Global Cannabis Testing Market Share Likely to Reach At a CAGR of 10.5% By 2030
According to Custom Market Insights, the global cannabis testing market size is expected to increase from its estimated value of USD 1.5 billion in 2021 to USD 3.0 billion by 2030, with a compound annual growth rate (CAGR) of around 10.5% between 2022 and 2030. The report examines the forces that are driving and restraining the cannabis testing industry as well as how they will affect demand throughout the forecast period. The paper also looks at international potential in the cannabis testing sector.
Cannabis Testing Market: Overview
Cannabis testing is the process of analyzing a single sample of cannabis to find out its THC, CBD, and terpene content as well as any contaminants, such as mold spores, pests, illnesses, or pesticide residues. What must be tested and printed on cannabis labels is subject to the rules and laws that each state and municipality imposes. Additionally, individual farmers have the option of setting greater requirements, even going so far as to have the amounts of CBC and CBG in their samples evaluated.
Only accredited laboratory technicians and chemists are qualified to conduct these tests. Until recently, cannabis cultivation and sales were prohibited on a global scale. Today, several nations are eliminating their bans on cannabis because they understand its medicinal benefits.
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The two main reasons propelling the growth of the cannabis testing market are the rising demand for medicinal cannabis legalization in a number of nations and the rising adoption of LIMS in cannabis testing labs. Additionally, partnerships between significant businesses are anticipated to fuel industry expansion. However, it is anticipated that the market growth will be constrained by the high startup costs of cannabis testing labs. These labs must spend a lot of money on the acquisition and upkeep of sophisticated, pricey analytical equipment.
The sector for potency testing under Services is anticipated to increase at the quickest rate over the forecast period. The primary reasons anticipated to propel the cannabis testing services market are the increased quality testing of cannabinoids to enable accurate labeling of products in the medicinal and recreational markets and their expanding exports to nations with highly regulated markets. Additionally, the potency testing service provides consumers with helpful information about the product’s quality, which supports the expansion of this market sector for cannabis testing services throughout the anticipated time frame.
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