by Cannabis testing ensures the quality and consistency of cannabis products by analyzing the content, potency, and purity levels of various compounds contained in the plant. Testing allows cultivators and product manufacturers to comply with regulations regarding pesticide residues, residual solvents, heavy metals, mold and mildew, and potency ranges. The global Cannabis Testing Market is estimated to be valued at US$ 1.72 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
With the legalization of cannabis in several countries and states, regulations regarding product labeling and quality control have been enhanced. Testing of cannabis potency has become mandatory in many jurisdictions to ensure consumers are informed about the THC and CBD content in the products. Several licensing requirements also mandate licensed cultivators and manufacturers to provide certificates demonstrating safety and cannabinoid percentages. This has significantly increased the demand for cannabis testing services over the recent past. Various testing laboratories have emerged to help businesses comply with tightened norms androll out standardized products backed by certifications. The growing regulatory focus on consumer safety and transparency ingCannabis market is a major factor fuelling the strong growth of potency testing globally.
Segment Analysis
The global cannabis testing market is dominated by potency testing segment which accounts for over 30% of the market share. Potency testing helps determine the cannabinoid and terpene composition of cannabis and cannabis products. It is important for quality control to ensure consistency in cannabis batches and products. The recreational and medical use of cannabis necessitates comprehensive potency testing to maintain standards.
Key Takeaways
The Global Cannabis Testing Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The rapidly evolving cannabis industry, legalization of medical and recreational use in many countries, and rising product development are driving the need for stringent quality testing.
Regional analysis – North America currently dominates the global cannabis testing market, accounting for over 40% share. Early legalization of medical cannabis in countries like the US and Canada has established strong testing infrastructure in the region. Increase in number of licensed producers and dispensaries are further propelling the demand. Europe is expected to witness the highest CAGR during the forecast period buoyed by the expanding medicinal cannabis programs and potential recreational legalization in major country markets.
Key players – Key players operating in the cannabis testing market are Westrock Company, Keystone Folding Box Co, Cardinal Health Inc, Omnicell Inc., Jones Healthcare Group, Drug Package LLC, Manrex Limited, Medicine-on-time LLC, and Rx Systems Inc. Major players are focusing on expanding their geographical presence and developing innovative techniques like DNA testing and spectroscopy to enhance test efficacy and reliability. Strategic collaborations with licensed producers and product development are other important strategies adopted.
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Source: Coherent Market Insights, Public sources, Desk research
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