Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
According to The Global Cannabis Testing Services Market Report, by Test Type (Potency Testing, Terpene Profiling, Cannabinoid Profiling, Pesticide Screening, Residual Solvent Testing, Microbiological Screening, and Others), by End User (Cannabis Firms, Homecare Settings, and Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), published by Coherent Market Insights, the global cannabis testing services market was valued at US$ 114.3 million in 2017, and is projected to exhibit a CAGR of 8.5% over the forecast period (2018 – 2026).
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Increasing R&D to enhance the productivity and quality of cannabis products is expected to propel growth of the global cannabis testing services market over the forecast period. For instance, in November 2018, University of Moncton, Canada, partnered with the Government of Canada, Genome Atlantic, Genome Canada, New Brunswick Innovation Foundation, and Organigram to advance cannabis research and to increase its productivity. Moreover, in November 2018, Strainprint Technologies Ltd., a company focused on cannabis data and analytics, partnered with Israel-based companies, Lumir Lab and Gynica to conduct the world’s first international clinical study on the use of cannabis for the treatment of endometriosis.
Major players in the global cannabis testing services market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, In March 2019, Blueberries Medical Corp., a Colombia-based licensed medicinal cannabis producer, entered into a binding agreement to acquire cannabis cultivation, processing, manufacturing, export, and other rights in Argentina from BBV Labs Inc. Similarly, in March 2017, U.S.-based Steep Hill Labs, Inc. partnered with iCAN: Israel-Cannabis, an Israel-based medical marijuana company, to establish a testing lab in the Israel.
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Major players in the market are also focused on business expansion. For instance, in 2018, Steep Hill Labs, Inc. announced plans to expand operations to six western European markets.
Among test types, the pesticide screening segment is expected to witness significant growth in the market over the forecast period. This is attributed to implementation of regulation for pesticide screening of cannabis in the U.S. For instance, in January 2019, Washington state regulators discussed changes to the recreational marijuana program, which includes implementing mandatory pesticide testing in the near future.
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- The global cannabis testing services market is expected to register a CAGR of 8.5% during the forecast period (2018–2026)
- Increasing R&D to enhance the productivity and quality of cannabis products is expected to propel growth of the global cannabis testing services market over the forecast period
- Major players operating in the global cannabis testing services market include SC Laboratory, Eurofins Scientific, EVIO Labs, ProVerde Laboratories, Inc., Praxis Laboratory Cascadia Labs, Encore labs, SGS Canada Inc., Pharm Labs LLC, and Agricore Laboratories.
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