics:

Cannabis Testing Market : Growth Drivers

• The market is fostering with medical cannabis legalization and increasing cannabis testing labs.

Medical cannabis has shown to be helpful in a number of medical uses, including lowering intraocular pressure in glaucoma patients, managing muscular spasms in multiple sclerosis patients, boosting appetite in AIDS patients, and minimizing chemotherapy-induced nausea. Medical cannabis is legal in a number of countries due to its health benefits. Italy, Brazil, Israel, the Netherlands, Germany, the United Kingdom, Portugal, Spain, North Korea, Canada, and Australia have all approved it in the last few years. Furthermore, 25 states in the United States legalized medical cannabis, with four states—Alaska, Oregon, Washington, and Colorado legalizing cannabis for use for both recreational and medical purposes. Thus, with the rising legalization of cannabis, an increase in adoption of its testing is been witnessed which in turn is fostering the growth of the global cannabis testing market. In addition to this, the increasing number of cultivators and the growing necessity for the safety & efficacy of cannabis products are also some of the key factors that are fueling the market growth.

Cannabis Testing Market : Restraints

• The cannabis testing market may be hampered by a lack of universal testing standards.

For delivering a precise and accurate dose of cannabis for medical purposes, certain standards of quality control and regulation are essential. There is, however, a lack of consistency in quality standards among countries. For example, different states in the United States have varied rules and variances governing medical and adult-use cannabis. Various states have different possession limits. The wide range of legislation governing the use of medical cannabis presents a considerable problem for testing laboratories when assessing the quality of these products. Such disparities between states in the United States and between European countries may stymie business growth.

Global Cannabis Testing Market : Opportunities

• Growing necessity of heavy metal testing for cannabis is likely to drive the market during the forecast period.

Besides pesticides, microbiological organisms, and residual solvents, heavy metals are one of the most common pollutants detected in cannabis and its derivatives. Furthermore, heavy metals are highly poisonous and can cause poisoning and other issues when exposed. As a result, heavy metal testing for cannabis and its derivatives is becoming extremely prevalent. Several government agencies have made heavy metal testing for cannabis products mandatory. All such factors coupled with the use of advanced instruments like HPLC techniques are likely to generate ample opportunities for the growth of the global cannabis testing market during the forecast period.

Global Cannabis Testing Market : Challenges

• High cost associated with the set-up of cannabis testing laboratories acts as a major challenge for the market.

One of the most critical challenges in this market is the high startup expenses for cannabis testing laboratories. These labs must invest a large amount of money in order to purchase and maintain expensive, modern analytical equipment. Accreditations & certifications such as ISO certification processes, software requirements, standardization & upgrades of equipment, and the need for qualified experts all add to the operating costs. Also, because of the ambiguity in the cannabis testing market, many banks refuse to fund or provide any other type of support to these laboratories. Furthermore, several governments are working on a plan to impose taxes on cannabis testing labs. Thus, the high cost associated with the set-up of cannabis testing laboratories poses a major challenge for the market growth.

Global Cannabis Testing Market : Segmentation

• The global cannabis testing market is divided based on technology, test type, and region.

Based on the technology, the global market is split into spectroscopy and chromatography. By test type, the market is categorized into mycotoxin testing, terpene testing, heavy metal testing, residual solvent screening, pesticide screening, and potency testing.

List of Key Players of Cannabis Testing Market :

• Thermo Fisher Scientific
• MERCK KGAA
• Shimadzu Corporation
• Agilent Technologies Inc.
• PharmLabs LLC
• SC Laboratories Inc.
• Steep Hill Inc.
• DigiPath Inc.
• GreenLeaf Lab
• CW ANALYTICAL

Key questions answered in this report:

• What are the growth rate forecast and market size for Cannabis Testing Market ?
• What are the key driving factors propelling the Cannabis Testing Market forward?
• What are the most important companies in the Cannabis Testing Market Industry?
• What segments does the Cannabis Testing Market cover?
• How can I receive a free copy of the Cannabis Testing Market sample report and company profiles?

Recent Developments

• In February 2022, ACS Laboratory, the biggest cannabis and hemp cannabis testing laboratory in the eastern United States, introduced an HHC Potency Test and related Metals Testing Bundle targeted at HHC (hexahydrocannabinol) products to strengthen consumer trust and increase product quality. ACS Laboratory currently tests for 23 cannabinoids, more than any other lab in the United States.
• In July 2021, PureVita Labs opened new hemp and cannabis analytical testing lab to open in Rhode Island. The lab reported that the state health department has granted it permission to sample & test cannabis for contaminants and potency.

Regional Dominance:

• North America to dominate the market during the forecast period.

Geographically, North America is estimated to dominate the global cannabis testing market during the forecast period. The existence of a significant number of cultivators in the region, as well as an increase in the number of testing laboratories in the region due to strict government restrictions for cannabis producers, are key drivers promoting market growth in this region. Europe, on the other hand, is anticipated to grow at the fastest rate during the forecast period. The rising legalization of cannabis in several European countries, as well as the expanding use of the plant in drug development & research, are expected to fuel the market for cannabis testing. In addition, the cannabis testing market in the region is tightly regulated, with most countries barring goods having more than 0.3 percent THC, thereby driving the market growth in this region.

Global Cannabis Testing Market  is segmented as follows:

Cannabis Testing Market : By Technology Outlook (2022-2028)

• Chromatography
• Spectroscopy

Cannabis Testing Market : By Test Type Outlook (2022-2028)

• Potency Testing
• Pesticide Screening
• Residual Solvent Screening
• Heavy Metal Testing
• Terpene Testing
• Mycotoxin Testing

Cannabis Testing Market : By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

(This information is primarily sourced from Zion Market Research.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).