According to a new report by Coherent Market Insights titled, “Cannabis Testing Services Market Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2031” the global cannabis testing services market is valued at $2.38 billion in 2024 and will increase in value to $5.87 billion by 2031.
“The Cannabis Testing Services market has been growing significantly in recent years, driven by a number of key factors, such as increasing demand for its products, expanding customer base, and technological advancements.” the company stated in a press release.
Coherent Market Insights describes itself as “a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services.”
“The global cannabis testing market was valued at $ 1,029 million in 2019, and is projected to reach $2,445 million by 2027, registering a CAGR of 11.9%.” stated Allied Market Research in a press release about the findings of its own recent industry analysis focused on the cannabis testing market.
A different recent industry analysis by Markets and Markets determined that the global cannabis testing market is projected to be worth an estimated $1.8 billion in 2024 and that the testing market is projected to increase to $4 billion in value by 2029 (CAGR of 17.2%).
“The important factors impacting market growth are legalization trends and rising medical applications for cannabis. Rising approvals for medical and recreational cannabis drive the regulations requiring product safety testing which in turn fuel the need for cannabis testing services. Additionally, the rise in the number of cannabis testing labs due to legalization is propelling the demand for analytical instruments is likely to uplift market growth in coming years.” Markets and Markets stated about its analysis in a press release.
The world’s cannabis testing market is projected to increase in size by $1.5 billion by 2027 according to separate report recently published by Technavio, growing “at a CAGR of about 13.06% during the forecast period.”
“The cannabis testing market encompasses a range of applications, including the detection and quantification of heavy metals and residual solvents in tinctures, salves, edibles, vape oils, raw plant materials, and novel equipment. Consumer safety and regulatory standards are paramount in this industry, necessitating stringent testing protocols.” Technavio stated in a press release.
Additionally, a recent analysis by The Business Research Company estimated that the global cannabis testing market was worth roughly $2.54 billion in 2023. The researchers also estimate that the size of the global cannabis testing market will rise to $3 billion by the end of 2024
“The cannabis testing market size is expected to see rapid growth in the next few years. It will grow to $6.05 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%.” The Business Research Company stated about its analysis.