Cannabis testing services ensure the safety and quality of cannabis products by detecting harmful chemicals, pesticides or other contaminants that may impact consumers health and wellness. With the growing demand and legalization of cannabis, cannabis testing has become crucial to protect consumers, ensure product quality, consistency and verify labeled content.
The global Us Cannabis Testing Services Market is estimated to be valued at US$ 2.16 Bn in 2024 and is expected to exhibit a CAGR Of 18% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expansion of legal cannabis in various US states has accelerated the growth of cannabis testing services market. With more states approving cannabis for medical and recreational use, the production and sales of cannabis products have increased manifold. As the industry grows rapidly, safety testing has become increasingly important to ensure consumers trust the product quality. Cannabis testing laboratories have ramped up their capabilities to handle large testing volumes and provide timely results to meet the growing market demand. This has significantly contributed to the 18% CAGR projected for the US cannabis testing services market during the forecast period.
Segment Analysis
The US cannabis testing services market is dominated by potency testing, which accounts for nearly 40% of the total market share. Potency testing ensures the cannabinoid content and quality of cannabis products. It determines the amounts of tetrahydrocannabinol (THC) and cannabidiol (CBD) in cannabis and cannabis-derived products. With legalization of cannabis, consumers prefer potent products and potent testing guarantees quality assurance. Thus potency testing holds the leading position in the US cannabis testing services market.
Key Takeaways
The Global US Cannabis Testing Services Market Demand is expected to witness high growth.
The Western region currently dominates the US cannabis testing services market owing to the large presence of licensed cannabis cultivators and product manufacturers. California alone accounts for over 30% of the market share due to the large and established medical cannabis industry in the state.
Key players operating in the US Cannabis Testing Services market includes Twist Bioscience Corporation, GenScript Biotech Corporation, Eurofins Scientific SE, and Thermo Fisher Scientific Inc. Twist Bioscience Corporation specializes in synthetic DNA production for genomics applications. GenScript Biotech Corporation provides gene synthesis, protein production, antibody engineering, and transgenic animal generation services. Eurofins Scientific SE offers analytical testing for food, environment, pharmaceuticals and cosmetics. Thermo Fisher Scientific Inc. sells analytical instruments, equipment, software and services for research, analysis, discovery and diagnostics.
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