Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The "Cannabis Testing Services Market Size, Share & Trends Analysis Report By Service (Potency Testing, Terpene Profiling, Heavy Metal Testing, Pesticide Screening, Microscopy Testing), By End-use, By Region, And Segment Forecasts, 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 nations across the globe have legalized cannabis for medical and recreational purposes, which has led to the recognition of the medicinal benefits of cannabis and cannabis-infused products. For instance, in April 2024, Germany legalized cannabis for recreational purposes, and under this law, adults over 18 can possess 25 grams of dried cannabis and grow up to three marijuana plants at home. Moreover, research has revealed that cannabis can provide significant relief from adverse effects, such as chronic pain associated with multiple sclerosis and chemotherapy-induced nausea. Such factors boost market growth.
Cannabis extracts are utilized to treat multiple mental and neurological disorders. With the growing incidence of these disorders, along with the rise in the production and use of cannabis, the cannabis testing market is anticipated to grow during the forecast period. For instance, according to data published by the Institute for Health Metrics and Evaluation, in 2021, neurological disorders emerged as the leading cause of global disease burden, affecting 43% of the population (3.4 billion people) and accounting for 443 million disability-adjusted life years lost, surpassing cardiovascular diseases.
In addition, several countries, such as the U.S., Brazil, France, and Germany, have modified their national controls to accommodate cannabidiol as a medicinal product. Also, increasing awareness about the medical benefits of cannabidiol is anticipated to drive product demand in the pharmaceutical industry. This, in turn, is increasing demand for cannabis testing services from the pharmaceutical industry to ensure the purity and potency of cannabis. For example, major players in the pharmaceutical industry, including Charlotte's Web, Jazz Pharmaceuticals plc. Isodiol International, and CannaHealth, among others, are using cannabidiol for manufacturing tinctures and capsules.
Some of the key players in the market are Saskatchewan Research Council (SRC), SC Labs, SGS Societe Generale de Surveillance SA (SGS Canada Inc.), Dr. Robert Shrewsbury & the UNC Eshelman School of Pharmacy (PharmLabs), Greenleaf Testing Laboratory and Eurofins Scientific. Players are adopting key strategic initiatives to expand their business and market position. For instance, in May 2023, Smithers, a testing, information, consulting, and compliance services provider, entered the Arizona cannabis testing market by acquiring Green Scientific Labs' operations in Arizona.
Cannabis Testing Services Market Report Highlights
- By service, the potency testing segment dominated the market in 2023 and accounted for the largest revenue share. Rising contamination cases and the need to determine the concentration of active cannabinoids in cultivated plants are the key factors driving market growth.
- By end use, the cannabis cultivators/growers segment held the largest market share in 2023. Stringent quality checks on cultivated plants in a highly regulated market influence the demand for testing services.
- North America dominated the global market in 2023, due to 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.
Leading Players in Cannabis Testing Services Market are
- Saskatchewan Research Council (SRC)
- SC Labs
- SGS Societe Generale de Surveillance SA (SGS Canada Inc.)
- Dr. Robert Shrewsbury & the UNC Eshelman School of Pharmacy (PharmLabs)
- GREEN LEAF LAB
- Eurofins Scientific
- PhytoVista Laboratories (BRITISH CANNABIS GROUP)
- BRITISH CANNABIS
- ADACT Medical Ltd.
- Laboratorium Dr. Liebich
- AZ Biopharm GmbH
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $1.8 Billion |
| Forecasted Market Value (USD) by 2030 | $5.39 Billion |
| Compound Annual Growth Rate | 17.2% |
| 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
3.1.1. Parent market outlook
3.1.2. Ancillary market outlook
3.2. Market Dynamics
3.2.1. Market driver analysis
3.2.2. Market restraint analysis
3.3. Cannabis Testing Services: Market Analysis Tools
3.3.1. Industry Analysis - Porter's
3.3.2. PESTLE Analysis
3.4. Regulatory Framework
3.5. Case Study Analysis
Chapter 4. Cannabis Testing Services Market Segment Analysis, By Services, 2018 - 2030 (USD Million)
4.1. Definition and Scope
4.2. Services Market Share Analysis, 2023 & 2030
4.3. Segment Dashboard
4.4. Global Cannabis testing services market, by services, 2018 to 2030
4.5. Potency Testing
4.6. Terpene Profiling
4.7. Heavy Metal Testing
4.8. Pesticide Screening
4.9. Microscopy Testing
4.10. Residual Solvent Screening
Chapter 5. Cannabis Testing Services Market Segment Analysis, By End Use, 2018 - 2030 (USD Million)
5.1. Definition and Scope
5.2. End Use Market Share Analysis, 2023 & 2030
5.3. Segment Dashboard
5.4. Global cannabis testing services market, by end use, 2018 to 2030
5.5. Cannabis Cultivators/Growers
5.6. Cannabis Drug Manufacturers
5.7. Others (Research Institutes & Labs)
Chapter 6. Cannabis Testing Services Market Segment Analysis, By Region, By Services, By End Use, 2018 - 2030 (USD Million)
6.1. Regional Market Share Analysis, 2023 & 2030
6.2. Regional Market Dashboard
6.3. Regional Market Snapshot
6.4. Cannabis Testing Services Market Share by Region, 2023 & 2030
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Company Categorization
7.3. Company Profiles
7.3.1. Company overview
7.3.2. Financial performance
7.3.3. Product benchmarking
7.3.4. Strategic initiatives
For more information about this report visit https://www.researchandmarkets.com/r/aqzesx
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