The Cannabis testing market involves testing of medical cannabis for various quality parameters to ensure patient safety and product authenticity. This involves testing for macroscopic and organoleptic characteristics, terpene profiles, moisture content, residual solvents, microbial and mycotoxin contamination, and chemical analysis for target cannabinoid content like THC and CBD. Strict regulations and quality standards mandate comprehensive testing at various stages of cultivation and distribution of medical cannabis which ensures consistency in composition and effects. The global Cannabis Testing Market is estimated to be valued at US$ 1.72 Billion in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the Cannabis testing market is the growing adoption of chromatography and spectroscopy techniques. LC-MS and HPLC methods offer high resolution identification and quantification of target cannabinoids and related compounds. Several laboratories are focusing on developing automated chromatography systems paired with data analytics software for high throughput analysis. Growing demand for terpene profiling to determine overall quality and effects is also driving adoption of GC-MS methods. Spectroscopic methods like IR and Raman spectroscopy aid macroscopic characterization and ensure no foreign materials or contaminants are present in the samples under testing. Mobile and on-site testing solutions are also gaining prominence to enable real-time quality monitoring during various stages of production and distribution, further enhancing regulatory compliance.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the cannabis testing market is moderate as significant investment and expertise are required for cannabinoid profiling.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market comprises multiple testing service providers and the buyers can negotiate on price and quality of services.
Bargaining power of suppliers: The bargaining power of suppliers is low as the raw materials required are easily available and there are multiple suppliers in the industry.
Threat of new substitutes: The threat of new substitutes is low as cannabis testing helps ensure product safety and quality which are essential for the industry.
Competitive rivalry: The competitive rivalry is high among the existing players due to increasing demand and regional expansion efforts.
Key Takeaways
The Global Cannabis Testing Market Demand is expected to witness high growth.
Regional analysis: The North American region holds the major share currently owing to increasing cannabis cultivation and production activities in the US and Canada post legalization. Growing acceptance of medical cannabis is also fueling market growth. The Asia Pacific region is expected to witness fastest growth over the forecast period supported by increasing initiatives toward cannabis legalization in countries like Australia, Thailand, and South Korea.
Key players: Key players operating in the cannabis testing market are Westrock Company, Keystone Folding Box Co, Cardinal Health Inc, Omnicell Inc., and Jones Healthcare Group. These players are focusing on development of advanced testing equipment and services to cater to the growing demand. Initiatives like mergers, partnerships and collaborations are undertaken by market players to strengthen their geographic presence.
For more insights, Read- https://www.insightprobing.com/cannabis-testing-market-growth-demand-and-overview/
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