The global cannabis testing services market will reach a valuation of USD 1.80 bn by 2025 compared to its previous valuation of 0.96 bn in 2020. The market will witness a growth at a CAGR of 13.5% during the forecast period.
The increasing demand for products with clean labels and potency and the
need to meet compliance standards are the key factors driving the growth of
this market. Manufacturers are more inclined toward third-party testing
services that provide reliable information on their products’ quality, safety,
and potency.
ResearchMoz shares a detailed report on the cannabis testing services
market. This research report will provide a global and regional overview of the
cannabis testing services market. The stakeholders will be able to see the
latest opportunities in this market and capitalize on them.
Demand for
Certificate Products Bolsters Cannabis Testing Services Market
The growing demand for certificate-based products among the cannabis
products will compel the cannabis growers to get them tested. This will lead to
significant growth opportunities in the cannabis testing services market in the
coming years. The cannabis industry demands cannabis testing services due
to the growing need for quality-related testing.
Rising Legalization
Boosts Demand for Cannabis Testing Services
The increasing legalization of marijuana in the U.S., legalization of
medical marijuana in Germany, and legalization of recreational marijuana in
Canada are driving the global cannabis testing services market. Factors such as
falling prices, rising regulations, and growing awareness about cannabis among
consumers further contribute to growth in this market.
Analysts’ Views
The global cannabis testing services market is expected to grow at a
CAGR of 13.5%. from 2020 to 2025. The market’s growth can be attributed to the
increasing demand for products with clean labels and potency and the need to
meet compliance standards. Growing demand for third-party testing services that
provide reliable information on the quality, safety, and potency of
cannabis-based products increases the growth opportunities in the global
market.
The global cannabis testing services market is segmented on type,
application, end-user, and region. Based on type, the market is segmented into
chemical profiling and microbiological services.
Asia Pacific
Cannabis Testing Services Market to Grow Faster
While North America will lead the global cannabis testing services
market due to the presence of cannabis cultivators and laboratories to test
cannabis. The Asia Pacific will emerge as a promising market in the coming
years due to the growing demand for clean products with good potency.
Alternatively. Europe will also be the fastest-growing market during the
forecast period.
Competitive
Landscape
A comprehensive report on the competitive landscape about the strategies
being adopted by the key players is available with ResearchMoz. This will
enable new entrants to make the right decisions to succeed in this area.
The growing demand for certification and standardization is making this
market competitive. The companies are focusing on setting up new and
technologically advanced laboratories across the globe to capture deeper into
the global market and position themselves.
The key players in
the Cannabis Testing Services Market
- SGS
Canada Inc.
- CW
ANALYTICAL
- Steep
Hill, Inc.
- Saskatchewan
Research Council (SRC)
- SC
Labs
- GreenLeaf
Lab
- PharmLabs
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