Homegrown Produce and Plant Tissue Culture Increasing the Development of the Micropropagation Market
According to the latest research report, micropropagation market will grow at a CAGR of over 10% during 2022-2027. 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 industry in the upcoming years.
THE MICROPROPAGATION MARKET IS EXPECTED TO REACH $3 BILLION BY 2027.
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. 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 the agriculture & horticulture industry is anticipated to increase during the forecast period.
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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 plant tissue culture. 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.
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.
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 in the upcoming years.
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.
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