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Cannabis Testing Market Size

Report ID: GMI3567
Published Date: Mar 2023
Report Format: PDF

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Cannabis Testing Market Size

Cannabis Testing Market size was valued at more than USD 7 billion in 2022 and is set to record lucrative growth at over 13.5% CAGR through 2032 attributed to the growing legalization of cannabis in several countries for medical purposes.

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As marijuana usage becomes more recognized and legal in the United States, the Netherlands, South Africa, and other parts of the world, there is a rising demand for precise and reliable analysis of cannabis products. While several governments have approved the recreational use of cannabis, the number of cannabis testing facilities has increased. Moreover, several government institutions and business players are realizing the commercial and social significance of authorized medicinal cannabis, which is projected to boost market growth.

Cannabis Testing Market Report Attributes
Report Attribute	Details
Base Year:	2022
Cannabis Testing Market Size in 2022:	USD 7.4 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	13.6%
2032 Value Projection:	USD 27.6 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	289
Segments covered:	Technology, Test, and Region
Growth Drivers:	Growing demand for cannabis legalization in several countries for medical purposes Increasing research on various medical use of cannabis Growing number of cannabis testing laboratories in various emerging markets
Pitfalls & Challenges:	Lack of uniformity in quality standards High cost of laboratory equipment

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market for cannabis testing was worth more than USD 7 billion in 2022 and is poised to grow at over 13.5% CAGR through 2032 owing to the increasing legalization of cannabis in several countries for medical purposes.

Chromatography technology segment is expected to account for around USD 17.5 billion by the end of 2032 owing to the growing adoption of chromatographic methods for quick and accurate results.

Europe cannabis testing market is estimated to grow at more than 14% CAGR from 2023 to 2032 attributed to the ongoing efforts by key business players to develop cutting-edge technology and products.

Some of the prominent enterprises operating in the market are Green Scientific Labs, EVIO, Anandia Labs, Eurofins Scientific, Anresco, Eirlab, Digipath, SC Labs, Pure Analytics, PSI Labs LLC, Steep Hill, and Phytovista Laboratories, among others.