Europe & APAC are the key regions dominating the Micropropagation market. Orchids & Ornamentals plant micropropagation market to grow at a CAGR of more than 11%.
Chicago, Aug. 01, 2022 (GLOBE NEWSWIRE) -- According to the latest Arizton market research report, micropropagation market will grow at a CAGR of over 10% during 2022-2027and the market revenue to reach USD 3 billion by 2027. The development is generally in the form of shoot buds or shoots, which are further rooted for the completion of plantlets. Therefore, micropropagation plays a significant role in crop improvement, which will further expand the growth of the market in the upcoming years.
The demand for disease-free plants in the horticulture & agriculture sector, coupled with the innovations in cell culture technology, is expected to grow significantly. Therefore, the use of micropropagation in agriculture & horticulture industry is anticipated to increase during the forecast period.
During the pandemic, there was an increase in demand for organic fruits and vegetables grown at home using micropropagation. Building new labs with standard measurements, culture areas, and greenhouses is simple for large industries, but not for home growers. As a result, the growing interest in homegrown produce, as well as the expansion of the plant tissue culture market, are expected to drive the growth of the global micropropagation market during the forecast period.
Crop Type, End-User, Sales Channel, Container Type, and Region
Europe, APAC, North America, Latin America, and Middle East & Africa
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The popularity of medicinal plants is on the rise as people diversify their interests in homegrown medicine plants. Hence, the increased demand for medicinal plants pushes the need for micropropagation. The demand for micropropagation is expected to surge further during the forecast period due to the popularity of medicinal plants in India, the US, and others. In recent years, tetrahydrocannabinol (THC) (psychoactive) and low THC (industrial hemp) gained momentum in the field of medicine and food. Tissue culture clones contribute to the production of disease-free plants and the development of various technologies for genetic improvement. Therefore, the development of cannabis as a medicinal crop is essential in the plant tissue culture market, expanding the demand for the micropropagation of medicinal plants for various applications.
Globally, micropropagation products are widely used. The rising demand for micropropagation products prompts several new vendors to enter the market, and the competition among these vendors leads to the launch of several innovations and cutting-edge products. These businesses compete on a variety of fronts, including cost, dependability, accessibility, and branding. The most crucial elements for sellers to have an advantage over rival vendors are market price and quality.
Europe & APAC are the key regions dominating the Micropropagation market as the demand for horticulture products (orchids & ornamentals, bananas, tomatoes, corn & others) are rising across the region.
Orchids & ornamentals segment dominating the micropropagation market is projected to grow at a CAGR of 11.04% during 2022-2027.
In 2020, according to Agrarmarkt Information-Gesellschaft, (AMI), the German market for flowers and ornamental plants (market volume) grew by approximately 5.2%. Hence, such expansion in the ornamental’s plants market is supporting the demand for the micropropagation market in Germany during the forecast period.
The Test tube & petri dishes segment is expected to add a revenue of $628.98 million in the micropropagation market during the forecast period.
Rivers Biotech, AgriForest biotechnologies, Booms Pharm and Agristarts are some of the leading players dominating the Micropropagation market. The market competition is expected to intensify further with an increase in product extensions and growth in technological innovations.
In 2021, the company AgriForest biotechnologies received funding from the Canada-BC Agri innovation program to produce disease-free hazelnut plants.
Test Tube & Petri Dishes
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