Micropropagation Market to Generate Revenue Worth $2,711 Million by 2030
- Published: December 2022
The global micropropagation market size is expected to advance at a CAGR of 9.8% during 2022–2030, to reach $2,711.0 million by 2030. This can be ascribed to the rising need for organic fruits and vegetables in order to stay healthy. This has prompted many individuals to broaden their interests in homegrown fruits and vegetables through micropropagation. In a house, basic micropropagation methods such as a sterile culture space and greenhouse can be easily used.
Banana Micropropagation Accounts for Second-Largest Market Share
Based on crop type, the banana category held the second-largest market share in 2022, and the category is predicted to grow at a CAGR of more than 8% over the forecast period. Banana micropropagation is an established technique, due to its advantages, including large-scale production of disease-free plants, uniform plant growth, round-the-year availability of planting materials, and others. These factors are expected to increase the demand for banana micropropagation during the forecast period.
Furthermore, the medicinal plants category is growing at a significant rate, as medicinal plants are the primary source of therapies for many diseases and only part of the herbal products originates from cultivated biomass. Hence, many companies have adopted the micropropagation technique to produce high-demanded medicinal plants in mass to solve the supply issues of therapeutic natural substances.
Offline Sales Dominate the Market
The offline sales channel held the largest market share, of around 60%, in 2022. This is because propagated plants are mainly sold through retail distribution channels, such as dealers, distributors, wholesalers, specialty stores, nurseries, landscape nurseries, and research labs. Moreover, dealers and distributors fulfill large customer requirements through commercial spaces. Also, manufacturers partner with reliable dealers and distributors across regions to market and sell their products in bulk.
Europe Leads the Market
In 2022, Europe accounted for the largest revenue share, of around 40%, in the market. Significant changes have occurred in European agricultural policies, including the adoption of sustainable farming techniques and public awareness campaigns concerning government subsidies for low-income farmers. Grants are provided by European governments to promote high-quality food production, price stability, and a steady supply of agricultural goods. These factors increase farmers' basic income and contribute to the economy through the agriculture business. They also assist farmers in improving crop genetics and yields, hence increasing exports. Thus, these variables have a favorable impact on the European micropropagation market growth.
Key players in the global market have been involved in various strategic developments, such as facility expansion, to remain competitive and improve their position. Major players operating in the micropropagation market include 3 Rivers Biotech, Caisson Laboratories Inc., Dark Heart Industries, AgriForest Bio-Technologies, Labland Biotech Private Limited, Phytoclone Inc., Phytocultures Ltd., and PhytoTech Labs Inc.