July 16, 2024

Hemp Testing Is The Largest Segment Driving The Growth Of Cannabis Testing Market

Market Overview:

Cannabis testing products includes analytical instruments, consumables, and software used for testing cannabinoids content, terpenoids profiling, pesticides screening, residual solvents detection, heavy metals analysis, and microbiological examination in medical and recreational marijuana. The cannabis testing helps to ensure product safety and quality by analysing various chemical and biological contaminants.

Market Key Trends:

One of the major trend in the cannabis testing market is growing adoption of high-throughput screening. Next generation sequencing technologies and multi-analyte profiling approaches have enabled high-throughput screening for cannabinoid profiling, terpenoid analysis, mycotoxin detection, pesticides residues, and microbial enumeration in cannabis and cannabis-derived products. These technologies help operators and regulators to quickly screen large number of samples and ensure compliance with safety and quality standards.

Market key trends:

The cannabis testing market is witnessing increasing adoption of progressive testing techniques such as chromatography techniques, spectroscopy and other analytical techniques. Chromatography techniques like High Performance Liquid Chromatography (HPLC) and Gas Chromatography (GC) are widely being used for testing cannabis for safety and potency as these techniques provide accurate and reliable quantitative and qualitative analysis of Cannabinoids like THC and CBD in the samples. The usage of DNA testing in cannabis is also gaining traction to maintain product traceability and ensure authenticity.

SWOT Analysis

Strengths: Strict regulatory norms for cannabis testing across regions ensure standards and safety. Technological advancements in analytical techniques improve accuracy and efficiency of testing.

Weaknesses: Requirement of expensive analytical instruments and lack of trained lab professionals in some markets increase testing costs. Complex nature of cannabis chemical composition challenges standardization.

Opportunities: Growing cannabis market worldwide with increasing legalization creates demand for testing services. Adoption of new testing methods to analyze multiple constituents at low cost provides opportunities.

Threats: Inconsistent regulations in some markets pose compliance issues. Limited guidelines and standards for certain tests increase regulatory and compliance risks.

Key Takeaways

The Global Cannabis Testing Market Demand is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing legalization of cannabis in major markets and growing awareness about product quality and safety.

The North American region currently dominates the cannabis testing market owing to rising cannabis cultivation and production activities in countries like the US and Canada. Stringent safety and potency regulations in these countries have propelled the demand for testing services.

The European market is forecast to witness fastest growth during the analysis period on account of increasing product adoption for medical use along with favorable regulations being introduced in key countries of the region.

Key players operating in the cannabis testing market are Abko Labs, ACT Laboratories, BelCosta Labs, CDX Analytics, Digipath, LGC, Medicinal Genomics, SGS, Steep Hill and Tentamus. These players are focusing on service quality, expanding capabilities and global footprint to capitalize on market opportunities.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it