DUBLIN–(BUSINESS WIRE)–The “Cannabis Testing Market by Product, Test Type and End User: Global Opportunity Analysis and Industry Forecast, 2019-2027” report has been added to ResearchAndMarkets.com’s offering.
The global cannabis testing market was valued at $1,029 million in 2019, and is projected to reach $2,445 million by 2027, registering a CAGR of 11.9%.
Cannabis testing refers to the analysis that an individual sample of cannabis may be examined to determine THC, CBD, and terpene levels as well as for contaminants and impurities such as residual solvents, mold, disease, pests or pesticide residue. Each individual state and municipality can impose its own standards & regulations for what needs to be tested and printed on cannabis labels. Furthermore, individual growers may opt for more stringent standards and go as far as to have their samples tested for CBC and CBG levels. This testing can be performed only by certified chemists and lab technicians.
Rising demand for cannabis legalization in several countries for medical purposes and increase in adoption of LIMS in cannabis testing laboratories are the key factors driving the growth of the cannabis testing market. Furthermore, collaborations between major companies are also expected to boost the market growth. However, high startup cost for cannabis testing laboratories is expected to restrain the growth of the market. These laboratories have to make significant investments in procuring and maintaining high-priced, advanced analytical equipment. Conversely, emerging economies across developing regions, such as LATAM and Asia-Pacific, are expected to provide new opportunities for market players in future.
The global cannabis testing market is segmented based on product, test type, end user, and region. On the basis of product, the cannabis testing market is classified into instruments, consumables, and software. Instruments are further classified into chromatography instruments and spectroscopy instruments. Furthermore, chromatography instruments segment is subdivided into liquid chromatography and gas chromatography. Spectroscopy instruments segment is bifurcated into mass spectrometry instruments and atomic spectroscopy. By test type, it is categorized into heavy metal testing, microbial analysis, potency testing, residual screening, and others. Furthermore, by end user, it is divided into cannabis cultivators/growers, cannabis drug manufacturers, and others.
- The study provides an in-depth analysis of the global cannabis testing market along with the current trends and future estimations to elucidate the imminent investment pockets.
- The report provides a quantitative analysis for the period of 2019-2027 to enable stakeholders to capitalize on the prevailing market opportunities.
- Comprehensive analysis of all regions is provided to determine the prevailing opportunities in these regions.
- Key market players have been profiled in the report and their strategies have been analyzed thoroughly to understand the competitive outlook of the global cannabis testing market.
- Extensive analysis of the market is conducted by closely following key product positioning and monitoring the top contenders within the global cannabis testing market framework.
- Growing demand for cannabis legalization in several countries for medical purpose
- Increase in adoption of LIMS in cannabis testing laboratories
- Collaborations between major companies
- High start-up costs for cannabis testing laboratories
- High growth potential in untapped emerging economies
Key Market Players
- AGILENT TECHNOLOGIES INC.
- Danaher Corporation
- Merck KGAA
- Restek Corporation
- SC LABORATORIES
- Shimadzu Corporation
- Steep Hill
- Thermo Fisher Scientific
- Waters Corp
For more information about this report visit https://www.researchandmarkets.com/r/w0cqkf