Cannabis testing services market expected to grow at a CAGR of 17.4%

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Pune, May 16, 2022 (GLOBE NEWSWIRE) — The Market Data Center has released a new report titled “Global Cannabis Testing Services Market 2022-2030 » The global cannabis testing services market is expected to grow at a growth rate of almost 17.4% over the forecast years owing to the increase in cases of cannabis contamination, including contamination due to heavy metals from the soil, pesticides, fungi and molds. In addition, these pollutants cause serious deaths and respiratory disorders. Many regulatory authorities such as the US FDA have set limits on the use of residual solvents, pesticides, heavy metals, insecticides, microbes and mycotoxins in agricultural activities.

Cannabis testing has evolved rapidly with the massive use of cannabis in pharmaceuticals. Additionally, the legalization of cannabis in various countries is likely to open up new growth avenues for the cannabis testing services market. In addition to this, some countries have strict cannabis testing laws, thus resulting in the expansion of the cannabis testing services market.

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Main results of the study

  • Power testing services, a sub-segment of the type of services segment, will register the fastest growth over the forecast period (2022-2030)
  • Cannabis Growers/Producers to Capture Huge Share of Cannabis Testing Services Market Revenue by 2030
  • The North American Testing Services Market Will Establish a Dominant Position in the Next Six Years

Cannabis Testing Services Market: Competitive Space

Cannabis testing industry organizations are trying to expand their regional presence through the integration of new technologies with services. Additionally, the cannabis testing services market is oligolytic in nature with only a few players offering cannabis testing solutions, as cannabis consumption is largely banned globally. However, a large number of countries are studying the beneficial effects of using medical cannabis to treat patients with neurological disorders, as well as providing medical marijuana or hemp to patients during surgery to alleviate their pain. Extensive research programs focusing on the use of cannabis for medical purposes have been gaining momentum across the globe, providing new avenues of growth for the market as well as industry players.

Some of the major brands have influenced the growth of the cannabis testing services market and will continue to do so even in the years to come. They include SC Labs, GreenLeaf Lab, Saskatchewan Research Council, Steep Hill, Inc., PharmaLabs, SGS Canada Inc., and CW Analytical.

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Breakthroughs in the Cannabis Testing Services Market

  • In the first half of 2021, MCR Labs, a Massachusetts-based cannabis testing company, set up a lab in Allentown and is expected to approve products for medical marijuana license applications.
  • In the first quarter of 2017, the Shimadzu company introduced a cannabis analyzer for cannabinoid testing
  • In April 2019, Digipath, Inc., a cannabis testing services company, said it was partnering with VSSL of Kelowna, British Columbia, to file an interim copyright request for a test kit on the ground for determining whether a plant sample is hemp, CBD or THC.
  • In January 2019, Digipath, Inc. said it would expand globally with the business offering cannabis testing services in Colombia.

Regional analysis:

Based on geography, the global cannabis testing services market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to hold a considerable share of the global cannabis testing services market. Due to increased investment in the research and development process and adoption of solutions in the region, Asia Pacific is expected to grow at a faster rate during the forecast period.

The growing number of cannabis testing services market players across all regions is expected to further drive the market growth. Additionally, increasing investment by major vendors in product capabilities and business expansion is expected to fuel the market during the study period. Many market players are finding lucrative opportunities in emerging economies like China and India, where large populations are coupled with new innovations in many industries.

In the deep ToC includes

233 – Tables

45 – Numbers

300-pages

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Contents

1. INTRODUCTION
1.1. Market definition
1.2. Market segmentation
1.3. Geographic scope
1.4. Years considered: historical years – 2017 and 2020; Base year – 2021; Forecast Years – 2022 to 2030
1.5. Currency used
2. RESEARCH METHODOLOGY
2.1. Research framework
2.2. Data collection technique
2.3. Information source
2.3.1. Secondary sources
2.3.2. Primary sources
2.4. Market estimation methodology
2.4.1. An in-depth approach
2.4.2. Top-down approach
2.5. Data validation and triangulation
2.5.1. Market Forecast Model
2.5.2. Study limitations/assumptions
3. SUMMARY OF THE STUDY
4. ASSESSMENT OF MARKET DYNAMICS
4.1. Insight
4.2. Drivers
4.3. Obstacles/Challenges
4.4. Opportunities
5. VALUE CHAIN ​​ANALYSIS
6. PRICE ANALYSIS
7. SUPPLY CHAIN ​​ANALYSIS
8. MARKET SIZE AND FORECAST
8.1. Global – Cannabis Testing Services Market Analysis and Forecast, By Region
8.2. Global Cannabis Testing Services Market Analysis and Forecast, By Segment
8.2.1. North America Cannabis Testing Services Market, By Segment
8.2.2. North America Cannabis Testing Services Market, By Country
8.2.2.1. WE
8.2.2.2. Canada
8.2.3. Cannabis testing services market in Europe, by segment
8.2.4. Cannabis testing services market in Europe, by country
8.2.4.1. Germany
8.2.4.2. UK
8.2.4.3. France
8.2.4.4. Rest of Europe (ROE)
8.2.5. Asia-Pacific Cannabis Testing Services Market, By Segment
8.2.6. Asia-Pacific Cannabis Testing Services Market, By Country
8.2.6.1. China
8.2.6.2. Japan
8.2.6.3. India
8.2.6.4. Rest of Asia-Pacific (RoAPAC)
8.2.7. Rest of the World (ROW) Cannabis Testing Services Market, By Segment
8.2.8. Rest of the World (ROW) Cannabis Testing Services Market, By Country
8.2.8.1. Latin America
8.2.8.2. Middle East and Africa

The table of contents can be modified according to the commercial needs of the customers*

Cannabis Testing Services Market – Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities, and Product Offerings/Mapping), Technology Assessment (Developments and Economic Impact), Marketing Ecosystem partners and customers (product services, proposition and key features) Index and regional footprint by MDC Research

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Answers to key questions in this report:

  • What is the potential of the Cannabis Testing Services market?
  • What is the impact of COVID-19 on the global Cannabis Testing Services market?
  • What are the key strategies adopted by companies in the Cannabis Testing Services market?
  • What are the challenges faced by SMEs and major vendors in the Cannabis Testing Services Market?
  • Which region has the highest investments in the cannabis testing services market?
  • What is the latest research and activity relating to the Cannabis Testing Services Market?
  • Who are the key players in the Cannabis Testing Services market?
  • What is the potential of the Cannabis Testing Services market?
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