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NEW YORK, June 24, 2022 /PRNewswire/ — As per Zion Market Research study, The global cannabis testing market was valued at around USD 1.35 billion in 2021 and is estimated to grow to about USD 10.86 billion by 2028, with a compound annual growth rate (CAGR) of approximately 19.8 percent over the forecast period.
Key Industry Insights & Finding of the Cannabis Testing Market Reports:
- As per the analysis shared by our research analyst, the Cannabis Testing Market is expected to grow annually at a CAGR of around 19.8% (2022-2028).
- Through the primary research, it was established that the Cannabis Testing Market was valued approximately USD 1.35 Billion in 2021 and is projected to reach to roughly USD 10.86 Billion by 2028.
- The existence of a significant number of cultivators, as well as an increase in the number of testing laboratories in the North America region due to strict government restrictions for cannabis producers, are key drivers promoting market growth in this North America region.
- The rising legalization of cannabis in several European countries, as well as the expanding use of the plant in drug development & research, are expected to fuel the market for cannabis testing.
- The cannabis testing market in the region is tightly regulated, with most countries barring goods having more than 0.3 percent THC, thereby driving the market growth in this region.
Zion Market Research published the latest report titled as “Cannabis Testing Market By Technology (Chromatography And Spectroscopy), By Test Type (Potency Testing, Pesticide Screening, Residual Solvent Screening, Heavy Metal Testing, Terpene Testing, And Mycotoxin Testing), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.“ into their research database.
Cannabis Testing Market : Overview
Cannabis testing is the process of analyzing a single sample of cannabis to evaluate CBD, THC, and terpene levels, as well as pollutants and impurities such as mold spores, residual solvents, infection, and pesticide residue. Each state and municipality has the authority to set their own rules and regulations for what must be tested and printed on cannabis labeling. Individual producers may also choose to adhere to more severe guidelines, even having their samples tested for CBG and CBC levels. Only qualified chemists and lab workers are permitted to conduct this testing. Cannabis production and sales were formerly prohibited worldwide for numerous years.
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- 2022 Updated Report Introduction, Overview, and In-depth industry analysis
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- Includes Updated List of tables & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
- Zion Market Research methodology
Industry Dynamics:
Cannabis Testing Market : Growth Drivers
- The market is fostering with medical cannabis legalization and increasing cannabis testing labs.
Medical cannabis has shown to be helpful in a number of medical uses, including lowering intraocular pressure in glaucoma patients, managing muscular spasms in multiple sclerosis patients, boosting appetite in AIDS patients, and minimizing chemotherapy-induced nausea. Medical cannabis is legal in a number of countries due to its health benefits. Italy, Brazil, Israel, the Netherlands, Germanythe United Kingdom, Portugal, Spain, North Korea, Canadaand Australia have all approved it in the last few years. Furthermore, 25 states in the United States legalized medical cannabis, with four states—Alaska, Oregon, Washingtonand Colorado legalizing cannabis for use for both recreational and medical purposes. Thus, with the rising legalization of cannabis, an increase in adoption of its testing is been witnessed which in turn is fostering the growth of the global cannabis testing market. In addition to this, the The increasing number of cultivators and the growing necessity for the safety & efficacy of cannabis products are also some of the key factors that are fueling the market growth.
Cannabis Testing Market : Restraints
- The cannabis testing market may be hampered by a lack of universal testing standards.
For delivering a precise and accurate dose of cannabis for medical purposes, certain standards of quality control and regulation are essential. There is, however, a lack of consistency in quality standards among countries. For example, different states in
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