Driven by the growing demand for medical and recreational cannabis, along with its increasing global legalization, a substantial number of product manufacturers are leveraging the expertise of testing service providers in this industry
Recent findings on the therapeutic applications of cannabis have led to increase in the number of players focused on developing cannabis-infused products for medical and recreational use. A number of product matrices infused with cannabis, including edibles, tinctures, salves and candles are being manufactured across the globe. Following this, the rise in cannabis testing service providers is also profound, catering to the regulatory requirements of these product manufacturers complying with the safety standards.
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Key Market Insights
More than 160 companies currently claim to offer cannabis testing services, globally
The market is dominated by the presence of very small (1-10 employees) and small (11-50 employees) players that constitute over 70% of the contemporary market landscape. Majority of the players offer testing services for edibles and infused products, followed by those offering services for cannabis flowers / buds. It is worth highlighting close to 80% of the players are based in North America.
Presently, more than 35 cannabis testing product providers claim to offer different testing solutions to the laboratories
Around 80% of the players offer analytical instruments, while more than 45% of them offer software solutions for managing laboratory workflow. Further, more than 65% of the players offering analytical instruments primarily provide chromatographic equipment for analyte quantification. It is worth highlighting that ~70% of the product providers offer laboratory information management systems to the labs, for improvising their data and resource management.
Partnership activity within this field has increased at a CAGR of 22%, between 2018 and 2022
More than 60% of the deals were inked post-2019, with the maximum partnership activity (43%) being reported in 2022. Further, mergers and acquisitions, and research and development deals emerged as the most popular partnership models adopted by cannabis testing service providers, which represent close to 35% of the total number of deals.
An increase in global events has been witnessed post legalization of cannabis across multiple geographical regions highlighting the growing interest of stakeholders
Close to 55% of the events were organized post-2020. Majority (44%) of the events were conferences, followed by webinars (29%). The key agendas of the events organized post-2020 include discussions on the regulatory standards and recent advancements in technologies associated with cannabis testing.
North America and Europe are anticipated to capture the larger share (66%) of the market by 2035
In 2035, close to 75% of the market revenues are expected to be generated from the sales of medical cannabis. Further, cannabis flower samples will capture a larger share of the overall market in 2035. It is worth highlighting that the market for cannabis extracts and edibles is anticipated to grow at a faster annualized rate of 24% and 23%, respectively, in the coming years.
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Key Questions Answered
- What are the various medical applications of cannabis?
- Which countries have legalized cannabis for medical use?
- Which are the top players in the cannabis testing market?
- What are the various factors driving the cannabis testing market?
- Which region has the highest market share in cannabis testing services market?
- Which are the leading market segments of the cannabis testing services market?
- What is the growth rate (CAGR) of the cannabis testing services market?
- What are the upcoming trends in the cannabis testing market?
The financial opportunity within the cannabis testing market has been analyzed across the following segments:
- Type of Cannabis Tested
- Medical Cannabis
- Recreational / Adult-use Cannabis
- Type of Sample Tested
- Company Size
- Key Geographical Regions
- North America
- Latin America
- Middle East and North Africa
The opinions and insights presented in this report were also influenced by discussions held with eminent stakeholders in this industry. The report features detailed transcripts of interviews held with the following industry stakeholders:
- Catherine Wilson (Managing Director, Hip Services)
- Markus Roggen (President, Chief Scientific Officer, DELIC Labs)
- Nicholas Clarkson (Chief Scientific Officer, PhytoVista Laboratories)
The research also includes detailed profiles of key players (listed below) that offer cannabis testing services; each profile features a brief overview of the company, its financial information (if available), details on service portfolio, recent developments and an informed future outlook.
- AccuScience Laboratories
- Anresco Labs
- CDX Analytics
- Coastal Analytical
- Eurofins Scientific
- EVIO Labs
- FoodChain ID
- Medicine Creek Analytics
For additional details, please visit https://www.rootsanalysis.com/reports/cannabis-testing-market.htmlmailto: or email firstname.lastname@example.org
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View original content:https://www.prnewswire.co.uk/news-releases/the-opportunity-within-the-cannabis-testing-market-is-projected-to-grow-at-an-annualized-rate-of-nearly-25-till-2035-claims-roots-analysis-301912650.html
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