DUBLIN, Oct. 14, 2024 (Globe Newswire) — Cannabis Testing Services Market Size, Share and Trend Analysis Report by Service (Potency Testing, Terpene Profiling, Heavy Metal Testing, Pesticide Screening, Microscopy) and End-Use “Forecast by Region, Segment, 2024-2030'' report has been added to ResearchAndMarkets.com's offering.
The global cannabis testing services market size is expected to reach USD 5.39 billion by 2030, registering a CAGR of 17.21% from 2024 to 2030
Several countries around the world have legalized cannabis for medical and recreational purposes, leading to recognition of the medicinal properties of cannabis and cannabis-infused products. For example, Germany will legalize recreational cannabis in April 2024, under which adults over the age of 18 can possess 25 grams of dried cannabis and grow up to three marijuana plants at home. . Additionally, research has shown that cannabis can significantly reduce side effects such as chronic pain associated with multiple sclerosis and nausea from chemotherapy. Such factors drive the market growth.
Cannabis extracts are used to treat multiple psychiatric and neurological disorders. Due to increasing incidence of these disorders, as well as increasing production and use of cannabis, the cannabis testing market is expected to grow during the forecast period. For example, according to data published by the Institute for Health Metrics and Evaluation, neurological diseases will emerge as the leading cause of global disease burden in 2021, affecting 43% of the population (3.4 billion people), after adjusting for disability. It has a population of 443 million people. More years of life are lost than cardiovascular disease.
Additionally, several countries, such as the United States, Brazil, France, and Germany, have changed their domestic controls to accept cannabidiol as a medicine. Also, rising awareness about the medical benefits of cannabidiol is expected to drive product demand in the pharmaceutical industry. This has increased the demand for cannabis testing services from the pharmaceutical industry to confirm the purity and potency of cannabis. Examples include major players in the pharmaceutical industry such as Charlotte's Web and Jazz Pharmaceuticals plc. Companies such as Isodiol International and CannaHealth use cannabidiol in the production of tinctures and capsules.
Key players in the market include Saskatchewan Research Council (SRC), SC Labs, SGS Societe Generale de Surveillance SA (SGS Canada Inc.), Dr. Robert Shrewsbury and UNC Eshelman School of Pharmacy (PharmLabs), Greenleaf Testing Laboratory, etc. There is. and Eurofins Scientific. Players are adopting significant strategic initiatives to expand their business and market position. For example, in May 2023, Smithers, a testing, information, consulting, and compliance services provider, entered Arizona's cannabis testing market by acquiring the Arizona-based Green Scientific Labs business.
Cannabis Testing Services Market Report Highlights
By service, the efficacy testing segment dominated the market in 2023, accounting for the largest revenue share. Rising cases of contamination and the need to measure the concentration of active cannabinoids in cultivated plants are key factors driving market growth. By end-use, the cannabis grower/cultivator segment captured the largest market share in 2023. A highly regulated market influences the demand for testing services. North America dominated the global market in 2023 as the presence of leading testing laboratories and expansion of marijuana and hemp cultivation in this region are the key factors driving the market in this region.
The key players in the Cannabis Testing Services market are:
Saskatchewan Research Council (SRC)SC LabsSGS Societe Generale de Surveillance SA (SGS Canada Inc.)Dr. Robert Shrewsbury & UNC Eshelman School of Pharmacy (PharmLabs)GREEN LEAF LABEurofins ScientificPhytoVista Laboratories (BRITISH CANNBIS GROUP)BRITISH CANNABISADACT Medical Ltd. Laboratorium Dr. LiebichAZ Biopharm GmbH
Key attributes:
Report attribute details No. Number of pages 150 Forecast period 2023 to 2030 Estimated market value in 2023 (USD) 1.8 billion USD Predicted market value by 2030 (USD) 5.39 billion USD Average annual growth rate 17.2% Target area world
Main 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 and Scope
3.1. Market system outlook
3.1.1. Parent market outlook
3.1.2. Ancillary market outlook
3.2.Market trends
3.2.1. Analysis of market driving factors
3.2.2. Market constraint analysis
3.3. Cannabis testing services: market analysis tools
3.3.1. Industry Analysis – Porters
3.3.2. Pestle analysis
3.4. Regulatory framework
3.5.Case study analysis
Chapter 4 Cannabis Testing Services Market Segment Analysis, By Service, 2018-2030 ($ Million)
4.1. Definition and Scope
4.2. Services Market Share Analysis, 2023 and 2030
4.3. Segment Dashboard
4.4. Global Cannabis Testing Services Market, by Service, 2018-2030
4.5.Efficacy test
4.6. Terpene Profiling
4.7.Heavy metal testing
4.8.Pesticide screening
4.9.Microscopy
4.10. Screening for residual solvents
Chapter 5 Cannabis Testing Services Market Segment Analysis, By End-Use, 2018-2030 ($ Million)
5.1. Definition and Scope
5.2. End-Use Market Share Analysis, 2023 and 2030
5.3. Segment Dashboard
5.4. Global Cannabis Testing Services Market, by End-Use, 2018-2030
5.5. Cannabis cultivators/cultivators
5.6. Cannabis drug manufacturers
5.7.Others (Research Institute/Laboratory)
Chapter 6 Cannabis Testing Services Market Segment Analysis, By Regions, By Services, By End-use, 2018-2030 ($ Million)
6.1. Regional Market Share Analysis, 2023 and 2030
6.2. Regional Market Dashboard
6.3. Regional Market Snapshot
6.4. Cannabis Testing Services Market Share by Regions, 2023 and 2030
Chapter 7 Competitive Environment
7.1. Recent developments and impact analysis by key market participants
7.2. Company classification
7.3.Company Profile
7.3.1.Company Profile
7.3.2. Financial performance
7.3.3. Product Benchmarking
7.3.4. Strategic initiatives
For more information on this report, please visit https://www.researchandmarkets.com/r/aqzesx.
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