Global Cannabis Testing Market to Grow at 16.5% Annually Through 2029 - ResearchAndMarkets.com
The cannabis testing market size is estimated to be USD 1,192.7 million in 2021 and is expected to witness a CAGR of 16.5% during the forecast period 2022-2029. The increasing use of LIMS in cannabis testing facilities, raising consciousness, legalizing cannabis for medicinal use, and the expanding number of marijuana testing facilities are some of the primary market drivers. However, the inconsistent laws and regulations, and the high price attached to the entry-level are expected to restrain the market growth
DUBLIN--(BUSINESS WIRE)--Nov 2, 2022--
The "Cannabis Testing Market Analysis by Services, by Product & Software, by End User, and by Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The cannabis testing market size is estimated to be USD 1,192.7 million in 2021 and is expected to witness a CAGR of 16.5% during the forecast period 2022-2029. The increasing use of LIMS in cannabis testing facilities, raising consciousness, legalizing cannabis for medicinal use, and the expanding number of marijuana testing facilities are some of the primary market drivers. However, the inconsistent laws and regulations, and the high price attached to the entry-level are expected to restrain the market growth.
By Services
Based on services, the market is segregated into heavy metal testing, microbial analysis, potency testing, pesticide screening, residual solvent analysis, terpene profiling, and other services. In 2021, the potency testing segment held the highest market share owing to rising interest in determining the potency of different cannabinoids, especially Tetrahydrocannabinol (THC) and CBD (Cannabidiol) is grown marijuana, rising cannabis quality inspections to guarantee correct product labeling in the medicinal and recreational industries, and growing use of efficient potency testing methods for evaluating substances, such as Gas Chromatography (GC) and High-Performance Liquid Chromatography (HPLC).
By Product & Software
On the basis of product & software, the market is categorized into spectroscopy instruments, analytical instruments, consumables, software, and other analytical instruments. In 2021, the software segment held the highest market share due to the rise of interest in cannabis screening, and increasing cannabis legalization.
By End User
Based on end user, the market is bifurcated into research institutes and cannabis testing laboratories. In 2021, the research institutes segment held the highest market share owing to the increasing use of cannabis in clinical studies by the major pharmaceutical companies and the rising recognition of marijuana as a treatment.
Regional Markets
In 2021, North America had the greatest share of the market due to the existence of big companies in the market for cannabis testing and the well-established pharmaceuticals enterprise. However, the Asia-Pacific region is predicted to grow at the fastest rate during the projection period owing to the increasing financial commitments from the pharmaceutical and biotechnology industries, expanding the study of biological sciences, the increasing number of cannabis testing facilities in these regions, the expanding number of pharmaceuticals sector, and legalising marijuana for medicinal purposes.
Segmentation: Cannabis testing Market Analysis Report 2021-2029
Services (Revenue, USD Million)
Product & Software (Revenue, USD Million)
Spectroscopy Instruments
Analytical Instruments
Consumables
By End User (Revenue, USD Million)
Cannabis Testing Laboratories
By Region (Revenue, USD Million)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Key Topics Covered:
1. Research Methodology
2. Introduction: Cannabis Testing
3. Executive Summary
4. Market Dynamics
5. Market Environment Analysis
6. COVID-19 Impact Analysis: Cannabis Testing Market
7. Market Analysis by Services
8. Market Analysis by Product & Software
9. Market Analysis by End Users
10. Regional Market Analysis
11. North America Cannabis Testing Market
12. Europe Cannabis Testing Market
13. Asia Pacific Cannabis Testing Market
14. Latin America Cannabis Testing Market
15. MEA Cannabis Testing Market
16. Competitor Analysis
17. Company Profiles
18. Conclusion
19. Recommendations
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/agmsrb
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KEYWORD:
INDUSTRY KEYWORD: CANNABIS NATURAL RESOURCES
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/02/2022 06:26 AM/DISC: 11/02/2022 06:26 AM
http://www.businesswire.com/news/home/20221102005563/en
