Latest News- Cannabis Testing Market: Consumables is expected to lead the Product segment during 2024-2028

The Cannabis Testing Market is being driven by Increasing use of cannabis for medical purposes

The Cannabis Testing Market is expected to grow at a CAGR of 15.23% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2048.8 million. In the burgeoning cannabis market, vendors are responding to health concerns by offering premium, controlled cannabis products. These luxury offerings include edibles infused with therapeutic doses of cannabis, such as cookies, chocolates, muffins, brownies, teas, and chewing gums. For instance, Madame Munchie, a leading US-based company, produces cannabis-infused macarons, each containing 20 mg of THC. Their extensive range of flavors caters to a diverse consumer base over the age of 21, providing a sophisticated and health-conscious alternative to traditional smoking methods. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing use of cannabis for medical purposes
• Growing adoption of information management solutions
• Increasing global awareness about benefits of cannabis

However, the market also witnesses some limitations, which are as follows:

• High cost of analytical products
• Long-term side effects due to excessive use
• Regulatory and supply barriers to cannabis research

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Market Scope in Cannabis Testing Market Research Report

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Research Analysis Overview

The Cannabis Testing Market is witnessing innovation through the implementation of automation software, prioritizing accuracy and safety. Training and R&D are crucial for staying updated with industry trends and regulations. Data analysis is key for ensuring consumer safety and legal compliance. Future growth relies on accreditation, best practices, and certification. Solutions focus on data management, equipment, and turnaround time, while market analysis provides insights into market forecasts and industry trends. Services providers offer education, reporting, and chain of custody solutions. Sensitivity and traceability are essential for cannabis safety and certification. Cost, regulations, and outsourcing are significant factors influencing the market.

Market Research Overview

The cannabis testing market is a segment of the larger life sciences tools and services market, focusing on the analysis of medical cannabis products. This market encompasses product manufacturers, analytical laboratories, and associated companies specializing in digital records, regulatory standards, microbial testing, and residual solvent analysis. Utilizing advanced analytical instruments and consumables, these entities ensure the safety and quality of cannabis products, aligning with regulatory requirements. The market's expansion is driven by increasing demand for standardized testing, stringent regulatory compliance, and the growing medical cannabis industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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