Data Bridge Market Research recently released a study that focused on the global cannabis seeds market, which finds that the market was valued at $1.4 billion in 2021 and is expected to reach $5.7 billion by 2029, registering a CAGR of 18.7% during this forecast period.
In recent years, cannabis seeds have shown a considerable increase in demand across the globe and are predicted to continue to do so over the forecast period. The big consumer base and the recognition of its medical benefits worldwide are driving vendors to increase their geographic presence, which is boosting the expansion of the cannabis seeds market. The increased adoption which further increases the market demand have largely contributed to the growth of the market.
Recent Developments
In June 2021, Canopy Growth, one of the world’s largest cannabis companies, completed the acquisition of The Supreme Cannabis Co., acquiring 100% of the company’s issued and outstanding common shares. Furthermore, Canopy’s total leadership position in the Canadian recreational market is strengthened by the acquisition of Supreme, which results in a pro forma Q4 FY 2021 market share of 18.1%.
Furthermore, the acquisition provides an immediate opportunity for value development, with $30 million in synergies expected to be realized within the next two years.
In March 2021, STADA Arzneimittel AG, one of Germany’s leading pharmaceutical companies, entered the medical cannabis market with a deal with MediPharm Labs, a Canadian company, to introduce two flower products and six more in the future.
MediPharm will deliver GMP-certified medicinal cannabis products to STADA and manufacturing, logistical and regulatory support under the conditions of the exclusive collaboration. STADA will be in charge of commercializing cannabis products, first in Germany and marketing and medical education, with a field force with pharmaceutical experience.
Concentrates Segment
The concentrates segment within the Cannabis Seeds Market, by product type, is estimated to be growing at the fastest rate from 2022-2029. This is majorly due to the varied number of forms in which concentrates let one experience cannabis in a multitude of ways, such as shatter, rosin, wax, crumble, oil, dabs and tinctures. Concentrates also offer a wide variety of delivery methods, such as smoking, vaping, dabbing, ingestion and tinctures, which further aid their market growth.
