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Recreational Cannabis Market to Grow at CAGR of 20% through 2032 – Rising Production of Cannabis-Infused Foods & Beverages to Bolster Growth: The Brainy Insights

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Newark, April 25, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 20 billion in 2022 global recreational cannabis market will reach USD 123.83 billion by 2032. Earlier, cannabis were illegal in a majority of the nations in the world. With changing times and increased research into the medicinal use of recreational cannabis, the substance has been legalised in several nations. In other nations, its use is restricted to medicinal uses and recreational uses are prohibited. Most nations have decriminalised cannabis. The concerns of substance abuse surrounding recreational cannabis are debunked with the rising studies and trials showing no significant causative correlation between legalising cannabis and its negative social impact. Cannabis has been used in traditional medicine in the South-Asian subcontinent, the knowledge of which is now being explored for potential use in modern medicines. Furthermore, the popularity of edibles, or cannabis-infused foods and beverages, has skyrocketed worldwide. They are regulated products, facilitating their open production and consumption, offering lucrative opportunities for the global recreational cannabis market’s growth and development.

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Key Insight of the global recreational cannabis market

North America is expected to rise the fastest during the forecast period.

Cannabis use for recreational and medical purposes has been legalised in several US states. The decision was made possible by well-documented research showing how recreational marijuana helped individuals with these disorders manage their pain, sleep, and appetite. Given its demonstrated efficacy in controlling pain and regulating sleep, recreational cannabis usage has been made easier given the region’s rising prevalence of mental disorders, including anxiety, PTSD, chronic pain diseases like migraine, and sleep disturbances. Cannabis is now used more frequently in meals and beverages, given the technical breakthroughs, product developments, and research and development.

In 2022, the edibles segment dominated the market with the largest market share of 25% and market revenue of 5 billion.

The product type segment is divided into oils, transdermal patches, tablets, concentrates, topical, vape, suppositories, tinctures, isolates, flowers, edibles, capsules, creams, roll-ons and others. In 2022, the edibles segment dominated the market with the largest market share of 25% and market revenue of 5 billion.

In 2022, the CBD dominant segment accounted for the largest market share, with 43% and a market revenue of 8.60 billion.

The compound is divided into THC dominant, CBD dominant and balanced THC and CBD. In 2022, the CBD dominant segment accounted for the largest market share, with 43% and a market revenue of 8.60 billion.

In 2022, the chronic pain segment accounted for the largest market share, with 46% and a market revenue of 9.20 billion.

The application is divided into chronic pain, cancer, mental disorder, sleep management and others. In 2022, the chronic pain segment accounted for the largest market share, with 46% and a market revenue of 9.20 billion.

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Advancement in market

January 2023 – According to recent CU Boulder research, legalising recreational cannabis at the state level had no negative effects on alcohol-related issues or the use of other illicit drugs among adults. Additionally, there was no correlation between the legalisation of cannabis and increased cognitive, psychological, social, interpersonal, or financial issues in the study of more than 4,000 twins from Colorado and Minnesota. Researchers from the University of Minnesota, CU Boulder, and the CU Anschutz Medical Campus used data from two of the country’s biggest and longest-running twin studies—one housed at IBG and the other at the Minnesota Center for Twin Family Research—for the study. Since adolescence, researchers have tracked participants, who are now between the ages of 24 and 49, gathering information on their use of alcohol, cigarettes, cannabis and other illicit drugs, as well as indicators of their “psychosocial health.”

Market Dynamics

Driver: The rising awareness about the medicinal benefits of recreational cannabis.

The scientific and medical communities have tested the use of recreational cannabis for medical purposes. It has been demonstrated through numerous tests and investigations that these compounds have anti-inflammatory properties. They can treat mental illnesses, boost appetite, and lessen pain. A limited, controlled, regulated, and supervised use of cannabis for recreational purposes has been made possible in some nations because of these studies. Some nations have made its usage lawful through authorised dispensaries for therapeutic and recreational purposes. Patients with endometriosis, fibromyalgia, and arthritis can use it to manage their pain. Recreational marijuana can also treat epilepsy, Parkinson’s illness, post-traumatic stress disorder, and anxiety. More studies have revealed its usefulness in treating nausea, vomiting, and other adverse effects of chemotherapy. The market will expand due to increased public awareness of and acceptance of the use of recreational marijuana in medicine, as well as growing research into further applications.

Restraint: Many nations forbid the use of cannabis for recreational purposes.

While low-dose and regulated recreational cannabis use successfully treat a variety of health concerns, there is rising worry about its abuse by healthy people, especially young people. The substantial danger of prolonged high-dose substance use can deter various countries from legalising the substance. Uncontrolled cannabis use has several negative effects, including anxiety, paranoia, psychotic disorders, stunting of teenage growth, and loss of body control and coordination. These negative impacts bring losses in terms of healthy lives and the economy. The evidence supporting the use of cannabis for recreational purposes is still less than that against it. Therefore, the market expansion will be constrained by the prohibition or illegal status of recreational cannabis in numerous nations worldwide.

Opportunity: The growing industry for cannabis-infused food and drinks.

Given its therapeutic benefits, recreational marijuana is becoming increasingly popular, creating new prospects for the food and beverage business. Market participants in the food and beverage sector are innovating cannabis-infused foods and beverages due to laws legalising cannabis. Cereals, candy bars, chocolates, baked products, ice cream, juices, and other drinks are all being tested. The growing demand for cannabis-infused foods and beverages has been fuelled by the expanding popularity among consumers and rising per capita income. Contrary to the powder or dry grass form, the food and beverage business provides simplicity, convenience, and choice for the use of cannabis, creating an attractive market potential for the expansion of the global recreational cannabis industry. The creation and adoption of new flavours will significantly expand the market. Consequently, the worldwide market for recreational cannabis will grow due to the increased manufacturing of cannabis-infused foods and drinks.

Challenge: Concerns regarding substance abuse are growing.

Concerns regarding recreational drug use have grown due to the rising rates of substance misuse and OD-related deaths. There are no known fatal harmful effects of recreational marijuana. However, the user’s body may suffer irreparable harm from its continued use with high dosage consumption. Drug smuggling is becoming an increasingly serious problem in the USA, often resulting in overdose fatalities among teenagers and young people. Given the lack of information or carelessness among the general public, the general association of substances like methamphetamine and cannabis has caused a sizeable percentage of the community to be dubious of recreational cannabis and its legalised use. Therefore, the growing concerns about drug abuse will threaten the market’s stability.

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Some of the major players operating in the global recreational cannabis market are:

• AURORA CANNABIS INC.
• Cannabis Science Inc.
• Canopy Growth Corporation
• Cresco Labs
• INDIVA
• Medical Marijuana, Inc.
• Organigrams Holding Inc.
• STENOCARE A/S
• The Cronos Group
• Trulieve

Key Segments cover in the market:

By Product Type

• Oils
• Transdermal Patches
• Tablets
• Concentrates
• Topical
• Vape
• Suppositories
• Tinctures
• Isolates
• Flowers
• Edibles
• Capsules
• Creams
• Roll-Ons
• Others

By Compound

• THC Dominant
• CBD Dominant
• Balanced THC and CBD

By Application

• Chronic Pain
• Cancer
• Mental Disorder
• Sleep Management
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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Cannabis

Cannabis Testing Market Worth $4.0 billion | MarketsandMarkets™

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CHICAGO, May 23, 2024 /PRNewswire/ — Cannabis Testing Market in terms of revenue was estimated to be worth $1.8 billion in 2024 and is poised to reach $4.0 billion by 2029, growing at a CAGR of 17.2% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The important factors impacting market growth are legalization trends and rising medical applications for cannabis. Rising approvals for medical and recreational cannabis drive the regulations requiring product safety testing which in turn fuel the need for cannabis testing services. Additionally, the rise in the number of cannabis testing labs due to legalization is propelling the demand for analytical instruments is likely to uplift market growth in coming years.

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Browse in-depth TOC on “Cannabis Testing Market”
439 – Tables
52 – Figures
378 – Pages

Cannabis Testing Market Scope:

Report Coverage

Details

Market Revenue in 2024

$1.8 billion

Estimated Value by 2029

$4.0 billion

Growth Rate

Poised to grow at a CAGR of 17.2%

Market Size Available for

2022–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Product & Software, By Service & By End User

Geographies Covered

North America, Europe, the Asia Pacific, Latin America and the Middle East & Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Untapped markets in emerging economies

Key Market Drivers

Increasing legalization of medical and recreational cannabis

Products segment held the highest estimated share of the cannabis testing market.

Based on product & software, the cannabis testing market is segmented into products (analytical instruments {chromatography instruments [liquid chromatography, gas chromatography & other chromatography instruments], spectroscopy instruments [mass spectrometry instruments & atomic spectroscopy instruments] & other analytical instruments} and consumables {chromatography columns, standards and CRMS, sample preparation products and other consumables) and software. The product segment accounted for the largest share of the cannabis testing market in 2023. Market growth is driven by technological advancements providing sophisticated tools for precise analysis, ensuring compliance and quality control, and the expanding legalization of cannabis products. Additionally, increasing requirements for potency labeling and pesticide screening fuel the demand for specialized consumables, further propelling growth in the cannabis testing market. For example, Thermo Fisher Scientific Inc. launched the Thermo Scientific SureSTART consumables portfolio consisting of vials, well plates, caps, inserts, kits, and mats to improve analytical performance and sample security for chromatography and mass spectrometry users in routine and research labs in clinical, food, pharma, biopharma, environmental, and academic sectors.

High growth of services segment attributed to potency testing services.

Based on service, the cannabis testing market is broadly segmented into terpene profiling, microbial analysis, residual solvent analysis, potency testing, heavy metal testing, pesticide screening, and other services. In 2023, potency testing accounted for the largest share of the cannabis testing services market. The high growth of this segment is due to stringent regulatory requirements ensuring accurate THC and CBD levels. This is crucial for product labeling, consumer safety, and compliance, driving demand from producers and dispensaries seeking to meet legal standards and provide reliable, high-quality products.

Services take away the largest estimated share of the end-user segment.

Based on end users, the cannabis testing market is classified into segmented into product & software end users (cannabis testing laboratories {small-scale laboratories, medium-scale laboratories, large-scale laboratories} and research institutes) and service end users (cannabis drug manufacturers & dispensaries, cannabis cultivators/growers). In 2023, the service end users’ segment was predicted to account for the highest share of the global cannabis testing market. The large share of this end user segment is due to the rising consumer awareness of quality and safety, rising legalization of cannabis, stringent regulatory standards, and technological advancements in cannabis testing.

During the forecast period, North America displayed lucrative market growth.

North America accounted for the largest share of 65.5% of the cannabis testing market in 2023. The North American market is projected to reach a value of USD 2.6 billion by 2029 from an estimated value of USD 1.2 million in 2024, at a CAGR of 17.3% during the forecast period. The region leads the cannabis testing market due to stringent regulatory standards, robust infrastructure, and widespread legalization of cannabis for medical and recreational purposes. Additionally, North America’s advanced R&D capabilities and evolving consumer demand for quality assurance drive its prominence in this growing sector.

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Cannabis Testing Market Dynamics:

Drivers:

  1. Increasing legalization of medical and recreational cannabis
  2. Increasing use of cannabis for medicinal applications
  3. Technological advancements in testing technologies

Restraints:

  1. Lack of standardization
  2. Investment risks due to regularization

Opportunities:

  1. Untapped markets in emerging economies
  2. Research collaborations

Challenge:

  1. High setup costs

Key Market Players of Cannabis Testing Industry:

The global cannabis testing market comprises many key market players competing for markets shares like Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Waters Corporation (US), Restek Corporation (US), SGS SA (Switzerland), Merck KGaA (Germany), PerkinElmer, Inc. (US), Hamilton Company (US), Sigma Analytical Services (Canada), SC Labs (US), PharmLabs LLC (US), MCS, Inc. (US), ProVerde Laboratories (US), and Eurofins Scientific (Luxembourg).

The primary interviews conducted for this report can be categorized as follows:

  • By Respondent: Supply Side- 70%, and Demand Side – 30%
  • By Designation (Supply Side): Managers – 45%, CXOs & Directors – 30%, Executives- 25%
  • By Region: North America -40%, Europe -25%, Asia-Pacific -20%, Latin America -10%, MEA- 5%

Recent Developments:

  • In September 2023, Shimadzu Corporation launched the Brevis GC-2050 gas chromatograph used in various applications including cannabis testing.
  • In April 2023, SC Labs, one of the leading cannabis testing companies, acquired C4 Laboratories, one of the first Arizona cannabis labs, thus allowing it to be licensed and accredited in five states: California, Colorado, Michigan, Oregon, and Arizona.
  • In June 2022, Shimadzu Corporation launched the AA-7800 series atomic absorption spectrophotometers. The AA-7800 series is used for quality control in the raw material, food, and for inspecting water quality and hazardous substances in soil thus presenting an advantage in heavy metal testing of cannabis.

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Cannabis Testing Market – Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall cannabis testing market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers: 

  • Analysis of key drivers (increasing legalization of medical and recreational cannabis, increasing use of cannabis for medicinal applications and technological advancements in testing technologies), restraints (lack of standardization and investment risks due to regularization), opportunities (untapped markets in emerging economies and research collaborations) and challenges (high setup costs) are influencing the growth of cannabis testing market.
  • Product Development/Innovation: Detailed insights on newly launched products of the cannabis testing market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the cannabis testing market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the cannabis testing market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players include Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Waters Corporation (US), Restek Corporation (US), SGS SA (Switzerland), Merck KGaA (Germany), PerkinElmer, Inc. (US), Hamilton Company (US), Sigma Analytical Services (Canada), SC Labs (US), PharmLabs LLC (US), MCS, Inc. (US), ProVerde Laboratories (US), and Eurofins Scientific (Luxembourg) among others in the cannabis testing market.

Related Reports:

Drug Screening Market – Global Forecasts to 2029

Laboratory Proficiency Testing Market – Global Forecasts to 2028

Life Science Instrumentation Market – Global Forecasts to 2028

Digital PCR Market – Global Forecasts to 2028

Flow Cytometry Market – Global Forecasts to 2028

Get access to the latest updates on Cannabis Testing Companies and Cannabis Testing Industry Growth

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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