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Cytokinins market size is forecast to reach US$2.4 billion by 2027, after growing at a CAGR of 4.9% during 2022-2027. Cytokinin is an agrochemical that acts like pesticides or fertilizers used in the growth of plant hormones. It stimulates cell division in plants’ roots and shoot systems. The hormone helps in encouraging cell growth, development of lateral buds, fruit abscission, affecting apical dominance, and delay in leaf senescence. The Adenine-type cytokinins naturally occur in the plant’s roots, stems, and leaf to help plant growth. The growing demand for herbal production in medicines, cosmetics, and organic farming is driving the demand for cytokinins. According to the Food & Agricultural Organisation of the US, the global organic market is growing significantly and contributed the revenue of US$ 124.44 billion in 2019 and 72.3 million hectares of agricultural land is under production globally is helping in the growth of the cytokinins market. The increased demand for cotton in the textile industry is also fueling the market of Cytokinins during the forecasted period.
COVID-19 Impact
The Covid-19 pandemic has impacted the global economy directly affecting the manufacturer’s supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. Currently, due to the COVID-19 pandemic, the core industries such as textiles, cosmetics, the food industry have been highly impacted. Due to social distancing policy, most of the manufacturing plants were shut down, which declined the production of goods. There has been a sharped decline in the revenue of the different industries. The covid-19 also affected the textile industry badly due to inaccessibility of raw material, shortage of laborers which has decreased the demand for cotton. The government and private sectors are taking necessary action and working for the growth of development of different industries which results in the boom of the Cytokinins market.
Cytokinins Market Segment Analysis – By Type
The Adenine type segment accounted for approximately 48% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The adenine type includes kinetin, zeatin, and 6-benzyl amino purine which are widely used in different sectors like research labs, environment monitoring, organic products. According to USDA, the total production of cotton in 113.9 million bales in an area of 32.51 million hectares globally in 2020. The growing adoption of adenine in agriculture production is a growing demand for cytokinins in the market.
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Cytokinins Market Segment Analysis – By Function
The cell division segment accounted for more than 33% of the market share in 2021 and is estimated to grow significantly during the forecast period. The rising demand for cytokinins in botany for the study of cell division in plants has increased the market size. Furthermore, the increase in research & development activity has increased the yield of a crop is driving the cytokinins market. According to the United States department of agriculture (USDA), the global production of grains has been increased and the total production of wheat is 763.6 million metric tons in 2020 and 775.8 million metric tons in 2021, for rice, millets is 497 MMT in 2020, 508.8 MMT in 2021, for corn is 1,118.6 MMT and 1,115.4 MMT in 2021. Therefore cytokinins improve cell division and Seed Dormancy of the plant.
Cytokinins Market Segment Analysis – By End-Use Industry
The Agriculture segment accounted for more than 70% of the market share in 2021 and is estimated to grow significantly during the forecast period. Population growth is increasing the demand for food across the globe. The growing research and development activities in agrochemical and acceptance of advanced technology of agriculture segment in developing countries like India, China is increasing the demand for environmental-friendly agrochemical products. The eco-friendly agrochemical increases the production of crops, fruits and flowers are driving the market for Cytokinins during the forecast period. According to Invest India, Agriculture contributes 16.5% of India’s GDP and 58% of the people are into farming. Agriculture is the backbone of India’s economy and Gross Value Added (GAV) is 20.2% in 2020-21. The market size of Agricultural Technology is US$ 204 million in 2020 and it is estimated at US$ 24.1 billion in the next five years. The increase in demand for agricultural products is fueling the market for Cytokinins.
Cytokinins Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the Cytokinins market in 2021 up to 41%, owing to the presence of a large amount of agricultural production land and growing food industry. The comprehensive use of Cytokinins in the production of organic food and the implementation of strict regulation for the use of a hazardous chemical is increasing the demand for cytokinins. India and China have vast agricultural land and the primary occupation of people is farming. China is continuously working towards advanced technology in agricultural production and 80% of agriculture is done by smart technology by smallholder farmers. The demand for agrochemicals is increasing due to the high yield is driving the cytokinins market in this region. According to OECD-FAO Agricultural Outlook, Asia Pacific is the largest producer of agricultural commodities and is estimated to register 51% of global agriculture share.
Cytokinins Market Drivers
The growing use of cotton in the textile industry:
Textile is one of the key industries globally. Cotton is mostly used in the textile industry. Cotton is a crop that is majorly used in the textile industry requiring cytokinins to increase productivity. According to IBEF, the Indian Textile and Apparel industry contributed 2.3% to GDP. The IBEF also mentioned the Indian Technical Textile industry is expected to grow to US$ 23.3 billion by 2027. According to FAO, the global cotton industry accounted for more than 100 million farm families across the globe and contributes about US$ 51.4 billion annually in raw products. According to the Textile Association of India, more than 40% of the world’s textiles production is in China and India and will have the largest GDP by 2050. The growing demand for cotton is driving the Cytokinines market during the forecast period.
Increasing demand for organic Products:
Organic products are produced from agriculture. The consumption of organic products has increased rapidly across the globe due to their eco-friendly nature. Plant-based products are extracted from organic agriculture practices, can be grown anywhere. The growing number of lactose-intolerant populations across the globe is increasing the demand for Cytokinins. According to Organic Trade Association survey 2020, Organic food sales accounted for US$ 50.1 billion with a growth rate of 4.6% in 2019 and organic non-food accounted for US$ 5 billion. Furthermore, increasing demand for food and beverages with organic ingredients is growing in demand for cytokinins in coming years.
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Cytokinins Market Challenges
Higher Price of Fertilizer:
The cost of Cytokinins is much higher. The reason behind this is its production cost, while producing cytokinins, the machinery and the equipment which are used are tagged with higher expense, also, these machinery require high maintenance. Owing to this factor, the cytokinins come at a higher price as compared to its alternative materials, which tends to constrain the growth of the market. In addition, even if the cytokinins provide better results, the customer usually prefers the less cost and lack of awareness for natural growth substances in developing countries use many fertilizers which increases the total production rate of a product. Such factors have become the major challenge of Cytokinins in terms of consumption, which constrains the growth of the market.
Cytokinins Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Cytokinins market. Major players in the Cytokinins market include:
Acquisitions/Technology Launches
In August 2020, GROPRO has launched Awakening Pollination, a biostimulator that stimulates the plant’s natural processes to enhance flower development while increasing stamen hold and pollinator activity. Awakening also contains auxins, cytokinins and additional supportive biostimulants.
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Key Takeaways
Relevant Reports
A. Plant Growth Regulators Market
https://www.industryarc.com/Report/242/global-plant-growth-regulators-market-analysis-report.html
B. Fertilizer Additives Market
https://www.industryarc.com/Report/7370/Fertilizer-Additives-Market-Research-Report.html
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