PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1484372
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1484372
The global cannabis testing market is estimated to reach USD 4.0 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 medicial applications. 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.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) Billion |
Segments | By Product & Software, By Service & By End User |
Regions covered | North America, Europe, the Asia Pacific, Latin America and the Middle East & Africa |
"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 rate."
The 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.
This report provides a detailed picture of the cannabis testing market. It aims to estimate the size and future growth potential of the market across different segments, such as product & software, service, end-users and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall cannabis testing market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.