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Cannabis Testing Market will exceed USD 2.0 billion by 2025; as per a new research report. Growing number laboratories providing cannabis testing services due to high demand for providing safe and high-quality products for medical use will spur the global cannabis testing market growth. For instance, the Bureau of Cannabis Control issued 26 temporary licenses for testing laboratories in California as of March 2018, although the current requirement is almost double. High demand for cannabis testing by cultivators and manufacturers will be the major factor leading to market growth in the future.Growing investment in R&D for exploring the medical use of cannabis will positively affect the cannabis testing market. For instance, UJI Capital announced donation of USD 9 million to Harvard and Massachusetts Institute of Technology for conducting research on cannabinoids. Growing recognition of various medicinal use of cannabis coupled with increasing legalization of cannabis for medical use will positively affect the market growth.
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However, absence of uniform testing standards across various countries and complicated regulatory norms will hinder the market growth. Also, high cost of testing equipment will hamper the market growth.
Chromatography segment accounted for the largest market share of 62.4% in 2018. Various advantages of chromatography technique such as high sensitivity and ease of separation will boost the segmental growth. Furthermore, launch of technologically advanced equipment for performing various analytical and quality tests of cannabis will positively affect the chromatography segment growth in the future.
Potency testing segment is forecasted to expand at 13.9% CAGR during the projected timeframe. Increase in legalization of medical use of cannabis coupled with rise in number of hemp and marijuana cultivators will drive segmental growth. Additionally, stringent regulatory and government norms to ensure safety of medical cannabis will spur the potency testing segmental growth.
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Cannabis testing laboratories segment accounted for USD 599.5 million in 2018. Growing demand for sample testing across various countries that legalized medical use of marijuana will foster segment growth. Also, the growing government support in terms of funding for improving cannabis testing infrastructure coupled with strict regulations to ensure patient safety and product quality will enhance market growth.
U.S. cannabis testing market held a majority of the market share of 61.2% in the year 2018. Increasing legalization of cannabis cultivation on account of growing recognition of cannabis uses will drive cannabis testing market in the country. Also, increasing number of testing laboratories to support the growing demand of cannabis cultivators will lead to market growth.
The Netherlands cannabis testing market is forecasted to expand at 20.2% CAGR during the analysis period. The country is one of the leading producers and exporters of cannabis and hemp for medical uses, thus providing lucrative growth opportunities. Moreover, various conducive regulatory norms and high demand for medical use of cannabis across the country will further augment market growth.
Industry players having a strong foothold include Anresco, Anandia Labs, CW Analytical Laboratories, CannaSafe Analytics, Eirlab, Digipath, Phytovista Laboratories, EVIO, Pure Analytics, SC Labs, Steep Hill, University of Mississippi, Battelle Memorial Institute and University of Alberta. Additionally, geographical expansion in developed as well as developing economies by these companies enable them to serve a broader customer base.
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Organization: Global Market Insights, Inc.
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Release ID: 88907533