Why it matters: The global cannabis seed market is projected to experience significant growth, with a value of $1.3 billion in 2021 and an estimated value of $6.5 billion by 2031. The market faced short-term negative growth due to the COVID-19 pandemic but is now recovering and expected to gain momentum after 2022.
What they are saying: The report from Allied Market Research highlights the impact of COVID-19 on the cannabis seed market and the factors that restricted its growth during the pandemic. The market is slowly recovering and is expected to experience substantial growth in the coming years.
The big picture: The cannabis seed market includes three categories: feminized, regular, and autoflowering seeds. Regular seeds dominate the market, while feminized seeds are growing at a moderate rate. Autoflowering seeds have genetic traits that induce flowering regardless of light cycles, allowing growers to customize their plants based on various factors.
What to watch: Distribution channels for cannabis seeds include specialty stores, wholesalers and distributors, and online sales channels. Specialty stores are witnessing the fastest-growing distribution channel. The market for cannabis seeds is expanding due to increasing demand in both the medical and recreational markets.
My take: The projected growth of the cannabis seed market reflects the increasing popularity and acceptance of cannabis cultivation. As more individuals grow cannabis at home and explore its genetic potential, the demand for quality seeds will continue to rise. This presents opportunities for seed producers and retailers to cater to the evolving needs of growers. Additionally, the potential health benefits associated with cannabis seeds contribute to their market expansion. However, it will be crucial to gather more data and scientific evidence to support these claims and ensure accurate product labeling.
