The global 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.
This is according to a new report conducted by the research firm Markets and Markets. The comprehensive research “encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics”, according to a press release.
The growth of this market is due to “increasing use of cannabis in medicinal applications and the increasing legalization of recreational and medical cannabis, and launch of technologically advanced instruments”, states the report.
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