Cannabis testing involves quality control testing of cannabinoids in marijuana flowers and oils to determine levels of THC, CBD and other cannabinoids. It helps ensure safety, consistency and quality of medical cannabis products. The global Cannabis Testing Market is estimated to be valued at US$ 1.72 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing legalization of medical marijuana in North America and Europe is a major trend driving the growth of the cannabis testing market. Countries are legalizing the medical use of marijuana as studies continue to show its effectiveness in relieving various medical conditions such as chronic pain, neurological illnesses and cancer symptoms. As more countries legalize medical marijuana, the demand for cannabis testing will increase to ensure product safety and quality. This will propel the cannabis testing market towards a valuation of US$ 1.72 Bn by 2023.

SWOT Analysis
Strength: The cannabis testing market sees strong demand as regulations become more stringent. Laboratory testing ensures quality control and safety.

Weakness: Lack of federal laws and regulations in some regions leads to inconsistencies. High costs of equipment and training required represents a barrier.

Opportunity: As more states legalize medical and recreational cannabis, the need for testing will rise significantly. Novel technologies for faster and portable testing present opportunities.

Threats: Delay in federal legalization casts regulatory uncertainty. Intense competition from emerging local testing labs poses pricing pressures.

Key Takeaways
The Global Cannabis Testing Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for cannabis testing is projected to reach US$ 1.72 Bn by 2024, growing at a CAGR of around 7.2% through 2030.

Regional analysis indicates North America dominates currently due to over two-thirds of states legalizing medical marijuana. Countries like Canada and Germany are also seeing rising demand. As regulations continue to relax in countries like Thailand, Mexico and South Africa, new testing needs will arise.

Key players operating in the cannabis testing market are Westrock Company, Keystone Folding Box Co, Cardinal Health Inc, Omnicell Inc., Jones Healthcare Group, Drug Package LLC, Manrex Limited, Medicine-on-time LLC, and Rx Systems Inc. Intense competition exists amongst these firms to develop innovative solutions for potency testing, terpene profiling, and heavy metal analysis using techniques like chromatography and spectroscopy. Partnerships with cannabis producers and distributors help boost market share for industry leaders.

For more insights, Read- https://www.pressreleasebulletin.com/cannabis-testing-market-trends-size-and-share-analysis/

Get more insights on this topic: https://careersplay.com/chai-chickpeas-nourishing-journey-through-the-colors-of-vegan-indian-cuisine