Global Cannabis Testing Market Projected To Reach $5.87 Billion By 2031
The emerging global cannabis industry is comprised of various sectors, with some having more profit potential than others. One sector of the worldwide cannabis industry that shows the most promise is the cannabis product testing sector.
Every legal cannabis market on the planet has different policies and regulations to some degree, but one constant seems to be that cannabis products must be tested before hitting retail shelves, and rightfully so. Cannabis testing ensures that products are safe for human consumption.
Additionally, cannabis testing captures cannabinoid levels which is a requirement in most legal cannabis markets. It lets regulators know if cannabis products fit within certain THC/CBD parameters and helps inform consumers and patients of the cannabinoid content of the products that they are purchasing.
In addition to cannabinoid levels, testing can also determine terpene profiles, which is an emerging area of cannabis testing and research.
According to a recent market analysis by Coherent Market Insights, the global cannabis testing services market is estimated to be valued at $2.38 billion in 2024 and is projected to reach $5.87 billion in value 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 market analysts stated.
A separate market analysis recently published by SkyQuest Technology Consulting projects an even larger rate of growth for the global cannabis testing market, projecting that the sector will reach a value of $21.9 Billion by 2031, with a CAGR of 13.5% during the forecast period (2024-2031).
“The use of cannabis in the treatment of several neurological and psychiatric conditions has also increased dramatically along with the increasing prevalence and production of marijuana. This growing trend is expected to drive significant growth in the cannabis testing market during the forecast period.” Skyquest stated about its analysis.
“Asia-Pacific within the cannabis testing market will witness an outstanding CAGR of 25.9%, indicating a vast upward trend.” the analysts also stated.