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Global Cannabis Testing Market Forecast Report 2024-2029: Germany and Services Segment Commanded Largest Market Share in 2023

Dublin, June 03, 2024 (GLOBE NEWSWIRE) --


ResearchAndMarkets.com's offering.The global cannabis testing market is estimated to reach USD 4 Billion by 2029 from USD 1.8 billion in 2024, at a CAGR of 17.2% during the forecast period of 2024 to 2029. Market growth is driven by the rising legalization of medical and recreational cannabis and increased use of cannabis for medical applications.





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Technological advancements in testing technologies is likely to spur the market growth.


However, the lack of standardization, and investment risks due to regularization are some of the major factors expected to restrain the market growth during the forecast period.


Product segment accounted for the highest share of 2023


Based on product & software, the cannabis testing market is broadly segmented into products (consumables and analytical instruments) and software. The product segment held the largest market share in 2023. Market growth is attributed to technological advancements that offer sophisticated tools for accurate analysis, ensuring compliance and quality control, and increasing legalization of cannabis drugs. Market trends such as growing requirements for potency labeling and pesticide screening further contribute to the demand for specialized consumables, driving growth in the cannabis testing market.


The Service End User segment held the dominant share in the cannabis testing market


Based on end users, the global cannabis testing market is segmented into Product & Software End Users and Service end users. In 2023, the service end users segment emerged as the primary driver of growth in the global cannabis testing market, exhibiting the highest CAGR throughout the forecast period. The high growth rate of this segment can be attributed to the increasing legalization of cannabis for medicinal and recreational purposes, which has fueled demand for reliable testing to ensure safety and quality, heightened consumer awareness of safety and quality, stringent regulatory standards, and advancements in testing technologies.


Europe region estimated to show fastest growth rateThe cannabis testing market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. During the forecast period, Europe region is estimated to grow at the highest CAGR.


The growing awareness of the medical use of marijuana and the strategic expansion of prominent players drive growth in the European market.


For instance, Germany has, as of April 1, 2024, partly decriminalized marijuana use. The legal possession and cultivation of cannabis for recreational use by adults aged 18 and over, in limited quantities, as well as its consumption, is now allowed in Germany.


The report provides insights on the following:


  • Analysis of key drivers (increasing legalization of medical and recreational cannabis, increasing use of cannabis for medicinal applications and technological advancements in testing technologies), restraints (lack of standardization and investment risks due to regularization), opportunities (untapped markets in emerging economies and research collaborations) and challenges (high setup costs) are influencing the growth of cannabis testing market.


  • Product Development/Innovation: Detailed insights on newly launched products of the cannabis testing market.


  • Market Development: Comprehensive information about lucrative markets - the report analyses the cannabis testing market across varied regions.


  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the cannabis testing market.


  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players include Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Waters Corporation (US), Restek Corporation (US), SGS SA (Switzerland), Merck KGaA (Germany), PerkinElmer, Inc. (US), Hamilton Company (US), Sigma Analytical Services (Canada), SC Labs (US), PharmLabs LLC (US), MCS, Inc. (US), ProVerde Laboratories (US), and Eurofins Scientific (Luxembourg) among others in the cannabis testing market.


Key Attributes:

Report Attribute

Details

No. of Pages

362

Forecast Period

2024 - 2029

Estimated Market Value (USD) in 2024

$1.8 Billion

Forecasted Market Value (USD) by 2029

$4 Billion

Compound Annual Growth Rate

17.2%

Regions Covered

Global

Key Topics Covered:Executive Summary

  • Cannabis Testing Market, by Product & Software, 2024 vs. 2029 (USD Million)

  • Cannabis Testing Market, by Service, 2024 vs. 2029 (USD Million)

  • Cannabis Testing Market, by End-user, 2024 vs. 2029 (USD Million)

  • Regional Snapshot of Cannabis Testing Market

Premium Insights

  • Cannabis Testing Market Overview - Increasing Legalization and Rising Medical Applications in Emerging Economies to Drive Market

  • Europe: Cannabis Testing Market, by Component and Country - Germany and Services Segment Commanded Largest Market Share in 2023

  • Cannabis Testing Market, by Product & Software - Products to Witness Highest Growth Rate During Study Period

  • Cannabis Testing Market, by Service - Potency Testing to Grow at Highest CAGR During Forecast Period

  • Cannabis Testing Market, by End-user - Services End-users to Dominate End-user Market Till 2029

Key Market Dynamics

Drivers

  • Increasing Legalization of Medical and Recreational Cannabis

  • Increasing Use of Cannabis for Medicinal Applications

  • Technological Advancements in Testing Technologies

Restraints

  • Lack of Standardization

  • Investment Risks due to Regularization

Opportunities

  • Untapped Markets in Emerging Economies

  • Research Collaborations

Challenges

  • High Setup Costs

Technology Analysis

Key Technologies

  • Liquid Chromatography-Mass Spectrometry

  • Gas Chromatography-Mass Spectrometry

  • High-Performance Liquid Chromatography

  • Ultra-High-Performance Liquid Chromatography

Complimentary Technologies

  • Portable Testing Devices

Adjacent Technologies

  • Laboratory Information Management Systems

  • Sample Preparation Automation

  • Artificial Intelligence

Companies Featured

  • Shimadzu Corporation

  • Agilent Technologies, Inc.

  • Danaher Corporation

  • Thermo Fisher Scientific Inc.

  • SGS

  • Merck

  • Waters Corporation

  • Restek Corporation

  • PerkinElmer Inc.

  • Hamilton Company

  • Sigma Analytical Services

  • SC Labs

  • Pharmlabs

  • MCS, Inc.

  • ProVerde Laboratories

  • Eurofins Scientific

  • Green Leaf Lab

  • Kaycha Holdings

  • Accelerated Technology Laboratories, Inc.

  • CloudLIMS

  • LabWare

  • Lablynx

  • Encore Labs

  • Trichome Analytical

  • Green Scientific Labs

  • DigiPath


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