Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 1.35 Billion | USD 10.86 Billion | 19.8% | 2021 |
FrequentlyAsked Questions
With rising legalization of cannabis, an increase in adoption of its testing is been witnessed which in turn is fostering the growth of the global cannabis testing market. In addition to this, increasing number of cultivators and growing necessity for safety & efficacy of cannabis products are also some of the key factors that are fueling the market growth.
According to the Zion Market Research report, the global cannabis testing market was worth about 1.35 (USD billion) in 2021 and is predicted to grow to around 10.86 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 19.8 percent.
Geographically, North America is estimated to dominate the global cannabis testing market during the forecast period. The existence of a significant number of cultivators in the region, as well as an increase in the number of testing laboratories in the region due to strict government restrictions for cannabis producers, are key drivers promoting market growth in this region.
Some of the dominant players that are functioning in the global cannabis testing market are Thermo Fisher Scientific, MERCK KGAA, Shimadzu Corporation, Agilent Technologies, Inc., PharmLabs LLC, SC Laboratories, Inc., Steep Hill Inc., DigiPath, Inc., GreenLeaf Lab, and CW ANALYTICAL, among others.
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