According to a new report published by Allied Market Research, titled, “Cannabis Seeds Market,” The cannabis seeds market size was valued at $1.3 billion in 2021, and is estimated to reach $6.5 billion by 2031, growing at a CAGR of 18.4% from 2022 to 2031.
The Cannabaceae family of flowering plants includes the genus Cannabis. Cannabis sativa, cannabis indica, and cannabis ruderalis are its three species. Protein, fiber, and healthy fatty acids like omega-3s and omega-6s are all abundant in cannabis seeds. The seeds have significant levels of gamma-linolenic acid and arginine. These compounds help treat chronic pain, lower the risk of heart disease, and enhance neurological and other problems. These seeds also contain calcium, potassium, vitamin E, Sulphur, phosphorus, magnesium, and zinc among other minerals. Those who can’t consume nuts, gluten, lactose, or sugar can eat them because they are high in vitamin E. The market for cannabis seeds is expanding as a result of the increasing cannabis seeds market demand in both the medical and recreational markets.
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According to cannabis seeds market analysis, the global cannabis seeds market is analyzed on the basis of nature, type, distribution channel, and region. By nature, the market is divided into organic and conventional. Among these, the conventional segment occupied the major cannabis seeds market share of the market in 2021, and is projected to maintain its dominance during the cannabis seeds market forecast period. Cannabis that is produced conventionally employs chemical fertilizers and pesticides to help fight disease and prevent pest infestations, assuring healthy plant growth and output. Additionally, hybridizing traditional cannabis seeds results in plants with the best traits of both parent species.
By type, the market is divided into feminized seeds, regular seeds, and autoflowering seeds. The feminized seeds segment is growing at a moderate rate during the forecast period. Cannabis seeds that have undergone genetic modification to become only female plants are known as feminized seeds. Utilizing feminized cannabis seeds has several advantages for growers, but the main one is that pollinating male plants do not need to be found or removed. Feminized cannabis seeds have various benefits for growers. By removing the hassle of identifying the male and female cannabis plants, feminized seeds facilitate growth and save a great deal of time. The farmers can produce plants with clones due to these seeds. These cannabis seeds market trends is creating lucrative cannabis seeds market opportunity for the cannabis seeds market growth.
By distribution channel, it is classified into specialty stores, wholesalers and distributors, and online sales channel. The wholesalers and distributors segment dominates the market during the forecast period. Cannabis seed wholesalers and distributors are committed to providing cannabis seeds to authorized merchants and dispensaries. They might be dealers or licensed third-party distributors as well as growers or seed manufacturers of cannabis. The third-party distributors are in charge of providing cannabis seeds to authorized retail establishments and dispensaries after purchasing them in bulk from industrial farmers.
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The region that dominated the global cannabis seeds market in 2021 was North America, and this dominance is anticipated to continue throughout the forecast period. Due to the growing legalization of cannabis in North America for both medical and recreational purposes, the industry is expanding throughout the area. Additionally, as more people become aware of cannabis’ therapeutic advantages, its use in medicine is fast growing. These companies also want to extend their production regions and engage in mergers and acquisitions, all of which will benefit the cannabis seed market in the region in the upcoming years.
Exporters in both developed and developing nations faced a number of difficulties as a result of the COVID-19 epidemic. The implementation of lockdown and curfew procedures on a global scale had an impact on both domestic and foreign manufacture of cannabis seeds, which in turn hindered cannabis seeds industry expansion. As a result, the COVID-19 epidemic had a negative influence on the cannabis seeds market in 2020 as a result of decreased company sales and operations being suspended.
The major players analyzed for global cannabis seeds industry are Barney’s Souvenirs BV, Christiania Seeds, DELICIOUSSEEDS, Dinafem Seeds, Dutch Passion, Green House Seed Co., I Love Growing Marijuana, Mountain Top Seed Bank, Paradise Seeds, Seed Cellar, Seed Supreme, Sensi Seeds, Tropical Seeds Co., and Royal Queen Seeds.
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KEY FINDINGS OF STUDY
- By nature, the conventional segment was the highest revenue contributor to the market, with $690.1 million in 2021, and is estimated to reach $3,623.2 million by 2031, with a CAGR of 18.7%.
- By type, the regular seeds segment was the highest revenue contributor to the market, with $601.2 million in 2021, and is estimated to reach $3,000.5 million by 2031, with a CAGR of 18.1%.
- Depending on distribution channel, the wholesalers and distributors segment was the highest revenue contributor to the market, with $695.5 million in 2021, and is estimated to reach $3,439.0 million by 2031, with a CAGR of 18.0%.
- Region wise, North America was the highest revenue contributor, accounting for $1,105.7 million in 2021, and is estimated to reach $4,589.0 million by 2031, with a CAGR of 16.0%.
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