Cannabis Testing Market size to exceed $27.5 Bn by 2032

Cannabis Testing Market size is set to record lucrative growth and reach over USD 27.5 billion by 2032, according to a new research report by Global Market Insights Inc.
 

As the number of nations legalizing cannabis usage rises, there is a growing need for cannabis product safety and purity testing. This has increased the number of laboratories providing cannabis testing services. Since cannabis testing is a lucrative business, many investors and new firms are seeking ways to expand into it. 
 

For instance, in February 2023, SC Laboratories, a leading cannabis and hemp testing firm, built a new facility in Southern California that offers complete California compliance testing. Moreover, well-established cannabis laboratories are striving to keep up with the evolving rules and standards while maintaining their service quality, consistency, and accuracy, which is expected to positively influence the industry outlook.
 

Advantages of low cost and precise results to fuel spectroscopy segment revenue

Cannabis testing market from the spectroscopy segment was worth more than USD 2 billion in 2022 and is expected to depict lucrative gains through 2032. The segment is further divided into mass spectroscopy and atomic spectroscopy. The near-infrared spectroscopy technique is a highly effective method for analyzing cannabis. The popularity of spectroscopy is growing since it is five to ten times faster than gas chromatography-mass spectrometry (GC-MS).
 

Rising need to maintain safety standards to foster heavy metal testing segment value

The heavy metal testing segment held a substantial share of the cannabis testing market in 2022 and is projected to witness robust demand over 2023-2032. Due to the toxicity of heavy metals, it is critical to analyze cannabis products to ensure consumer and patient safety. Governments worldwide are focusing on implementing rules to ensure the safe supply of cannabis products to customers, which is expected to drive segment progress through 2032.
 

 Browse key industry insights spread across 250 pages with 255 market data tables & 12 figures & charts from the report, “Cannabis Testing Market Size by Technology (Chromatography {Liquid Chromatography, Gas Chromatography}, Spectroscopy {Mass Spectrometry, Atomic Spectroscopy}), By Test (Potency Testing, Pesticide Screening, Residual Solvent Screening, Heavy Metal Testing, Terpene Testing, Mycotoxin Testing), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cannabis-testing-market
 

Stringent regulatory framework for cannabis testing to impel the North America market share

The North America cannabis testing market generated around USD 2.5 billion in revenue in 2022 and is foreseen to depict a robust progressionrate over 2023-2032. The U.S. cannabis market is rapidly evolving. All U.S. states that have legalized, taxed, and regulated cannabis for recreational use and the majority of those that have legalized and regulated cannabis for medicinal purposes have mandated the testing for certain contaminants as well as testing and labeling of potency.
 

Development of innovative technologies to define industry scenario

Some of the major companies operating in the cannabis testing market are Digipath, Anresco, Eirlab, Pure Analytics, SC Labs, PSI Labs LLC, Phytovista Laboratories, Steep Hill, and Green Scientific Labs. The industry is expected to observe several new technical improvements and service portfolio expansions by market participants.