Global MJ Seed Market Projected to Reach $6.5 Billion by 2031

According to a new report from Allied Market Research, the global marijuana (MJ) seed market is expected to generate a net profit of $6.5 billion by 2031. This figure includes not only the industrial and therapeutic segments of the market, but also seeds for recreational plants, which in many countries and regions remain largely unregulated.

Overall, the industry’s revenue is projected to grow from $1.3 billion at the beginning of 2021 to $6.5 billion by 2031. Experts estimate that the market will see an average annual growth rate of at least 18.4%.

Growth Drivers and Market Trends

The authors of the report base their projections on existing industry data and forecasts related to the opening of new markets, such as Germany and countries in Africa and Asia, as a result of ongoing reforms. The report notes that, according to a YouGov survey, about 7% of cannabis consumers in Germany prefer to purchase cannabis in the form of seeds.

The U.S. Market Remains Promising

The United States continues to be a highly promising market for seed sales. Despite the ongoing federal ban on cannabis plants themselves, authorities have not taken any measures to restrict the sale of cannabis seeds.