The global cannabis testing services market will reach a valuation of USD 1.80 bn by 2025 compared to its previous valuation of 0.96 bn in 2020. The market will witness a growth at a CAGR of 13.5% during the forecast period.
The increasing demand for products with clean labels and potency and the need to meet compliance standards are the key factors driving the growth of this market. Manufacturers are more inclined toward third-party testing services that provide reliable information on their products’ quality, safety, and potency.
ResearchMoz shares a detailed report on the cannabis testing services market. This research report will provide a global and regional overview of the cannabis testing services market. The stakeholders will be able to see the latest opportunities in this market and capitalize on them.
Demand for Certificate Products Bolsters Cannabis Testing Services Market
The growing demand for certificate-based products among the cannabis products will compel the cannabis growers to get them tested. This will lead to significant growth opportunities in the cannabis testing services market in the coming years. The cannabis industry demands cannabis testing services due to the growing need for quality-related testing.
Rising Legalization Boosts Demand for Cannabis Testing Services
The increasing legalization of marijuana in the U.S., legalization of medical marijuana in Germany, and legalization of recreational marijuana in Canada are driving the global cannabis testing services market. Factors such as falling prices, rising regulations, and growing awareness about cannabis among consumers further contribute to growth in this market.
The global cannabis testing services market is expected to grow at a CAGR of 13.5%. from 2020 to 2025. The market’s growth can be attributed to the increasing demand for products with clean labels and potency and the need to meet compliance standards. Growing demand for third-party testing services that provide reliable information on the quality, safety, and potency of cannabis-based products increases the growth opportunities in the global market.
The global cannabis testing services market is segmented on type, application, end-user, and region. Based on type, the market is segmented into chemical profiling and microbiological services.
Asia Pacific Cannabis Testing Services Market to Grow Faster
While North America will lead the global cannabis testing services market due to the presence of cannabis cultivators and laboratories to test cannabis. The Asia Pacific will emerge as a promising market in the coming years due to the growing demand for clean products with good potency. Alternatively. Europe will also be the fastest-growing market during the forecast period.
A comprehensive report on the competitive landscape about the strategies being adopted by the key players is available with ResearchMoz. This will enable new entrants to make the right decisions to succeed in this area.
The growing demand for certification and standardization is making this market competitive. The companies are focusing on setting up new and technologically advanced laboratories across the globe to capture deeper into the global market and position themselves.
The key players in the Cannabis Testing Services Market
- SGS Canada Inc.
- CW ANALYTICAL
- Steep Hill, Inc.
- Saskatchewan Research Council (SRC)
- SC Labs
- GreenLeaf Lab
The comprehensive report is available with ResearchMoz, which highlights growth drivers, trends, restraints, threats, etc. This report would help stakeholders and new entrants be informed about the factual market and take decisions to witness success in this arena.
The key takeaways of the report include
- The global cannabis testing services market is projected to grow at 13.5%, with a valuation of 13.5%.
- Factors such as growing cultivation, increasing regulations, and growing awareness about cannabis among consumers further contribute to growth in this market.
- North America will dominate the market during the forecast period, this is primarily due to the increasing number of cannabis cultivators in the region.
- Medical cannabis is gaining traction and has witnessed its legalization in many countries and letting the global market grow exponentially.
Service Type Outlook (Revenue, USD Billion)
- Potency Testing
- Microscopy Testing
- Residual Solvent Screening
- Heavy Metal Testing
- Pesticide Screening
- Terpene Profiling
End-User Outlook (Revenue, USD Billion)
- Cannabis Cultivators/Growers
- Cannabis Drug Manufacturers
- Others (Research Institutes & Labs)
- The Netherlands
Middle East & Africa
- South Africa
- Saudi Arabia