Market Leader - Cannabis Testing Market
The global cannabis testing market is expected to reach USD 1,806 million by 2025 from USD 962 million in 2020, at a CAGR of 13.4% during the forecast period. The growth in this market is mainly driven by factors such as the legalization of medical cannabis and the growing number of cannabis testing laboratories (specifically in the US), the growing adoption of LIMS in cannabis testing laboratories, and increasing awareness. A lack of uniformity in rules and regulations, high costs, and inadequate personnel are major factors expected to hamper the market growth.
The major market players operating in the cannabis testing market are Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), MERCK KGAA (Germany), Thermo Fisher Scientific (US), DigiPath, Inc. (US), Steep Hill Inc. (US), SC Laboratories, Inc. (US), and PharmLabs LLC (US).
Agilent Technologies (US) held the leading position in the cannabis testing products market in 2019. The leading position of the company is primarily attributed to its strong geographic presence. The company provides analytical instrumentation, consumables for pesticide testing solutions, terpene testing solutions, potency testing solutions, residual solvent solutions, and heavy metal testing. To gain a competitive edge in the market, the company focuses on adopting organic and inorganic growth strategies such as product launches and acquisitions.
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Shimadzu Corporation (Japan) was the second-leading player in this market in 2019. Shimadzu’s growth and large share are attributed to its robust product portfolio, including analytical instruments and consumables for cannabis testing. To maintain its position in the market, the company focuses on adopting organic growth strategies such as product launches and expansions.
Thermo Fisher Scientific(US) held a substantial market share in 2019. The company provides services across the globe through its industry-leading brands. It has a wide range of solutions for the cannabis testing industry and a strong global brand presence.
DigiPath (US) is one of the leading players in the cannabis testing services market. The company offers a robust portfolio of testing services. To sustain its leading position in the cannabis testing industry, the company has adopted organic and inorganic growth strategies such as partnerships, collaborations, and agreements with cultivators and growers. This has helped it to gain a competitive edge.
Steep Hill (US), another important service provider, has a strong brand name and a wide product portfolio, including cannabis testing services, analytical and research services for cultivators, and dispensaries. To sustain its leading position in the cannabis testing services market, the company adopts organic growth strategies such as expansions. The company has many labs across the US, such as California, Seattle, Tukwila, Washington, and Albuquerque.
Related Reports:
Cannabis Testing Market by Products & Software’s (Instruments, Consumables, LIMS), Services (Heavy Metal Testing, Microbial Analysis, Potency, Residual Screening), End-User (Cultivators, Laboratories, Research Institutes) -Global Forecast to 2025
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