The global market for cannabis testing is valued at $1.1 billion as of the end of 2022, according to a new report.
The market size is expected to more than double between now and 2030 to $2.8 billion as more states and nations legalize the plant for medical and recreational use. The jump from $1.1 billion to $2.8 billion represents a compound annual growth rate of 13.2%.
The Cannabis Testing market in the U.S. is estimated at $309.6 Million in the year 2022, states the report. China, the world’s second largest economy, is forecast to reach a projected market size of $475.6 Million by the year 2030 trailing a CAGR of 12.1% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12% and 11.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 9.2% CAGR.
The report notes that “Services, one of the segments analyzed in the report, is projected to record a 15% CAGR and reach US$1.5 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Products segment is readjusted to a revised 9.5% CAGR for the next 8-year period.”
The report found the top competitors in the market to be:
- PerkinElmer, Inc.
- PharmLabs LLC.
- Restek Corporation
- SC Laboratories, Inc.
- Shimadzu Corporation
- Steep Hill Labs, Inc
- Waters Corporation
- AB Sciex LLC
- Accelerated Technology Laboratories, Inc.
- Agilent Technologies, Inc.
- Digipath Inc.
- Merck KGaA
More information on this report can be found by clicking here.