Cannabis Testing Services Market Report 2024, Featuring Saskatchewan Research Council (SRC), Eurofins Scientific, PharmLabs, Steep Hill, CW Analytical, GreenLeaf Lab, Praxis Laboratory and SGS Canada
Global Cannabis Testing Services Market
Dublin, March 28, 2024 (GLOBE NEWSWIRE) -- The "Cannabis Testing Services Market Size, Share & Trends Analysis Report By Service Type (Potency Testing, Terpene Profiling, Heavy Metal Testing, Pesticide Screening, Microscopy Testing), By End Use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global cannabis testing services market size is expected to reach USD 5.4 billion by 2030, registering a CAGR of 16.9% from 2023 to 2030. The growing acceptance of cannabis as a medicinal product, stricter quality checks, and rising demand for cannabinoid profile analysis to identify major strains are the key factors driving the market growth. Furthermore, the growing competition in the market is an important factor supporting the growth over the forecast period.
Based on services type, potency testing dominated the market with a share of 21.7% in 2019. Rising cases of contamination and the need to determine the concentration of active cannabinoids present in cultivated plants are the key factors driving market growth. Moreover, the segment is anticipated to be the fastest-growing during the forecast period. The increasing usage of cannabis in drug development and research is one of the leading factors supporting market growth.
Based on end-user, cannabis cultivators/growers dominated the market in 2019. Stringent quality checks on cultivated plants in a highly regulated market are influencing the demand for testing services. However, the segment is anticipated to be the fastest-growing segment over the forecast period. Pharmaceutical giants such as GW Pharmaceuticals plc, Sanofi, and Pfizer have entered the space for developing cannabinoid-based drugs, which is anticipated to be a key factor driving the market over the forecast period.
North America dominated the market in 2019, with the market worth of USD 939.2 million. The presence of major testing laboratories and expanding marijuana and hemp cultivation in the region are the key factors driving the market in the region. On the other hand, Europe is expected to be the fastest-growing region, owing to a rising number of drug manufacturers in the region. Furthermore, many countries in the EU have banned derivatives containing more than 0.3% THC, which is further predicting a strong demand for the services
Cannabis Testing Services Market Report Highlights
Potency testing service dominated the market in 2022 with a market share of 22.6%, owing to the rise in contamination cases
The cannabis drug manufacturer segment is anticipated to be the fastest-growing end-user segment, owing to the entry of large pharmaceutical companies in the marijuana space
North America dominated the market with a revenue share of 84.6% in 2022 and is anticipated to grow at a significant CAGR over the forecast period.
Key Attributes:
Report Attribute | Details |
No. of Pages | 100 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $1.6 Billion |
Forecasted Market Value (USD) by 2030 | $5.4 Billion |
Compound Annual Growth Rate | 16.9% |
Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Cannabis Testing Services Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Market Dynamics
3.4. Cannabis Testing Services Market Analysis Tools
Chapter 4. Cannabis Testing Services: Service Type Estimates & Trend Analysis
4.1. Cannabis Testing Services Market: Key Takeaways
4.2. Cannabis Testing Services Market: Movement & Market Share Analysis, 2022 & 2030
4.3. Potency Testing
4.4. Terpene Profiling
4.5. Heavy Metal Testing
4.6. Pesticide Screening
4.7. Microscopy Testing
4.8. Residual Solvent Screening
4.9. Others
Chapter 5. Cannabis Testing Services: End Use Estimates & Trend Analysis
5.1. Cannabis Testing Services Market: Key Takeaways
5.2. Cannabis Testing Services Market: Movement & Market Share Analysis, 2022 & 2030
5.3. Cannabis Drug Manufacturers
5.4. Cannabis Cultivators/Growers
5.5. Others (Research Institutes & Labs)
Chapter 6. Cannabis Testing Services Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Landscape
Saskatchewan Research Council (SRC)
Eurofins Scientific
PharmLabs
Steep Hill
CW ANALYTICAL
GreenLeaf Lab
Praxis Laboratory
SGS Canada
For more information about this report visit https://www.researchandmarkets.com/r/32q5rb
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