Cannabis Seeds Market to Accrue $6.5 Bn, Globally, by 2031 at 18.4% CAGR: Allied Market Research

Drivers, restraints, and opportunities

Legalization of cannabis seeds in various countries and awareness among the people about the therapeutic benefits of cannabis drive the growth of the global cannabis seeds market. Apart from this, the rise in consumer knowledge about the health advantages provided by cannabis seeds and their growing medicinal use will boost market expansion across the globe over the forecasting years. Moreover, the legalization of cannabis in countries such as Thailand, Australia, and New Zealand for medicinal use will open new growth opportunities for the global market in the coming years.

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Covid-19 scenario:

The conventional segment to dominate the global market in terms of revenue by 2031

Based on the nature, the conventional segment contributed to the highest market share in 2021, accounting for more than half of the global cannabis seeds market share. Reportedly, this segment is predicted to contribute majorly toward overall market share by 2031. Furthermore, this same segment is predicted to register the fastest CAGR of nearly 18.7% from 2022 to 2031. The growth of the segment over the forecast period can be attributed to the use of conventionally grown cannabis in chemical fertilizers and pesticides for preventing pest infestations in plants. The report also analysis other segments such as the organic segment.

The regular seeds segment to hold the major market share over 2022-2031

On basis of the type, the regular seeds segment contributed to the highest market share in 2021, accounting for nearly half of the global market share. Reportedly, this segment is predicted to contribute majorly toward overall market share by 2031. The growth of the segment over the forecast period can be due to the use of regular seeds in the commercial production of cannabis. Furthermore, the feminized seeds segment is anticipated to record the fastest CAGR of 19.5% over the forecast period. The growth of the segment over the forecast period can be attributed to the rise in the number of commercial and residential growers of cannabis. The report also includes other segments such as autoflowering seeds.

The wholesalers and distributors segment to dominate the global market by 2031

In terms of the distribution channel, the wholesalers and distributors segment contributed to the highest market share in 2021, accounting for more than half of the global cannabis seeds market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The expansion of this segment over the forecast timeline is due to the segment being a key component of logistics and transport activities. Furthermore, wholesalers and distributors play a pivotal role in the acquisition, storage, and preparation for the sale of cannabis products to their customers.  However, the specialty stores segment is predicted to register the fastest CAGR of nearly 19.4% from 2022 to 2031. The segmental surge can be due to the delivery of high-quality service and detailed product specifications & expert guidance to customers. Apart from this, the constant evolution of the retail industry along with changes in consumer behavior and improvement in overall lifestyle across the world has led to the introduction of specialized retail formats, thereby driving segmental growth.

North America to retain global market domination over 2022-2031

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. The growth of the market in the region over the forecast timespan can be credited to the high demand for cannabis and cannabis products in the region. However, the LAMEA region is anticipated to record the fastest CAGR of 30.5% from 2022 to 2031. The growth of the regional market over the forecast period can be attributed to the legalization of cannabis in several countries in Africa.

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Major market players

The report analyzes these key players in the global cannabis seeds market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.   

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