Cannabis Testing Services Market Growth Accelerated by Increased Demand for Advanced Testing Techniques

 
Cannabis Testing Services Market

Cannabis testing services test cannabis and cannabis-derived products for concentration of cannabinoids, solvents, pesticides, molds and other contaminants to ensure product safety and potency. This helps to regulate the market and provide consumers accurate labels. It is essential for ensuring public health and consumer confidence. The global Cannabis Testing Services Market is estimated to be valued at US$ 1881.19 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Key Trends: Increased Demand for Advanced Testing Techniques
The demand for advanced testing techniques is increasing in the cannabis testing services market. Next generation sequencing (NGS) techniques provide detailed genetic information that can authenticate cultivars and ensure consistency in cannabis products. Real-time polymerase chain reaction (PCR) techniques allow quantification of cannabinoids and contaminants down to parts-per-billion levels. High performance liquid chromatography (HPLC) coupled with mass spectrometry provides accurate identification and quantity of minor cannabinoids, pesticides and residual solvents. Transition to these sophisticated techniques from basic potency and contaminant screening is expected to drive the cannabis testing services market growth over the forecast period.

Segment Analysis
The Global Cannabis Testing Services Market Demand is segmented into potency testing, pesticide screening, residual solvent screening, heavy metal testing, genetics testing, microbiological testing and others. Among them, potency testing dominates the market as it analyzes the levels of THC and CBD in cannabis products which is majorly consumed for recreational and medical purposes. The potency testing segment registered over 30% market share in 2021 owing to rising awareness regarding the psychoactive effects of cannabis and ensuring desired effect of products.

Key Takeaways
Cannabis testing services play a vital role in ensuring product safety and quality, thereby driving their demand worldwide.

Regional analysis - North America dominates the global cannabis testing services market led by the legalization of medical and recreational marijuana in several U.S. states and Canada. The region accounted for around 45% market share in 2023 owing to stringent regulations mandating cannabis testing.

Key players - Key players operating in the cannabis testing services market are Eurofins Scientific, Waters Corporation, LabCorp, Bureau Veritas, SGS Canada Inc., Intertek, Agilent Technologies Inc. and Thermo Fisher Scientific Inc. Eurofins Scientific is a global leader with a wide range of services including microbial, mycotoxin, pesticides and terpenoid profile analysis.

For more details on the report, Read- https://www.trendingwebwire.com/cannabis-testing-services-market-demand-share-analysis/

Get more insights on this topic: https://www.ukwebwire.com/data-governance-market-trends-size-and-share-analysis/

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