Cannabis testing services help ensure product safety and quality by testing cannabis products for contaminants, potency, and consistency. Tests identify the presence of solvents, pesticides, microbials, heavy metals and verify THC and CBD levels. With increasing legalization of medical and recreational cannabis, product testing has become crucial to gain consumer trust.
The global US Cannabis Testing Services Market is estimated to be valued at Us$ 2.16 Billion In 2024 and is expected to exhibit a CAGR Of 18% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Digitalization and automation technologies are driving innovation in cannabis testing. Next-generation technologies like machine learning, AI and IoT powered instruments allow high-throughput screening and real-time analytics. Automated systems perform complex analytical tasks faster and more accurately. They are also scalable to handle higher testing volumes required by growing cannabis markets. Adoption of these technologies modernizes labs, improves workflow efficiency and enables delivering test results quicker to support timely production and distribution decisions.
SWOT Analysis
Strength: The US cannabis testing services market has strong growth potential due to increasing legalization of cannabis for medical and recreational purposes in several US states.
Weakness: Lack of federal regulations for cannabis quality control standards poses challenges for testing service providers.
Opportunity: Growing consumption of infused cannabis products provides opportunities for laboratory testing of various cannabinoids and terpenes.
Threats: Presence of low-cost testing solutions and do-it-yourself test kits can pose pricing pressures on established players.
Key Takeaways
The Global US Cannabis Testing Services Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is US$ 2.16 Bn and projected to grow at a CAGR of 18%.
Regional analysis comprises the Western region currently dominates the US cannabis testing services market owing to high concentration of licensed cultivators and product manufacturers in states like California, Colorado, and Washington. States like Florida and New York are also emerging as lucrative markets.
Key players operating in the US cannabis testing services market are Twist Bioscience Corporation, GenScript Biotech Corporation, Eurofins Scientific SE, and Thermo Fisher Scientific Inc. The key players are focused on expanding their service portfolios and geographic reach through strategic partnerships and acquisitions. Eurofins Scientific SE acquired two cannabis testing labs in 2020 to strengthen its presence on the West Coast.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
