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What is the market size of the devices and accessories used for home growing cannabis in the US?
Hello! Thanks for your question regarding the market size of the devices and accessories used for home growing cannabis in the US. The short version is that an estimated $7 billion will be spent on devices and accessories for home growing cannabis . Below you will find a deep dive of my findings.
MARKET ANALYSIS
The business of pot is growing, no pun intended. Estimates for the entire industry currently come in at $10 billion and future growth is expected to be from $23-29 billion by the year 2020. Of this, approximately $7 billion is from home based growing devices and accessories.
Given that in 2015, 70% of the industry value stemmed from accessories, this means that upwards of $20.3 billion in accessories could be sold by 2020. Further, drilled down is not freely, publicly available, but the Marijuana Business Journal does have a comprehensive factbook available for purchase for $249.
Currently California, Colorado, Washington, Oregon, New Mexico, Nevada, Alaska, Arizona, Massachusetts, Michigan, Maine, the District of Columbia (D.C.) and Hawaii allow individuals to legally grow cannabis.
PRODUCTS
There is a long list of devices and accessories used for home growing that are currently available on the market. Products range from self contained grow systems all the way down to simple nutrient ingredients for growing. Below are a few highlighted examples of products:
Leaf is a plug-n-plant system that automatically grows plants and is controlled by your smartphone. At $2,990, it is a higher end system, but offers ease of use and a sleek, discreet design.
Hydroponics systems are a simple water culture method using nutrients, buckets, and planting of seeds all for around $70.
Grow tent packages are involved systems with a tent, light source, duct, fan, thermometer, ground timer, and more. These can range any from $500 up to $20,000 or more based on the size of the operation.
Grow Cabinets are basic locker style boxes consisting of trays, lighting, fans, filters, and some come with nutrient supplies. These range anywhere from $300 - $2,000.
Given the size and range of products that can be associated with at home growing, (complete systems, down to simple tents and nutrients) an in depth analysis of the highest margin products may be an informative exercise.
CONCLUSION
The overall market for cannabis and cannabis related products is growing faster than ever before and there are many approaches to consider when diving into the cannabis industry. Also consider that the niche market of home based growing has its own pros and cons such as difficulty of home growing versus ease of purchasing from a retailer.
To wrap it up, the market size of home based cannabis growing devices and accessories is estimated to be roughly $7 billion. Thanks for using Wonder! Please let us know if we can help with anything else!"