Possible meanings are that Peter speaks of the word of God either 1) as the seed of a plant that grows and produces new life in believers or 2) as the tiny cells inside a man or woman that combine to cause a baby to grow inside the woman. (See: [[rc://en/ta/man/jit/figs-metaphor]])
Peter speaks of God's word as if it were alive forever. In reality, it is God who lives forever, and whose instructions and promises last eternally. (See: [[rc://en/ta/man/jit/figs-metonymy]])