Cannabis Testing Market to grow by USD 1.50 billion from 2022-2027 | North America to account for 46% of market growth - Technavio
NEW YORK, Sept. 17, 2023 /PRNewswire/ -- The cannabis testing market size is expected to grow by USD 1.50 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 13.06% during the forecast period, according to Technavio's Research. The market has been segmented by Product (instruments, consumables, and software), end user (cannabis cultivators/growers, cannabis drug manufacturers, and others), and Geography (North America, Europe, APAC, and ROW). 50% of the global market's growth will originate from North America during the forecast period. The US and Canada are the key markets for the cannabis testing market in North America. Furthermore, the market growth in this region will be faster than the growth of the market in other regions. Factors such as the growing adoption of information management solutions will facilitate the cannabis testing market growth in North America. Hence, such factors drive the growth of the cannabis testing market during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read Free PDF Sample Report
AB SCIEX LLC, Agilent Technologies Inc., Cannalysis, CannaSafe Analytics, Digipath Inc., Merck KGaA, PerkinElmer Inc., Shimadzu Corp., Thermo Fisher Scientific Inc., Waters Corp.
AB SCIEX LLC - The company provides LC-MS instrumentation for cannabis testing.
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Cannabis Testing Market: Segmentation Analysis
By Segment - The instruments segment will be significant during the forecast period. Factors like advances in instruments in recent years have increased their adoption in the global cannabis testing market. Learn about the contribution of each segment summarized in concse infographics and thorough descriptions. View Free PDF Sample Report
"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio
Cannabis Testing Market: Driver & Trend:
- Increasing use of cannabis for medical purposes
- Growing adoption of information management solutions
- Increasing global awareness about the benefits of cannabis
Increasing global awareness about the benefits of cannabis drives the growth of the cannabis testing market. There is a worldwide increasing awareness about the benefits of cannabis due to the launch of multiple awareness initiatives. Furthermore, countries such as the US, the UK, and New Zealand are hotspots where cannabis awareness initiatives are carried out to reach a large audience. Similarly, in New Zealand, Medical Cannabis Awareness NZ is a national charitable organization. This promotes cannabis education to the public and the medical fraternity. Hence, such factors drive the growth of the cannabis testing market during the forecast period.
Strategic alliances among market vendors are a key trend in the cannabis testing market. Identify key trends, drivers, and challenges in the market. Download to gain access to this information.
The Cannabidiol market size is projected to increase by USD 23,023.51 million and the market size is estimated to grow at a CAGR of 16.28% between 2022 and 2027. The market is segmented by source, distribution channel, and geography. The legalization and regulatory changes with respect to cannabidiol are driving market growth.
The Legal Cannabis Market size is projected to increase by USD 54,572.33 million and the market size is estimated to grow at a CAGR of 21.6% between 2022 and 2027. The market is segmented by product, derivative type, and geography. The decriminalization and legalization of cannabis in more countries are expanding the global reach of the legal cannabis industry and opening up new markets.
What are the key data covered in this cannabis testing market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the cannabis testing market between 2020 and 2025.
- Precise estimation of the cannabis testing market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the cannabis testing market across North America, Europe, Asia, and ROW
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of cannabis testing market vendors.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Geography
Drivers, Challenges, & Trends
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