Global Cannabis Seeds Market Projected To Reach $6.5 Billion By 2031
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Global Cannabis Seeds Market Projected To Reach $6.5 Billion By 2031 by Johnny Green
The global cannabis seed market is projected to experience significant growth between now and 2031 according to a market report by Allied Market Research. The market researchers estimate that the value of the worldwide cannabis seed market was $1.3 billion in 2021 and that the sector’s value will increase to $6.5 billion by 2031 (a CAGR of 18.4%).
Increased demand for cannabis seeds is due to various factors, not the least of which is laws being modernized around the globe to permit the sales and purchases of cannabis seeds. A great example of that can be found in Germany where, as of April 1st, 2024, adults can cultivate up to three cannabis plants in their private residences.
Many German home cultivators are purchasing seeds to populate their home gardens. A recent YouGov poll in Germany found that 7% of poll participants indicated that they had already purchased cannabis seeds (or clones) since legalization took effect.
In addition to the 7% of poll participants indicating that they had already purchased cannabis genetics for their home gardens, another 11% of poll participants responded that they plan to purchase cannabis genetics in the future. Increased demand for cannabis seeds in Germany has resulted in booming sales among Europe’s seed banks.
Another part of the world where cannabis seeds are very popular is the United States. Currently, twenty-four states have adopted adult-use legalization laws in the U.S., as well as in Washington D.C. Not every jurisdiction permits home cultivation, however, most do, and many consumers are taking advantage of the recently afforded freedom.
In 2022, the DEA confirmed that cannabis seeds are legal now in the United States since they do not contain enough THC to be prohibited. Cannabis seeds are considered hemp under U.S. law, and hemp was legalized nationwide as part of the 2018 Farm Bill.
A great event dedicated to cannabis seeds is coming to San Francisco on December 7th-8th, 2024. More than 1,000 cannabis cultivators are expected to access the next generation of elite cannabis genetics at the first “Terpnami” seed fest in San Francisco. The event will feature over 20 cannabis seed breeders.
The public event is free to attend with RSVP and will be open from 11 a.m. to 4 p.m. Saturday, December 7th and Sunday, December 8th.
“Terpnami will feature fine food, drink, art, DJs, and festival attractions. A weekend of events including clone and seed drops at Bay Area dispensaries like 7 Stars, as well as VIP receptions wrap around the seed festival.” stated SFHashWeek in a recent blog post.
The event is organized by award-winning journalist and best-selling author David Downs. His ‘David Downs Presents’ production team brought more than 25 events to San Francisco in 2024, including the incredibly successful SF Weed Weeks and SF Hash Week.
“Everything in cannabis starts with great genetics and I’m honored to celebrate the breeders. Breeders are rockstars and deserve to be celebrated in a world-class city with a top-notch event. San Francisco in December is the perfect place for the cannabis genetics world to get together every year,” Downs said.
According to a recent survey conducted by The Harris Poll, most cannabis cultivators (61%) prefer to start their gardens with seeds. The study also found that:
81% of cannabis consumers agree all Americans should have the right to grow at home
62% of cannabis consumers would rather grow their own cannabis than buy it
34% of cannabis consumers who have grown at home do so because they feel safer consuming their own home-grown flower compared to store-bought cannabis
This article first appeared on Internationalcbc.com and is syndicated here with special permission.
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