South Korea Cannabis Testing Market Growth & Key Business Strategies

 

The growing demand for legalization of cannabis for medical purposes in many countries and the growing adoption of LIMS in cannabis testing laboratories have contributed to the growth of the cannabis testing market. Moreover, cooperation between large companies is expected to boost the market. High startup cost for cannabis testing laboratories is expected to restrain the market growth. These laboratories have to make significant investments in purchasing and maintaining high-cost, advanced analytical equipment.

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The global cannabis testing market is segmented on the basis of product, test type, end user, and region. On the basis of product, the cannabis testing services market is classified into instruments, consumables, and software. Instruments segment is further classified into chromatography instruments and spectroscopy instruments. Furthermore, chromatography instruments segment is subdivided into liquid chromatography and gas chromatography. Spectroscopy instruments segment is bifurcated into mass spectrometry instruments and atomic spectroscopy instruments. By test type, it is categorized into heavy metal testing, microbial analysis, potency testing, residual screening, and others. By end user, it is divided into cannabis cultivators/growers, cannabis drug manufacturers, and others.

𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬:

• Quantitative analysis along with the current global cannabis testing market trends from 2020 to 2027 to identify the prevailing opportunities along with the strategic assessment.
• The cannabis testing market forecast is studied from 2020 to 2027.
• The cannabis testing market size and estimations are based on a comprehensive analysis of key developments in the industry.
• A qualitative analysis based on innovative products facilitates strategic business planning.
• The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the global cannabis testing market.
• Key players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook of the global cannabis testing market.

COVID-19 Impact Analysis:

The sudden outbreak of the COVID-19 pandemic has a positive and a negative impact on the pharmaceutical and life sciences industry. Certain market segments have been more severely affected due to the low demand for instruments, consumables, and reagents as well as due to supply chain disruptions and trade restrictions. Overall, labs across the globe were shut down or running at a reduced capacity. The labs, which were fully or partially open were working majorly on COVID-19 testing instead of carrying out usual operations. The medical cannabis market lost some revenue due to factors such as testing laboratories closures, disrupted supply chains, general economic slowdown, and restricted movement.

According to a new report published by Allied Market Research, titled, global cannabis testing market was valued at $1,029 million in 2019, and is projected to reach $2,445 million by 2027, registering a CAGR of 11.9%. Cannabis testing refers to the fact that individual samples of cannabis can be tested for contamination and impurities such as THC, CBD and terpene levels as well as residual solvents, molds, diseases, pesticides or pesticide residues. 

North America accounted for the largest share of revenue in 2019, and is anticipated to maintain its dominance from 2020 to 2027, owing to legalization of cannabis (especially in the U.S.) and the growing ease of availability of instruments, software, and services for cannabis testing. However, LAMEA is expected to grow at the highest CAGR, owing to increasing number of cannabis cultivators, testing laboratories, and legalization of cannabis for medical use.

Each individual state and municipality can implement its own standards and regulations for what must be tested and printed on cannabis labels. Furthermore, individual producers may opt for more stringent standards and go so far as to test their samples for CBC and CBG levels. This test can only be performed by certified chemists and laboratory technicians. Previously, both the cultivation and sale of marijuana had been banned worldwide for many years. Now, many countries are recognizing the benefits of cannabis for medicinal purposes and are withdrawing their ban.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Some of the key players operating in the cannabis testing market include Agilent Technologies Inc., Danaher Corporation, Merck KGAA, PerkinElmer, Restek Corporation, SC Laboratories, Shimadzu Corporation, Steep Hill, Thermo Fisher Scientific, and Waters Corporation.