New York, USA, March 06, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global plant tissue culture market is anticipated to garner $2,202.9 Million in revenue and grow at a CAGR of 6.4% over the estimated timeframe from 2022 to 2031.
As per our analysts, plant tissue culture is a process of growing plants in a controlled environment that supports faster production and efficient plant growth. The increasing demand for food and biofuels, owing to the growing population across the globe, is expected to foster the growth of the plant tissue culture market over the analysis timeframe. Besides, the plant tissue culture is also beneficial to produce genetically modified crops that are used for biofuels such as sugarcane, algae, and many more which is expected to propel the growth of the market throughout the estimated period. Moreover, the increasing demand for organic and non-GMO products owing to the increasing awareness about the potential health risks of GMOs and chemically treated crops is expected to create immense growth opportunities for the market in the coming period. However, the limited production capacity of the plant tissue culture may hinder the growth of the market throughout the forecast timeframe.
Segments of the Plant Tissue Culture Market
The report has divided the market into segments based on type, application, crop type, and region.
Type: Media & Reagents Sub-Segment to be Most Profitable
The media & reagents segment generated the highest revenue in 2021. The plant tissue culture media imparts a balanced mixture of essential nutrients and hormones for the growth and development of plant tissue which is expected to augment the growth of the market sub-segment over the analysis timeframe.
Application: Agriculture Sub-Segment to be Most Productive
The agriculture sub-segment accounted for the largest market share in 2021. The increasing need for plant tissue culture techniques to produce a large number of genetically uniform plants for commercial purposes is expected to boost the growth of the plant tissue culture market sub-segment during the forecast period.
Crop Type: Agricultural Plants Sub-Segment to be Most Beneficial
The agricultural plants sub-segment held the biggest share of the market in 2021. The rising implementation of plant tissue culture techniques in agriculture to produce high-quality and disease-free plants for commercial use as well as for research and development purposes is expected to foster the growth of the market sub-segment over the estimated period.
Asia-Pacific Region to Have Dominant Market Share
The Asia-Pacific region of the plant tissue culture market is predicted to have the fastest growth over the analysis period. This is mainly due to the increasing demand for food and the rising demand for high-quality ornamental plants in this region. Moreover, the increasing population, rapid urbanization, and rising disposable income among individuals in this region are the major factors expected to drive the regional growth of the market throughout the forecast period.
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Covid-19 Impact on the Plant Tissue Culture Market
The rise of the Covid-29 pandemic has had a significant impact on the plant tissue culture market. The increasing consciousness among individuals toward their health has increased the demand for plant-based food products during the pandemic period. This has increased the demand for plant tissue culture techniques for producing high-quality, genetically uniform quotes. However, the disruptions in supply chains, shortage of raw materials and labor together with the closure of production facilities are the factors that have affected the market growth throughout the crisis.
Key Players of the Market
The major players of the plant tissue culture market include
- Labland Biotech Private Limited
- Australis Capital Inc.
- Phytotech Laboratories
- Caisson Laboratories, Inc.
- Phytoclone Inc.
- Booms Pharm
- Rubi Bio LLC
- Agriforest Bio-Technologies
- Merck KGaA
- Alpha Laboratories
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in March 2022, AgriFORCE, a leading developer of technologies and solutions to improve sustainable farming announced its acquisition of Deroose Plants NV, a worldwide supplier of elite young plant material for growers. With this acquisition, the companies aimed to deliver advanced crop yields with a reduced environmental footprint and focus on the development and trade of horticulture, plantation crops along with fruits and vegetables.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic developments.
More about Plant Tissue Culture Market:
- Rising Genetic Transformation and Pharma Production to Widen the Scope of Plant Tissue Culture
- Global Plant Tissue Culture Market to Generate $2,202.9 Million by 2031, Owing to Rising Government Support Leading to Increase in Plant Tissue Culture Labs
