The world’s cannabis testing market is projected to increase in size by $1.5 billion by 2027 according to a new report 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.
“The Cannabis Testing Market is experiencing significant growth due to increasing legalization and regulation of cannabis products. Companies are investing in advanced technologies such as chromatography, mass spectrometry, and gas chromatography-mass spectrometry (GC-MS) for testing cannabis strains and extracts.” Technavio also stated.
A study from 2023 examined contamination rates for regulated and unregulated cannabis products in Canada. Canada legalized cannabis for adult-use in 2018, the first G-7 nation to do so, and remains the largest nationwide legal cannabis commerce market on earth.
The study, which was published in the Journal of Cannabis Research, revealed a “striking contrast” in safety between the cannabis samples, with 92 percent of unregulated cannabis testing positive for numerous pesticides compared to just six percent of regulated products.
It is worth noting that regulated cannabis products, when determined to exceed contamination levels, are subjected to government-mandated recall efforts. The same is not true for contaminated products in the unregulated market.
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 this year.
“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.
“North America was the largest region in the cannabis testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.” the company also stated.