June 17, 2024
Cannabis Testing Market

Cannabis Testing Market to Showcase Strong Growth Due to Increasing Legalization of Cannabis

Cannabis testing involves the use of scientific techniques to analyze and identify the cannabis plant’s composition, potency, and contaminants. Techniques involved testing the amount of tetrahydrocannabinol (THC), cannabidiol (CBD), terpenes, and other chemical compounds in the cannabis plant. The growing legalization of both medical and recreational cannabis in numerous countries has increased the demand for cannabis testing to ensure safety and quality.

The global cannabis testing market is estimated to be valued at US$ 1.99 billion in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.

Testing ensures the absence of unauthorized pesticides, pollutants, and microbiological contaminants in cannabis before consumption. It helps cultivators optimize cultivation methods to maximize desired cannabinoid levels and terpene profiles. This drives the need for cannabis testing and analyzes the cannabis sample’s cannabinoid and terpene content along with residual solvents, heavy metals, and microbes.

Key Takeaways

Key players operating in the Global Cannabis Testing Market Size 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. These players are focusing on expanding their product portfolios and global footprint to leverage lucrative business opportunities.

The legalization of medical and recreational marijuana in several countries offers lucrative opportunities for market players to collaborate with cultivators, product manufacturers, and dispensaries. Strict quality control and testing regulations will further drive the demand for advanced analytical instruments and testing services.

Major players are investing in developing economies with growing medical cannabis market like Latin America and Asia Pacific. Partnerships with local testing laboratories help companies comply with stringent regulatory frameworks. Market leaders are also focusing on expanding their global operations through collaborations and acquisitions.

Market Drivers

The increasing legalization of cannabis for medical and recreational use across various regions is a major factor driving the demand for cannabis testing. Strict regulations regarding safety, quality, and potency levels of cannabis products also necessitate rigorous testing procedures. Additionally, growing investments by players to develop advanced analytical instruments and techniques for cannabis analytics will support the market growth over the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it