Global Cannabis Testing Services Market, by Test Type (Potency Testing, Terpene Profiling, Cannabinoid Profiling [CBD Testing and THC Testing], Pesticide Screening, Residual Solvent Testing, Microbiological Screening, and Other Tests), by Product Type (Instruments [Chromatography Instruments {Liquid Chromatography, Gas Chromatography, and Others}, Spectroscopy Instruments {Mass Spectroscopy and Atomic Spectroscopy}, Other Instruments], and Consumables & Test Kits), by End Users (Testing Laboratories, Research Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,658.9 Million in 2022 and is expected to exhibit a CAGR of 13.4% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Market players are focusing on inorganic growth activities such as acquisitions and collaborations which is expected to drive the growth of the global cannabis testing services market over the forecast period. For instance, on June 21, 2021, Valens Company Inc., a manufacturer of cannabis products, acquired all of Green Roads a CBD producer and its subsidiary's outstanding shares. This acquisition has provided Valens Company Inc. with direct entry into the U.S. market increasing worldwide exposure.
Global Cannabis Testing Services Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
The unexpected breakout of the COVID-19 pandemic had a negative impact on the pharmaceutical and life sciences industries. Overall, labs around the world were shut down or operating at reduced capacity. The normal activities of the labs was hampered which lead to partially opening of labs which were primarily focused on COVID-19 testing. Due to testing laboratory closures, interrupted supply chains, and overall economic slowdown, the medicinal cannabis testing services was severely affected.
Global Cannabis Testing Services Market: Key Developments
For instance, Labroots, a scientific social networking website hosted its 5th annual Cannabis Science Virtual Event on March 23, 2022. The topics covered in Cannabis Science Virtual Event were advancements in extraction and cultivation methods, the regulatory landscape, updates on medical cannabis research, analytical testing and automation.
Browse 35 Market Data Tables and 36 Figures spread through 237 Pages and in-depth TOC on “Global Cannabis Testing Services Market”- Forecast to 2030, Global Cannabis Testing Services Market, by Test Type (Potency Testing, Terpene Profiling, Cannabinoid Profiling [CBD Testing and THC Testing], Pesticide Screening, Residual Solvent Testing, Microbiological Screening, and Other Tests), by Product Type (Instruments [Chromatography Instruments {Liquid Chromatography, Gas Chromatography, and Others}, Spectroscopy Instruments {Mass Spectroscopy and Atomic Spectroscopy, Other Instruments], and Consumables & Test Kits), by End Users (Testing Laboratories, Research Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Global Cannabis Testing Services Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cannabis-testing-services-market-2976
Moreover, rise in government initiative to promote and encourage participation in the cannabis industry is expected to drive the growth of the global cannabis testing service market over the forecast period. For instance, in May 2022, Cannabis Regulatory Agency (CRA) cannabis industry licensees to be proactive in their diversity, equity, and inclusion campaigns through its new Social Equity All-Star Program. The Cannabis Regulatory Agency CRA’s Social Equity Program exists as a provision under the Michigan Regulation and Taxation of Marihuana Act to promote and encourage participation in the cannabis industry by people from communities that have been disproportionately impacted by marijuana prohibition and enforcement and to positively impact those communities.
Key Takeaways of the Global Cannabis Testing Services Market:
- The global cannabis testing services market is expected to exhibit a CAGR of 13.2% during the forecast period due to the increasing adoption of inorganic strategies such as collaborations and agreements by the key players in the market for expanding its network of licensees to get permission for cannabis testing service. For instance, on May 6, 2022, Steep Hill Inc., a leader in cannabis analytical testing announced agreement with SH Lab Holdings LLC, a Vermont Domestic Limited-Liability Company, to expand its network of licensees to the state of Vermont, U.S. The licenses agreement were for purposes of operating a laboratory for testing cannabis, hemp and cannabis and hemp-derived products in the state of Vermont under the Steep Hill brand.
- Among product type, consumables & test kits segment is estimated to grow with the fastest CAGR over the forecast period in the global cannabis testing services market owing to the increasing focus of manufacturers on developing test kits. For instance, in July 2018, FluroTech, a company that specializes in delivering fluorescence spectroscopy services, created test kits for cadmium, lead, and mercury, which are used to identify heavy metals in cannabis. The heavy metal test kits and the completest equipment enable users to achieve faster and more efficient testing results in-house, while also on a cost-effective basis.
- Among regions, North America is expected to expand at highest CAGR in the cannabis testing services market over the forecast period owing to market players focusing on inorganic growth activities such as partnerships for expanding their business. For instance, in 2020, The Niva Labs, a certified California-based compliance testing laboratory entered into a business of cannabis testing and developed partnership with Iridium Consulting, a California-based cannabis consulting firm. The partnership benefited Niva Labs, by increasing the cannabis testing services.
- Major players operating in the global cannabis testing services market include Thermo Fisher Scientific Inc., Merck KGaA, Shimadzu Corporation, PerkinElmer, Inc., Steep Hill Labs, Inc., CB Scientific Inc., Alpha-CAT, Orange Photonics, Inc., Gobi Labs, MyDx, Inc., SC Laboratories Inc., Restek Corporation, Waters Corporation, PharmLabs LLC, Eurofins Scientific, EVIO Labs, ProVerde Laboratories, Inc., Praxis Laboratory, Atlantic Test Labs, Inc., American Clinical Solutions, LLC., MCR Labs, Cannalysis, Aurum Laboratory, LLC, The Niva Labs, Encore Labs, SGS Canada Inc., Agricore Laboratories, and California Cannabis Testing Labs
