Cannabis testing services includes various analytical testing methods such as potency testing, pesticide screening, residual solvent screening, heavy metal testing, mycotoxin/microbial testing, and terpene profiling. These services help ensure the safety and quality of cannabis products by screening toxins and determining potency levels.
The global 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% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for cannabis testing is growing significantly owing to stringent regulations regarding toxicity levels in cannabis products imposed by regulatory bodies across countries. Furthermore, legalization of cannabis in several countries has led to a growth in the cannabis industry which is fueling the need for advanced analytical testing methods to screen products for compliance. Technological advancements in analytical instruments are enabling multiparameter testing through portable and lab-scale devices thereby improving efficiency and throughput of testing labs.
SWOT Analysis
Strength: The Global Cannabis Testing Services Market Size is experiencing significant growth due to increasing legalization of cannabis for medical and recreational use in several countries. This is creating robust demand for effective testing services to ensure product safety and quality.
Weakness: Lack of standardized regulations and guidelines for cannabis testing across regions poses challenges for market players regarding setting common standards and protocols. This leads to inconsistencies.
Opportunity: Rising commercial scale cultivation of cannabis is opening up opportunities for testing service providers to develop advanced techniques for comprehensive quality assessment of cannabis products. The need for testing microbial, chemical and analytical contaminants also creates growth opportunities.
Threats: Presence of illegal testing facilities offering lower cost services threatens the regulated cannabis testing services market. Strict regulations and compliance requirements of accredited labs also increases operational costs, posing a threat from unregulated testing services.
Key Takeaways
The global Cannabis Testing Services Market is expected to witness high growth, exhibiting 13.% CAGR over the forecast period, due to increasing legalization of medical and recreational cannabis across various regions.
Regional analysis
North America currently dominates the global cannabis testing services market due to widespread cannabis legalization in major countries of the region. The rising number of approved facilities for cultivation and production in the US is driving regional market growth. Europe is also expected to offer lucrative opportunities with countries like Germany, Italy, Portugal, and the UK emerging as profitable markets.
Key players
Key players operating in the Cannabis Testing Services market include 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it