Yahoo Finance The global micropropagation market is expected to grow at a CAGR of 10.13% during 2022-2027
Micropropagation is increasingly used in plant vegetative propagation and involves carefully choosing plant tissue and mother plant growing under laboratory conditions to produce a new plant.
New York, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Micropropagation Market - Global Outlook and Forecast 2022-2027" - https://www.reportlinker.com/p06313600/?utm_source=GNW
Micropropagation has created lucrative opportunities for farmers and horticulturists to produce plant clones using cell culture technology. This procedure is not restricted to clone plants but is also utilized in making pathogen-free plants, in vitro culture, cryopreservation, and others.
The micropropagation market allows vendors to produce and export crops such as ornamental flowers, bananas, tomatoes, corn and others. In addition, advanced technology such as greenhouse horticulture and the high demand for disease-free and hybrid plants are growing exponentially in the market.
The crops grown through micropropagation techniques are preferred majorly among the consumers. The production of high-quality planting materials is rising with the increased tissue cultured industrial crops, and food crops are expected to anticipate the growth of micropropagation in the forecast period. Additionally, farmers are getting huge profits from new crops on unutilized lands. As a result, farmers’ incomes are diversified, increasing sustainability and the need to replicate industrial crops and food crops through micropropagation technology.
The consumption of cannabis as medicine is also gaining importance in the market for micropropagation of hemp tissue culture. Cannabis is a valuable multipurpose crop with medical, industrial, and nutritional applications. Henceforth, the development of cannabis as a medicinal crop is of great importance for the plant tissue culture market, expanding the growth of micropropagation of medicinal plants for various applications.
The growing interest in homegrown production and plant tissue culture market is expected to anticipate the growth of the micropropagation market. It is a field of interest for culturists to set up their lab and grow plants independently. Therefore, homegrown production and in-house labs are the new upcoming drivers of the plant tissue culture market, which will simultaneously enhance the growth for micropropagation in the forecast period
Impact of covid-19
The Covid-19 pandemic has significantly impacted the agriculture industry and caused a global decline in demand for the ornamental industry. For instance, in 2020, owing to lockdown restrictions, export of Dutch flower buds, over 400,000,000 remained unsold. The horticultural sector has got affected and faces problems like the fragility of the market, import and export crisis, and lesser labor supply, reducing the demand for flowers and food products.
The pandemic has disrupted the logistics and supply chain, which has increased the prices of oranges, avocados, and blueberries in Europe. The covid-19 crisis has caused many disruptions in livestock production, horticulture, planting, and harvesting. As the food processing research laboratories closed, many micropropagation specialists could not culture plants. Moreover, the increasing investment in research and development for advanced technology offers a secure food source for home garden plants and culture businesses.
Global Micropropagation Market Trends & Opportunities
Huge Demand For Micropropagation In Ornamental And Medicinal Plants
The ornamental market is highly active and internationalized with breeders, growers, and retailers. In Europe, most ornamentals are produced outside of Europe from countries such as Kenya, Ethiopia, and Israel and imported back to Europe. Germany dominates the market in Europe in terms of ornamental plants. Additionally, the consumption of cannabis as medicine is also gaining importance in the market for micropropagation of hemp tissue culture. Therefore, developing medicinal plants into crops has been encouraged across the European region.
Rising Demand For Home Laboratories And Production
The demand for organic fruits and vegetables to remain healthy has attracted many people to diversify their interests in homegrown fruits and vegetables with the help of micropropagation. Constructing areas with standard measures of micropropagation such as a sterile culture area and greenhouse can be created simply in the house. Therefore, the growing interest in homegrown production and plant tissue culture market is expected to anticipate the growth of the micropropagation market in the forecast period.
High Cost Of Commercial Propagation
The high cost of micropropagation is a severe limitation on extending the tissue culture business. A large scale of micropropagation requires vast space to maintain hundreds and millions of plants produced in the lab. Therefore, conditions about the rapid increase in production and equipment costs are the foremost factors expected to restrain the growth of the micropropagation market in the forecast period.
SEGMENTATION REVIEW
In 2021, horticulture was the leading revenue contributor with a share of 42.30%, and it is expected to grow at a CAGR of 11.04% during the forecast period. This leads to the expansion of sustainable agriculture and increased awareness of the medicinal qualities of plants, which is also driving the market growth.
In 2021, the micropropagation technique used by farmers to cultivate crops dominated the market and was expected to continue over the forecast period. Micropropagation has become more prevalent in the agriculture sector, and it is expected to avoid food scarcity problems in developing economies owing to the rapidly growing population in a limited amount of land, which is driving the market growth.
Segmentation by Crop Type:
• Banana
• Horticulture
• Medicinal Plant
• Agriculture and Vegetables
• Small Fruits
• Others
Segmentation by End-Users:
• Farmers
• Research Labs
• Others
Segmentation by Sales Channel
• Online
• Office
Segmentation by Container Type
• Test Tube & Petri Dishes
• Glass Bottles
• Plastic Containers
In 2021, Europe emerged as the most prominent geographical segment in the market and accounted for a revenue share of 37.91%. APAC was the second-largest market leader in 2021; the region accounted for a revenue share of 30.39% and is expected to grow at a CAGR of 8.99% during the forecast period. Furthermore, the increasing advancements in greenhouse horticulture and rapid expanding indoor farming facilities lead to the growth of the micropropagation demand in different countries.
Segmentation by Geography
• North America
o US
o Canada
• Europe
o UK
o France
o Germany
o Netherlands
• APAC
o India
o Japan
o China
o Thailand
• Latin America
o Brazil
o Mexico
• Middle East and Africa
o Saudi Arabia
o South Africa
COMPETITIVE LANDSCAPE
Key industry participants include RIVERS BIOTECH, AGRIFOREST BIO-TECHNOLOGIES, BOOMS PHARMA, AGRISTARTS, etc. There is intense competition among vendors in the market. Market leaders are currently emphasizing the adoption of disease-free plants due to the increasing sustainable farming trend. One of the main approaches that industry participants adopt is micropropagation for various products due to the rising usage of pesticides in agriculture.
Recent developments:
• As per the year 2021, Dark Heart Industry announced the opening of its R&D in Davis, California, which will ensure advanced science-based solutions and innovations that will directly help the customers experience technologically advanced products and their features.
• In 2020, the Dark Heart also introduced a production and research facility spread over 70,000 sq. Ft. in Half Moon Bay in California for more production of plants around 1 million annually.
• As of 2021, Agriforest received funding from the Canada-BC Agri innovation program to produce disease-free hazelnut plants.
Major Vendors
• Rivers Biotech
• AgriForest Bio-Technolgies
• Booms Pharm
• Agristarts
• Caisson Labs
• Dark Heart Industries
Other Prominent Vendors
• PlantMedia
• Segra International
• Phytocultures
• Tissue Grown Corporation
• Knight Hollow Nursery
• Phytoclone
• Lifeasible
• Deroose Plants
KEY QUESTIONS ANSWERED
1. WHAT WILL BE THE SIZE OF THE GLOBAL MICROPROPAGATION MARKET BY 2027?
2. WHO ARE THE KEY VENDORS IN THE MICROPROPAGATION MARKET?
3. WHAT ARE THE KEY FACTORS DRIVING THE GROWTH OF THE MICROPROPAGATION MARKET?
4. WHICH REGION WILL HAVE THE HIGHEST SHARE IN THE MARKET BY 2027?
Read the full report: https://www.reportlinker.com/p06313600/?utm_source=GNW
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