The global cannabis seeds industry was estimated at $1.3 billion in 2021 and is set to reach $6.5 billion by 2031, according to a report published by Portland, Ore.-based Allied Market Research. The ten-year market analysis and industry forecast offers a detailed analysis of changing cannabis seed market trends, top segments, key investment pockets, value chains, regional landscapes and competitive scenarios.
Driving the global cannabis seeds market, the report finds, is a growing awareness of cannabis’ therapeutic benefits and the advancing legalization of cannabis worldwide. The legalization of cannabis in countries such as Thailand, Australia and New Zealand for medicinal use will open new growth opportunities for the global seed market in the coming years.
Growers sticking to tried and true
The conventional cannabis seed market — versus organically grown seeds — contributed to the highest market share in 2021. Sales of conventional seeds accounted for more than half of the global market share. The segment is predicted to register the fastest CAGR of nearly 18.7% from 2022 to 2031. The growth of the segment can be attributed to conventionally grown cannabis still utilizing chemical fertilizers and pesticides.
On the basis of seed type (feminized seeds, regular seeds, autoflowering seeds), the regular seeds segment accounted for nearly half of the global market share in 2021. The segment is predicted to contribute majorly toward overall market share by 2031, due to the use of regular seed in the commercial production of cannabis. The feminized seeds segment, however, is anticipated to record the fastest CAGR of 19.5% over the forecast period. That predicted growth is attributed to the rise in the number of commercial and residential growers of cannabis seeking efficiency and simplified cultivation.
In terms of distribution channels, wholesalers and distributors contributed to the highest market share of seed sales in 2021. Wholesalers and distributors play a pivotal role in the acquisition, storage and preparation of seeds for sale to customers. Also playing a key role in logistics and transport activities, these channels are expected to see growth over the forecast. However, the specialty stores segment is predicted to register the fastest CAGR of nearly 19.4% from 2022 to 2031. Changes in consumer attitudes and an attention to wellness-focused lifestyles has led to the introduction of specialized retail formats for seed sales — favored by customers seeking personalized and expert growing guidance.
North America’s green thumb
By Region, North America contributed notably in 2021, and is projected to continue its dominance during the forecast period. The region accounted for more than four-fifths of the global cannabis seeds market in 2021. However, Latin America, the Middle East and Africa are anticipated to record the fastest CAGR of 30.5% from 2022 to 2031, due to the legalization of cannabis in several countries in Africa.
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The report analyzed key players in the global cannabis seeds market, pinpointing those who have implemented key business strategies to reinforcing their position in the industry.
Major global seed market players:
- Barney’s Souvenirs BV
- Christiania Seeds Crop King Seeds
- DELICIOUSSEEDS
- Dinafem Seeds
- Dutch Passion
- Green House Seed Co.
- I Love Growing Marijuana
- Mountain Top Seed Bank
- Paradise Seeds
- Royal Queen Seeds
- Seed Cellar
- Seed Supreme
- Sensi Seeds
- Tropical Seeds Co.
A free download of the report is available at www.alliedmarketresearch.com/request-sample/17287
A new report by Allied Market Research predicts sales of cannabis seeds to accrue $6.5 billion, Globally, by 2031 at 18.4 percent CAGR. PHOTO JORGES BARRIOS
