Asia Pacific Cannabis Testing Services Market Size & Outlook
Asia Pacific cannabis testing services market, 2018-2030 (US$M)
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Asia Pacific Cannabis testing services market insights
- The Asia Pacific cannabis testing services market generated a revenue of USD 297.3 million in 2023.
- The market is anticipated to grow at a CAGR of 25.5% from 2024 to 2030.
- China cannabis testing services market was the largest revenue contributor in Asia Pacific in 2023.
- In terms of segment, potency testing was the largest segment in 2023.
- Potency Testing is the most lucrative product segment registering the fastest growth during the forecast period.
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Cannabis Testing Services Market Scope
Cannabis Testing Services Market Companies
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Asia Pacific cannabis testing services market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to cannabis testing services market will help companies and investors design strategic landscapes.
Cannabis regulations in Asia Pacific vary significantly between countries. These laws are strongly dependent on traditional, cultural, and religious beliefs of people. For instance, cannabis plays a major role in Afghanistan’s predominant culture. Despite using cannabis in the form of hashish, its cultivation & use as cannabis or derivatives such as CBD is strictly prohibited.
In many other countries of the region, cannabis along with CBD remains illegal, primarily because the countries do not differentiate between hemp and marijuana. However, this creates a problem for people intending to use cannabis as a medicine. Focusing on health benefits provided by cannabis could help in legalizing it in the region.
Moreover, the countries in this region are considered as emerging markets for cannabis and derivatives. There is potential for growth in the region due to favorable climatic conditions and increasing awareness about cannabis & its medical benefits. This is one of the major reasons responsible for companies trying to enter into Asia Pacific cannabis market.
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Target buyers of Asia Pacific cannabis testing services market databook
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Our clientele includes a mix of cannabis testing services market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific cannabis testing services market, including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific cannabis testing services market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific cannabis testing services market size, by country, 2018-2030 (US$M)
Asia Pacific Cannabis Testing Services Market Share, 2023 & 2030 (US$M)
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