Cannabis Testing Market: Trends, Opportunities and Competitive Analysis [2023-2028]

Cannabis Testing Market Trends and Forecast

The future of the global cannabis testing market looks promising with opportunities created by cannabis drug manufacturers & dispensaries and cannabis cultivators/growers. The global cannabis testing market is expected to reach an estimated $3.1 billion by 2028 with a CAGR of 13.2% from 2023 to 2028. The major drivers for this market are growing adoption of LIMS (laboratory information management systems) in cannabis testing laboratories and legalization of medical cannabis.

Cannabis Testing Market

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Cannabis Testing Market by Segments

The study includes trends and forecast for the global cannabis testing market by product & software, services, end use industry, and region, as follows:

Cannabis Testing Market by Product & Software [Value ($B) Shipment Analysis from 2017 to 2028]:

• Analytical Instruments
• Spectroscopy Instruments
• Consumables
• Cannabis Testing Software and Services

Cannabis Testing Market by Services [Value ($B) Shipment Analysis from 2017 to 2028]:

• Potency Testing
• Terpene Profiling
• Residual Solvent Screening
• Microbial Analysis
• Pesticide Screening
• Heavy Metal Testing
• Other Services

Cannabis Testing Market by End Use Industry [Value ($B) Shipment Analysis from 2017 to 2028]:

• Cannabis Drug Manufacturers & Dispensaries
• Cannabis Cultivators/Growers
• Others

Cannabis Testing Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Cannabis Testing Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies, cannabis testing companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the cannabis testing companies profiled in this report include-

• Agilent Technologies
• Shimadzu Scientific Instruments
• Merck KGaA
• Restek Corporation
• PerkinElmer
• Steep Hill
• Digipath
• SC Labs
• PharmLabs LLC
• CannaSafe

Cannabis Testing Market Insights

Lucintel forecasts that analytical instruments will remain the largest product & software segment over the forecast period due to an increase in the production of equipment, introduction of technologically advanced products, and rising need for potency labeling and pesticide screening.

Within this market, the cannabis cultivator/grower segment is expected to witness highest growth due to increasing number of agreements among cultivators, testing laboratories and research centers as governments of various countries have imposed restrictions on the THC content present in cannabis products.

North America is expected to witness the highest growth during the forecast period due to growing awareness of medical cannabis, increasing number of testing laboratories, and the prevalence of a large number of cultivators in the region.

Features of the Cannabis Testing Market

• Market Size Estimates: Cannabis testing market size estimation in terms of value ($B)

• Trend and Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.

• Segmentation Analysis: Cannabis testing market size by various segments, such as by product & software, services, end use industry, and region

• Regional Analysis: Cannabis testing market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.

• Growth Opportunities: Analysis on growth opportunities in different products & software, services, end use industries, and regions for the cannabis testing market.

• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the cannabis testing market.

• Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the cannabis testing market size?

Answer: The global cannabis testing market is expected to reach an estimated $3.1 billion by 2028.

Q2. What is the growth forecast for cannabis testing market?

Answer: The global cannabis testing market is expected to grow with a CAGR of 13.2% from 2023 to 2028.

Q3. What are the major drivers influencing the growth of the cannabis testing market?

Answer: The major drivers for this market are growing adoption of LIMS (laboratory information management systems) in cannabis testing laboratories and legalization of medical cannabis.

Q4. What are the major segments for cannabis testing market?

Answer: The future of the cannabis testing market looks promising with opportunities created by cannabis drug manufacturers & dispensaries and cannabis cultivators/growers.

Q4. Who are the key cannabis testing companies?

Answer: Some of the key cannabis testing companies are as follows:

• Agilent Technologies
• Shimadzu Scientific Instruments
• Merck KGaA
• Restek Corporation
• PerkinElmer
• Steep Hill
• Digipath
• SC Labs
• PharmLabs LLC
• CannaSafe

Q6. Which cannabis testing segment will be the largest in future?

Answer:Lucintel forecasts that analytical instruments will remain the largest product & software segment over the forecast period due to an increase in the production of equipment, introduction of technologically advanced products, and rising need for potency labeling and pesticide screening.

Q7. In cannabis testing market, which region is expected to be the largest in next 5 years?

Answer: North America is expected to witness the highest growth during the forecast period due to growing awareness of medical cannabis, increasing number of testing laboratories, and the presence prevalence of a large number of cultivators in the region.

Q8. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions

• Q.1. What are some of the most promising, high-growth opportunities for the global cannabis testing market by product & software (analytical instruments, spectroscopy instruments, consumables, and software), services (potency testing, terpene testing, residual solvent screening, microbial analysis, pesticide analysis, heavy metal testing, and other services), end use industry (cannabis drug manufacturers & dispensaries and cannabis cultivators/growers, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity did occur in the last five years and how did they impact the industry?