Gibberellins Market size is forecast to reach $975 million by 2025, after growing at a CAGR of 9.7% during 2020-2025. With rise in global population and decreasing area for cultivation are anticipated to drive the product demand over the forecast period. The growing demand for fine quality vegetables & fruits has increased the utilization of gibberellin in the agriculture industry.
Gibberellins Market Segment Analysis – By Application
Increasing sugarcane yield segment holds the largest share in the Gibberellins market. Sugarcane stores carbohydrate as sugar in their stems. Spraying sugarcane crop with gibberellins increases the length of the stem, thus increasing the yield by as much as 20 tons per acre. The lowered radiation and temperatures of the subtropical winter season induce a physiological dwarfism in sugarcane (Saccharum spp.). This reduction in growth can be overcome to increase yields by application of gibberellic acid (GA3). Gibberellins are widely employed to improve yield in many crops and accelerate sugarcane ripening by triggering the rapid degradation of DELLA proteins, which are thereby prevented from interacting with and degrading other proteins that stimulate culm development.
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Gibberellins Market Segment Analysis – BY Geography
APAC dominated the Gibberellins market as APAC holds the largest area for agriculture. Countries such as India and China are major players in this region. Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains; the region consumes 90% of the global rice produced. There is a huge demand for gibberellins market in Asia Pacific due to the direct use of micronutrients to treat plant deficiencies and are often sprayed in combination or as additives. Micronutrients are essential elements that are used by plants in small quantities. For most micronutrients, crop uptake is less than one pound per acre. In spite of this low requirement, critical plant functions are limited if micronutrients are unavailable, resulting in plant abnormalities, reduced growth and lower yield.
Gibberellins Market Drivers
Increasing usage for gibberellins
Various nutrients boosts plant production and keep people all over the world fed and healthy, and enhanced efficiency gibberellins. The third category of essential crop nutrients: micronutrients. Micronutrients play a supporting role in overall plant health and development. Micronutrients promote essential plant processes and growth, which translates into nutrient-rich food for animals and humans. Micronutrients include boron, chlorine, copper, iron, manganese, molybdenum and zinc, which are often in short supply for growing crops. Owing to this the increasing usage of gibberellins the gibberellins market will grow.
Implementation of Governments Regulations
Governments globally are focusing on boosting their agriculture sector. Whereas Governments regulations such as Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) by Indian Government will help to grow the agriculture sector. Under the Scheme an income support of Rs.6000/- per year is provided to all farmer families across the country in three equal installments of Rs.2000/- each every four months, which will financially help the farmers let them focus more towards farming. And with the growth of agricultural sector the gibberellins market will grow.
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Gibberellins Market Challenges
Impact of COVID 19
The COVID-19 pandemic is having a significant impact on the growth of the industry. Demand for gibberellins is suffering severe shocks across various end-use applications, along with an upset in worldwide supply chains. The global gibberellins sector has been affected since the outset, primarily in China, the world’s largest producer as well as consumer of gibberellins. The outbreak of a novel coronavirus in China has to date had the most critical impact across the Chinese agriculture micronutrients sector, affecting the movement of both micronutrients products and raw materials in and out of the country. Moreover, this pandemic also expected to hit the gibberellins industry in the U.S., Brazil, India, and EU-5 countries.
Gibberellins Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Gibberellins market. In 2019, the market of Gibberellins has been consolidated by the top five players accounting for xx% of the share. Major players in the Gibberellins Market are Jiangsu Fengyuan Bioengineering Co., Ltd, Shanghai Pengteng Fine Chemical Co., Ltd., Zhejiang Qianjiang Biochemical Co., Ltd., Shanghai Fuang Agrochemical Co. Ltd., Zhuhaishi Shuangbojie Technology Co., Ltd., among others.
In August 2018, Zhejiang Qianjiang Biochemical Co., Ltd. to acquire 100% of shares in Baozhong Baoda. Jiangsu Baozong & Baoda is a Pharmachem Co Ltd., manufacturer of APIs and intermediates since 1979.
Asia-Pacific dominates the Gibberellins market owing to increasing demand from applications such as automotive and aviation industries.
The growing global population and decreasing area for cultivation, is likely to aid in the market growth of Gibberellins.
The growing demand for fine quality vegetables & fruits has increased the utilization of gibberellin in the agriculture industry this will increase the market demand for Gibberellins in the near future.
COVID 19 pandemic will create hurdles for the Gibberellins market.
Related Reports :
A. Micronutrients Market
B. Agricultural Disinfectants Market
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