Press Release: Global Cannabis Testing Services Market to Surpass US$ 4,527.6 Million by 2030, Says Coherent Market Insights (CMI)

Press Release: Global Cannabis Testing Services Market to Surpass US$ 4,527.6 Million by 2030, Says Coherent Market Insights (CMI)
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According to Coherent Market Insights, the global cannabis testing services market is estimated to be valued at US$ 1,658.9 million in 2022 and is expected to exhibit a CAGR of 13.4% during the forecast period (2022-2030). Key Trends and Analysis of the Global Cannabis Testing Services Market: The growing legalization of medical cannabis across various countries is one of the critical factors influencing the growth of the global cannabis testing services market. For instance, in 2018, The Farm Bill was proposed to legalize hemp production in the U.S. Following the trend, several nations in Europe and Asia are preparing to legalize medicinal cannabis to meet the need of growing patient population. Furthermore, the Australian government in January 2018, announced that it would allow medicinal cannabis exports, which is expected to provide growth opportunities for domestic manufacturers. Increasing number of cannabis export increased the testing carried for cannabis in laboratories which is expected to further drive the market growth. Key Market Takeaways: The global cannabis testing services market is expected to exhibit a CAGR of 13.4% during the forecast period, owing to increasing R&D activities in cannabis production. For instance, in November 2018, a team of agricultural technology and controlled environment experts at the University of Guelph, located in Canada worked on methods for cultivating higher-quality cannabis. The team is focused on medical cannabis production in a controlled setting, using patented plant-growing equipment that uses chambers to monitor and manage all factors during the growth process, including nutritional demands. In terms of end users, testing laboratories are expected to exhibit the highest CAGR in the cannabis testing services market during the forecast period, as cannabis testing facilities are becoming more efficient at providing complete analysis of possible analytes. For instance, according to Health Canada, on October 17, 2018, the federal government announced legalization of cannabis in Canada under the Cannabis Act (C-45). Moreover, Government of Canada, in 2018,…

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Source : Press Release: Global Cannabis Testing Services Market to Surpass US$ 4,527.6 Million by 2030, Says Coherent Market Insights (CMI)

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