Global Cannabis Extraction & Analytical Testing Market Forecast 2023-2032

Global Cannabis Extraction & Analytical Testing Market Forecast 2023-2032

KEY FINDINGS

The global cannabis extraction & analytical testing market is projected to develop with a CAGR of 15.77% during the forecast years 2023 to 2032. The market’s growth is attributable to factors such as the legislative shift among countries and the legalization of cannabis, high-profile celebrity and brand endorsements, the surge in medical use of cannabis, as well as the rise in cannabis health and wellness trends among consumers.

MARKET INSIGHTS

As recreational cannabis gains increasing acceptance among the general public, prominent celebrities are directing their attention toward the burgeoning cannabis community. Notable figures such as Snoop Dogg, Jay-Z, Seth Rogen, actor Jaleel White, and Melissa Etheridge are among the famous personalities who have established their own cannabis brands. The capacity of these well-known names to destigmatize cannabis and build trust with a newer, less experienced, and more diverse customer base is expected to fortify the cannabis industry in the coming decade.

Since the onset of COVID-19, cannabis beverage lines like Cann have garnered greater attention, with celebrity endorsements from Gwyneth Paltrow, Rebel Wilson, Ruby Rose, Tove Lo, Casey Neistat, Darren Criss, Baron Davis, and Bre-Z. The success of celebrity-endorsed cannabis brands largely hinges on whether they come across as ‘authentic and true to the celebrity.’ Given the saturation of celebrity involvement in the cannabis market, achieving a sense of authenticity and distinctiveness is notably challenging for new cannabis brands. However, among those celebrity-endorsed products that do succeed, their ability to resonate with long-time cannabis users and attract new customers stands as a significant advantage within the cannabis industry.

REGIONAL INSIGHTS

The global cannabis extraction & analytical testing market growth study covers the assessment of the Asia-Pacific, North America, Europe, and Rest of World. North America captured the highest revenue share of 60.00% in 2022. The region’s notable market growth is credited to factors such as the increasing number of extraction facilities as well as the evolution of prominent international businesses that offer consultation & equipment services to international and domestic cannabis markets.

COMPETITIVE INSIGHTS

The industrial rivalry in the global cannabis extraction & analytical testing market is set to be high over the forecast years. Some of the leading companies operating in the market are Colorado Cannabis Company, Decibel Cannabis Co Inc, Indiva, MediPharm Labs Corp, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments