Cannabis seeds present a wide spectrum of commercial opportunities, encompassing medicinal and recreational cultivation, industrial hemp production, and genetic research. Their value proposition is rooted in genetic diversity, allowing businesses to select strains tailored to specific market demands. It gives growers precise control over cultivation parameters, ensuring consistent product quality. They also aid in regulatory compliance, particularly in regions with legal cannabis frameworks. It supports sustainable practices through industrial hemp production, offering a renewable resource for environmentally friendly products. Businesses must adhere to local legal and regulatory frameworks while pursuing these opportunities and adhering to responsible business practices in the cannabis industry.
According to Data Bridge Market Research analyses, the Global Cannabis Seeds Market, which was USD 352.76 million in 2022, is expected to reach USD 1,044.47 million by 2030 and is expected to undergo a CAGR of 14.7% during the forecast period of 2023-2030.
“Medicinal cannabis becomes the growing factor for the market”
The use of cannabis for medicinal use promotes the growth of the market because more patients are looking for specific types of cannabis plants to help with their health issues. These special plants have different ingredients that can be helpful for things such as pain, seizures, or anxiety. As more people and organizations support the use of specific cannabis seeds for medical purposes, the market is producing more of these seeds to meet the increasing demand.
What restraints the growth of the global cannabis seeds market?
"Rise in marijuana black market challenges the market growth"
The marijuana black market remains significant, as evidenced by a recent audit conducted by the United Cannabis Business Association (UCBA). The audit revealed that 3,757 marijuana stores are actively dispensing marijuana, while only 873 of them hold valid state licenses. This data indicates that there are roughly three times more illicit retailers and dispensaries compared to legal ones. Despite the legalization of recreational marijuana, the black market maintains a dominant presence, posing a considerable challenge to the legal marijuana industry. This challenge is particularly evident in sourcing high-quality seeds from legitimate suppliers, as the prevalence of the black market discourages growers from utilizing authentic sources.
Segmentation: Global Cannabis Seeds Market
The global cannabis seeds market is segmented on the basis of seed type, strain, compound, category, distribution channel, and type of vendors.
- On the basis of seed type, the global cannabis seeds market is segmented into feminized seeds, auto flowering seeds, and regular seeds.
- On the basis of strain, the global cannabis seeds market is segmented into indica, hybrid, sativa, and ruderalis.
- On the basis of compound, the global cannabis seeds market is segmented into THC dominant, CBD dominant, balanced THC, and CBD.
- On the basis of category, the global cannabis seeds market is segmented into inorganic and organic.
- On the basis of distribution channel, the global cannabis seeds market is segmented into store based retailing and online/e-commerce retailing.
- On the basis of type of vendors, the global cannabis seeds market is segmented into resellers, seed manufacturing companies, and breeders.
Regional Insights: North America dominates the Global Cannabis Seeds Market
North America leads the cannabis seeds market because it has highly skilled and experienced companies making top-quality cannabis seeds for a long time. The region's rules and regulations favor conducting research to create even better cannabis seeds, giving these companies a competitive edge.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-cannabis-seeds-market
Recent Development in Global Cannabis Seeds Market
- In January 2023, Royal Queen Seeds became the first company in Europe to offer consistent and high-quality F1 cannabis hybrids for the legal cannabis market, setting a new standard for the industry.
- In September 2022, Bulgarian company CBD Seed Europe registered two high-CBD genotypes, "Midwest" and "Northwest," on the European Seed Register, featuring CBD concentrations of up to 12%. They plan to develop even higher CBD strains, benefitting from new THC content regulations set by the European Commission.
The Prominent Key Players Operating in the Global Cannabis Seeds Market Include:
- T.H.Seeds (Netherlands)
- Royal Queen Seeds (Spain)
- Dutch Passion (Netherlands)
- Sweet Seeds (Spain)
- Serious Seeds (Netherlands)
- DNA Genetics (Netherlands)
- Sensi Seeds (Netherlands)
- Green House Seed Co. (Netherlands)
- Crop King Seeds (U.S.)
- Amsterdammarijuanaseeds (Netherlands)
- Paradise Seeds B.V. (Netherlands)
Above are the key players covered in the report, to know about more and exhaustive list global cannabis seeds market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Cannabis Seeds Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
