The size of the Latin America cannabis testing market is projected to be worth USD 140.23 Million in 2022 and USD 238.44 Million by 2027, growing at a CAGR of 11.2% from 2022 to 2027.
A key contributor to market growth is the increasing approval of medical cannabis use. Cannabis extracts are used to treat many neurological and psychiatric disorders. As the incidence of these diseases increases, so does the use and production of cannabis, leading to a growth in the Latin American Cannabis Testing Market. According to the World Health Organization, about 450 million people are affected by the disease as of 2019, making mental disorders a leading cause of health and disability worldwide. Globally, more than 264 million people of all ages suffer from depression, the most common mental disorder. Women are more affected by depression. Also, increasing awareness of LIMS and adopting LIMS in laboratory-tested cannabis is another factor driving the market growth. Moreover, favorable government initiatives and the growing number of research partners are the drivers that are presumed to drive the Latin America Cannabis Testing market growth.
The Latin America Cannabis Testing Market is to witness continued growth with the rising demand for consumables testing technology and the introduction of technologically advanced equipment. Legalizing cannabis in various regions is driving growth, as research and enterprise investment in laboratory development is overgrowing. Multiple studies on the overall composition of cannabis show that they have a vital role in treating a few chronic diseases. It also has numerous medicinal properties that can treat deadly diseases like cancer.
The cannabis testing market in the Latin American region witnessed an increased investment in cannabis research and development, which has opened up some prospects for cannabis use. This, in turn, is intended to drive the LATAM market for cannabis testing in the future.
However, the high cost of cannabis testing equipment is a significant drawback to market growth. In addition, some countries still ban the commercialization of cannabis, limiting the growth of the cannabis testing business in the area.
This research report on the Latin American cannabis testing market has been segmented and sub-segmented into the following categories:
By Testing Procedures:
By Product & Software:
Brazil, followed by Mexico, is expected to account for most of the Latin American share during the forecast period. Factors such as the increasing number of accidents under cannabis intoxication and the legalization of cannabis in some regions for medical purposes are expected to propel regional market growth.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the Latin America cannabis testing market profiled in the report are Agilent Technologies, Inc., Shimadzu Corporation, Waters Corporation, PerkinElmer, Inc., AB SCIEX LLC, Millipore Sigma, Restek Corporation, LabLynx, Inc. (U.S.), Steep Hill Labs, Inc., PharmLabs, LLC, SC Laboratories, Inc., Digipath Labs, Inc., CannaSafe Analytics, and Accelerated Technology Laboratories, Inc.
The Latin American cannabis testing market is estimated to grow at a CAGR of 11.2% between 2022 to 2027.
Regulatory uncertainty, limited access to testing facilities in some regions, and a lack of standardized testing methods and protocols are some of the key challenges to the Latin American cannabis testing market.
The adoption of new testing technologies, the development of standardized testing protocols, and an increasing focus on testing for cannabinoid and terpene profiles are some of the recent trends in the Latin American cannabis testing market.
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