Cannabis Testing Market - by Technology (Chromatography {Liquid Chromatography, Gas Chromatography}, Spectroscopy {Mass Spectrometry, Atomic Spectroscopy}), By Test (Potency Testing, Pesticide Screening, Heavy Metal Testing, Terpene Testing, Mycotoxin Tes

Cannabis Testing Market - by Technology (Chromatography {Liquid Chromatography, Gas Chromatography}, Spectroscopy {Mass Spectrometry, Atomic Spectroscopy}), By Test (Potency Testing, Pesticide Screening, Heavy Metal Testing, Terpene Testing, Mycotoxin Testing) & Forecast, 2023 - 2032

Cannabis Testing Market is anticipated to garner significant gains during 2023–2032. Increasing investments in R&D for exploring new medical applications of cannabis will positively favor the industry outlook in the coming years. Emerging markets in the MEA and LATAM regions, along with an increasing number of mergers and acquisitions taking place across the cannabis testing industry, will also offer significant growth opportunities to the market players.

To cite an instance, in November 2022, Sean “Diddy” Combs entered New York’s cannabis industry with a deal worth USD 185 million. This initiative would enable Diddy to create the largest black-owned cannabis company in the U.S. The firm is also planning to acquire marijuana production facilities and retail shops in multiple states, such as New York, from cannabis giants Cresco and Columbia Care.

Overall, the cannabis testing industry is segmented in terms of technology, testing, and region.

Based on technology, the spectroscopy segment will witness robust growth during 2023–2032, as near-infrared spectroscopy is one of the most favorable methods for cannabis analysis. There is an increasing preference for spectroscopy as it is a 5–10 times faster method compared to gas chromatography–mass spectrometry (GC-MS). Besides, several advantages, such as a lower cost per analysis than GC-MS, no solvents used in sample extraction, and accuracy, are anticipated to spur its adoption in the coming years.

By test, the potency testing segment will likely account for a substantial business share during the estimated timeframe. Potency testing helps in determining the exact dosing of medical cannabis for patients. The testing is used mainly to measure the concentration of cannabinoids in samples. The main users of cannabinoid potency screening are chemists and quality control labs. Hence, the constantly budding use of cannabis for medical purposes will accelerate market growth.

In terms of the regional context, the Latin America cannabis testing industry is anticipated to be valued at over USD 2 billion during 2023–2032. The region will showcase sturdy growth as it is one of the foremost manufacturers and exporters of cannabis and hemp for medical uses. In addition, strong government support for the legalization of medical marijuana, along with favorable regulatory policies compared to other countries, will also complement the regional market share.