The global cannabis testing services market size is expected to reach $5.39 billion by 2030, registering a compound annual growth rate (CAGR) of 17.21% from 2024 to 2030, according to a new report.
Conducted by Research and Markets, the report shows that the current value of the cannabis testing market is $2.1 billion, an increase of $300 million over the 2023 value.
“Several nations across the globe have legalized cannabis for medical and recreational purposes, which has led to the recognition of the medicinal benefits of cannabis and cannabis-infused products”, states the report. “For instance, in April 2024, Germany legalized cannabis for recreational purposes, and under this law, adults over 18 can possess 25 grams of dried cannabis and grow up to three marijuana plants at home. Moreover, research has revealed that cannabis can provide significant relief from adverse effects, such as chronic pain associated with multiple sclerosis and chemotherapy-induced nausea. Such factors boost market growth.”
The report notes that cannabis extracts are utilized to treat multiple mental and neurological disorders.
“With the growing incidence of these disorders, along with the rise in the production and use of cannabis, the cannabis testing market is anticipated to grow during the forecast period. For instance, according to data published by the Institute for Health Metrics and Evaluation, in 2021, neurological disorders emerged as the leading cause of global disease burden, affecting 43% of the population (3.4 billion people) and accounting for 443 million disability-adjusted life years lost, surpassing cardiovascular diseases.”
In addition, several countries, such as the U.S., Brazil, France, and Germany, have modified their national controls to accommodate cannabidiol as a medicinal product. Also, “increasing awareness about the medical benefits of cannabidiol is anticipated to drive product demand in the pharmaceutical industry. This, in turn, is increasing demand for cannabis testing services from the pharmaceutical industry to ensure the purity and potency of cannabis.”
- Saskatchewan Research Council (SRC)
- SC Labs
- SGS Société Générale de Surveillance SA (SGS Canada Inc.)
- Dr. Robert Shrewsbury & the UNC Eshelman School of Pharmacy (PharmLabs)
- Greenleaf Testing Laboratory
- Eurofins Scientific.
By service, the potency testing segment dominated the market in 2023 and accounted for the largest revenue share. By end use, the cannabis cultivators/growers segment held the largest market share in 2023.
North America dominated the global market in 2023, “due to the presence of major testing laboratories and expanding marijuana and hemp cultivation in the region are the key factors driving the market in the region.”
For more information on this report, click here.
More articles from The Marijuana Herald can be found below.
