North America’s cannabis testing market could hit $1.7B by 2027

Bethan Rose Jenkins, Cannabis News Writer/Editorial

Absolute Markets Insights, a global market research company headquartered in India, has published a new report on the cannabis testing market in North America.

According to the detailed research study, which analyzed both demand and supply data, the market is anticipated to reach US$ 1,696.3 Million by 2027.

Furthermore, North America’s cannabis testing market is estimated to grow at an estimated compound annual growth rate (CAGR) of 14.4 percent over the forecast period.

Various regions and major countries in North America  including the United States, Canada and Mexico  were analyzed for the demand aspect of this in-depth analysis, whereas the most prominent players’ regional presence and strategies were examined to provide supply-related data.

According to the analysts responsible for carrying out this report, the potency testing division will be a primary growth driver over the next eight years. This segment of the market is important for ensuring that all cannabis-containing products meet cultural needs, as well as for making sure that patients receive correct dosages of plant-derived compounds.

The importance of North America’s cannabis testing market the cannabis market product range continues to grow, so does the need for stringent product quality and safety standards.

From beverages and edibles to medicines and topical solutions, cannabis-infused goods are continuously innovating to meet consumer demand.

However, due to varying methods of regulation across the United States in addition to certain countries around the world  numerous difficulties face lab testers, who are required to analyze cannabis and hemp samples before they are distributed among the market.

Pesticides including fungicides, insecticides and rodenticides must be tested for, in addition to the potency and type(s) of terpenes, mycotoxins, and cannabinoids, such as cannabidiol (CBD), cannabigerol (CBG), cannabigerol (CBN) and tetrahydrocannabinol (THC).

Key takeaways from North America’s cannabis testing market report

Sweeping legalization across the U.S. landscape  both medical and recreational is acting as a catalyst for the cannabis testing industry. Following November’s Election Day, medical cannabis became legal in 35 U.S. states and the District of Columbia, whereas the number of states that had enacted adult-use cannabis laws jumped from 11 to 15.

Of the North American countries featured in this research analysis, Mexico is anticipated to see the highest CAGR over the forecast period, at an impressive 17.7 percent. The Mexican Senate approved a landmark cannabis legalization bill in November – it passed by a vote of 82 to 18, with seven abstentions.

Finally, the report highlighted numerous companies as leading industry players, including (but not limited to) Anandia Labs, EVIO Labs, GREEN LEAF, PerkinElmer Inc., SGS Life Sciences, Steep Hill Labs, Inc. and Thermo Fisher Scientific Inc.

You can request a sample copy of this report on North America’s cannabis testing market by clicking here.