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Cannabis Testing Market Report
The Global Cannabis Testing Market is segmented By Technology (Chromatography [Liquid Chromatography, Gas Chromatography, Others], Spectroscopy [Mass Spectrometry, Atomic Spectroscopy, Others), By Test Type (Potency Testing, Pesticide Screening, Residual Solvent Screening, Heavy Metal Testing, Terpene Testing, Mycotoxin Testing, Others), By Service Provider (Laboratories, Research Institutes, Manufacturers, Others) and Region....
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Global Cannabis Testing Market is projected to grow from USD 1,020.8 million in 2020 to USD 2,150.5 million by 2026 at a CAGR of over 13.2% during the forecast period.
Figure: Global Cannabis Testing Market Size, 2020-2026 (USD Million)
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Cannabis testing comprises various testing methods for detecting the use of cannabis in an individual in the field of medicine, sports, and law. There are numerous ways in which cannabis use can be determined, such as hair testing, saliva testing, urine testing, and blood testing. Cannabis testing by these methods is time-consuming, unlike that of alcohol detection by using breathalyzers. Some of the tests such as the Duequenois-Levine test can also be used for quick detection, although it’s not reliable as it gives false-positive results for other substances such as cannabinoids.
Key players operating in the global cannabis testing market are-
The growing use of cannabis for medical applications has resulted in the legalization of cannabis in various countries around the world. Presently, more than 30 countries worldwide have legalized the usage of cannabis for medical treatment, which thus offers new market opportunities to the market players in testing laboratories. Also, a rising focus to cater to the growing needs of hemp and cannabis cultivators will further result in a rise in the number of cannabis testing centers, thus proliferating the market growth. However, the high setup cost of cannabis testing facility due to costly equipment is likely to hinder the industry expansion.
Based on service provider, the global cannabis testing market has been segmented into laboratories, research institutes, manufacturers, others.
By region, North America dominated the cannabis testing market in 2020 and is estimated to register a steady CAGR during the forecast period.
The outbreak of the COVID-19 virus has negatively impacted the cannabis testing industry due to the shutting down of academic & research institutes and testing laboratories that resulted in a decline in the number of cannabis tests performed in the laboratories. Furthermore, testing laboratory closures, restricted movement, shop closures, disrupted supply chains, and general economic slowdown further affected the global market growth during this period.
Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-
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The cannabis testing market size is expected to reach USD 2,150.5 million in the foreseeable future.
Anandia Labs (Canada), Anresco (The U.S.), CannaSafe Analytics (The U.S.), CW Analytical Laboratories (The U.S.), Digipath (The U.S.), Eirlab (Ireland), EVIO (The U.S.), Phytovista Laboratories (The U.S.), Pure Analytics (The U.S.), and SC Labs (The U.S.) are among the key players in the cannabis testing market.
The cannabis testing market is expected to witness an impressive growth of 13.2% CAGR in the coming years.
North America dominated the cannabis testing market in 2020 and is estimated to register a steady CAGR during the forecast period.
The laboratories segment witnessed the highest market share in 2020 and is likely to register a healthy CAGR during the review period.
Cannabis testing companies, Hospitals, Cannabis producing companies, Academic Institutions, Research Centers & Organizations are the target audience in the cannabis testing market.
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