Gibberellins Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product Type (19-Carbon Gibberellins, 20-Carbon Gibberellins), By Form (Powder, Granules, Liquid), By Application (Malting of Barley, Sugarcane Yield, Fruit Production, Seed Production, Others), By Region and Competition
Published Date: November - 2023 | Publisher: MIR | No of Pages: 320 | Industry: Agriculture | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGibberellins Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product Type (19-Carbon Gibberellins, 20-Carbon Gibberellins), By Form (Powder, Granules, Liquid), By Application (Malting of Barley, Sugarcane Yield, Fruit Production, Seed Production, Others), By Region and Competition
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 677.40 Million |
| CAGR (2023-2028) | 7.87% |
| Fastest Growing Segment | 20-Carbon Gibberellins |
| Largest Market | North America |
Market Overview
Global Gibberellins Market has valued at USD 677.40 Million in 2022 and is anticipated to project impressive growth in the forecast period with a CAGR of 7.87% through 2028. Gibberellins are plant hormones that play a crucial role in regulating various aspects of plant growth, including seed germination, stem elongation, flowering, and seed dormancy. Over the years, more than 130 gibberellins have been identified, but only a few of them are considered bioactive. Extensive research and development studies have highlighted the broad range of cellular biological processes influenced by gibberellins. These hormones have played a pivotal role in the green revolution of plants, significantly contributing to increased grain yield. As essential plant growth regulators, gibberellins support growth at different stages and restore normal plant development. They are highly beneficial for various developmental processes in plants.
Key Market Drivers
Rising Demand in the Agriculture Industry
The global agricultural industry is witnessing an increasing demand for high-yield crops, which is set to heighten the demand for gibberellins worldwide. Gibberellins are plant hormones that significantly influence growth and developmental processes, including stimulating seed germination, stem growth, and flowering. As the world's population continues to rise, the pressure on the agricultural sector to meet food demands is intensifying. This has led to a surge in the use of technology and science to boost crop productivity. Utilizing gibberellins can help farmers achieve this goal, as these hormones are known to enhance the overall growth of plants. Furthermore, as countries continue to modernize their agricultural practices, the adoption of gibberellins is expected to rise. In addition, the growing focus on organic farming, which relies heavily on natural growth regulators like gibberellins rather than chemical fertilizers, is likely to fuel global demand. Hence, the increasing need for high-yield crops and the shift towards more sustainable farming practices create a significant growth opportunity for the gibberellins market globally.
Technological Advancements in Gibberellins Production
Technological advancements in the field of gibberellins production are anticipated to heighten the global demand for these biologically active plant hormones. Innovative production methodologies and techniques enable a more efficient, cost-effective, and environmentally friendly production process, key factors in escalating the demand. For instance, the use of genetically modified microbes for biosynthesis of gibberellins has streamlined the production process, reducing the cost and making it more feasible for commercial scale-up. Furthermore, modern purification technologies have improved the quality of the final product, enhancing its effectiveness in various applications such as plant growth regulation, fruit setting and elongation, seed germination, and flowering. This increased effectiveness inevitably drives up demand. Additionally, the rise of precision agriculture, powered by digital technology, has led to a more targeted and efficient application of gibberellins, reducing wastage and maximizing results. This precision further propels the demand for gibberellins as it demonstrates the tangible benefits of its use to farmers globally. Lastly, with heightened global awareness on sustainable practices, the production of gibberellins through environmentally friendly processes resonates with conscious consumers, indirectly pushing the global demand.
Growing Awareness About the Benefits of Gibberellins in Crop Improvement
As the global population continues to grow, the need for efficient and innovative agricultural practices is paramount. Gibberellins, a group of plant hormones known for their ability to stimulate plant growth and influence developmental processes, have been recognized for their potential in crop improvement. The benefits of gibberellins range from promoting germination, increasing the length of stem cells, to affecting the flowering process and the development of fruits. Moreover, they can enhance the plant's resistance to stress factors like drought, thereby increasing crop yield even under adverse conditions. With the rising awareness of these benefits, the demand for gibberellins is anticipated to surge globally. Farmers, agricultural scientists, and policymakers are becoming more aware of the role these hormones can play in addressing some of the greatest challenges in agriculture. These include the need to increase crop yields to feed a burgeoning population and to mitigate the negative effects of climate change on crop production. This growing awareness is fostered by research findings being more accessible and understandable to the public. As the benefits of gibberellins in crop improvement become more universally recognized, their demand in the global market is expected to increase significantly.
Increase in Demand for Disease-Resistant Crop Varieties
The global demand for Gibberellins, a class of plant hormones essential for promoting growth and development, is expected to rise significantly due to the increasing demand for disease-resistant crop varieties. As the world grapples with the challenges of climate change and population growth, the need for durable, high-yield crops that can withstand disease and harsh weather conditions is more critical than ever. Gibberellins play a pivotal role in this regard, enhancing the plant's natural defenses against diseases and facilitating speedy recovery from these ailments. Moreover, as Gibberellins influence a wide range of developmental processes, including seed germination, stem elongation, and flowering, they can substantially increase crop yields. This potential has sparked significant interest among farmers and agricultural scientists, resulting in a surge in demand for these plant hormones on a global scale. As such, the market for Gibberellins is projected to witness expansive growth, driven primarily by the urgent need for disease-resistant crops capable of feeding the world’s burgeoning population amid escalating environmental challenges.
Key Market Challenges
High Cost of Producing Gibberellins
The high production cost of Gibberellins, a class of plant hormones that stimulate growth and influence developmental processes, is expected to significantly decrease its global demand. This cost factor largely attributes to the complex process of extracting and purifying Gibberellins from fungi or chemically synthesizing them in laboratories. Both processes are not only resource-intensive but also demand substantial time and expertise. Additionally, the increasing costs of raw materials and stringent environmental regulations add to the existing financial burden of production. As businesses strive to be cost-effective, the high cost of Gibberellins production poses a substantial barrier, deterring potential manufacturers from entering the market. This situation, in turn, affects supply, making it harder for industries that rely on Gibberellins, such as agriculture, to afford them. Consequently, industries are exploring cheaper alternatives and more economical growth-promotion methods. This shift could result in a decreased global demand for Gibberellins in the long run, affecting the overall market dynamics. While scientific advancements may eventually lead to more cost-effective production processes, the current economic constraints are poised to impact the Gibberellins market negatively.
Lack Of Awareness About the Benefits of Gibberellins
Despite their potential to significantly increase crop yield and bolster plant growth, Gibberellins often go under-utilized in many regions. The primary reason behind this is that many farmers and cultivators, particularly those in developing countries, remain uninformed about the benefits that these hormones offer. Moreover, the technical nature of Gibberellin application can serve as a deterrent for those without proper guidance or training. In addition, there is a dearth of comprehensive, easily accessible resources to educate farmers on the optimal usage of these hormones. This lack of awareness and understanding can lead to hesitation or outright avoidance of Gibberellin use. Until efforts are intensified to disseminate knowledge on Gibberellins' benefits and usage, it is likely that the demand for these valuable hormones will continue to suffer globally. The consequence of this situation extends beyond market dynamics, potently affecting food security and agricultural sustainability on a global scale. As awareness of the benefits and potential of Gibberellins increases, there has been a growing interest in finding more efficient and sustainable methods for their production. Traditional methods rely on chemical synthesis, which can be costly and environmentally damaging. However, recent advancements in biotechnology have led to the development of alternative methods for producing Gibberellins, such as microbial fermentation using genetically modified organisms.
Key Market Trends
Increase in Funding for Agritech Startups
The global increase in funding for AgriTech startups is projected to positively influence the demand for Gibberellins, plant hormones that stimulate growth and influence various developmental processes. This surge can be attributed to the growing recognition of the essential role these hormones play in enhancing agricultural yield and productivity. As AgriTech startups receive more funding, they are poised to invest in innovative solutions that integrate the use of Gibberellins. These solutions may include precision farming and smart irrigation systems that optimize the usage of Gibberellins, thereby increasing their demand. Furthermore, the increased funding also allows for extensive research and development activities, paving the way for the discovery of new applications of Gibberellins in agriculture. It's expected that these advancements will create a ripple effect, augmenting Gibberellins usage not only in established markets but also in emerging economies where agriculture forms a significant part of their GDP. Hence, the boost in AgriTech funding is not only a game-changer for these startups but also a significant driver for escalating global Gibberellins demand.
Increase in Export of Crops Treated with Gibberellins
The potential increase in the export of crops treated with Gibberellins is anticipated to fuel the global demand for these plant hormones. Gibberellins play a pivotal role in crop enhancement, promoting growth and influencing developmental processes, making them a popular choice amongst agricultural producers. Countries with significant agricultural sectors are scaling up their utilization of Gibberellins to boost crop yield and quality. As these treated crops are exported, it creates a transnational demand for Gibberellins. Countries importing these crops may seek to replicate the success of their exporting counterparts, augmenting the global use of Gibberellins. Moreover, with the growing emphasis on food security and sustainable agricultural practices, Gibberellins' role in increasing crop productivity without severely impacting the environment further intensifies their global appeal. Thus, an uptick in the export of crops treated with Gibberellins is predicted to drive a surge in the worldwide demand for these essential plant hormones.
Segmental Insights
Product Type Insights
Based on the Product Type, the Global Gibberellins Market is currently dominated by 20-Carbon Gibberellins (GA3), primarily due to their wide-ranging applications in agriculture and horticulture. These types of gibberellins are prominently used in seed germination, flowering, and fruit development processes, thereby contributing significantly to their demand in the global market. Additionally, 20-Carbon Gibberellins are also utilized in the production of commercial crops such as rice and wheat, making them an essential component in global food production.
Apart from 20-Carbon Gibberellins, there is a growing demand for other types of gibberellins such as 19-Carbon Gibberellins (GA4) and 18-Carbon Gibberellins (GA7). These types of gibberellins have demonstrated promising results in enhancing plant growth and yield, particularly in fruits and vegetable crops. As a result, they are increasingly being used by farmers and horticulturists to improve the quality and quantity of their produce.
Application Insights
Based on the Application, the malting of barley plays a crucial role in the Global Gibberellins Market, holding a significant share. This dominance can be attributed to the extensive utilization of Gibberellins, which greatly enhances the germination process of barley. As we know, this is a critical step in beer brewing, where the consistent and efficient germination of barley is necessary for achieving the desired quality and flavour profiles of beer. With the ever-increasing demand for beer worldwide, the growth of this segment is being further propelled, as breweries strive to meet the rising consumer preferences and market demands. The utilization of Gibberellins in the malting industry is not only enhancing efficiency and productivity but also enabling brewers to create distinctive and exceptional brews that cater to a diverse range of tastes and preferences. Hence, the significance of Gibberellins in the malting of barley cannot be overstated, as it continues to reshape and drive the growth of the Global Gibberellins Market.
Regional Insights
Due to the expanding population and increased demand for agricultural products, the North America region is expected to lead the gibberellins market during the forecast period. Market expansion is anticipated in this region due to the presence of key manufacturers and supportive government policies for agriculture and horticulture. The market in the region is expanding as a result of the growing understanding among farmers about the benefits of using gibberellins in crop production. Europe is predicted to experience significant growth due to increased demand for high-quality crops and the adoption of modern agricultural techniques. The presence of major pharmaceutical companies in these regions is also fueling the demand for gibberellins for therapeutic applications. Furthermore, rising R&D efforts aimed at boosting crop yields are expected to drive market expansion.
Recent Developments
- In December 2022, KRIBHCO
introduced SIVARIKA, an innovative and sustainable seaweed bio-stimulant.
According to a press release from Kribhco, the SIVARIKA Seaweed acts as a
metabolic bio enhancer, containing proteins, vitamins, plant growth hormones
such as auxin, cytokinin, and gibberellins, betaines, and mannitol. This
product is cultivated and harvested from the Indian coast, providing a source
of livelihood for many fisherman families.
Key Market Players
- Valent U.S.A. Corporation
- Nufarm Ltd.
- Sichuan Guoguang Agrochemical Co. Ltd.
- Fine Americas, Inc.
- Zhejiang Qianjiang Biochemical Co., Ltd.
- SePRO Corporation
- Shanghai Fuang Agrochemical Co. Ltd.
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