Portland, OR, Nov. 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global plant tissue culture market generated $382.30 million in 2020, and is expected to reach $895.00 million by 2030, exhibiting a CAGR of 8.5% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Increase in the adoption of improved crop varieties and rise in demand for vegetables and fruits propel the global plant tissue culture market. On the other hand, poor demand in underdeveloped countries hinders the market growth. On the contrary, high growth potential in developing countries is expected to create lucrative opportunities for the market players.
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Impact of COVID-19 on Plant Tissue Culture Market-
- The COVID-19 pandemic has impacted agro systems and associated livelihoods across the globe due to lockdown, lack of workforce, and restricted transportation.
- The pandemic hit the market at the time when the harvest activities were starting. This impacted the value chain, from farmer to buyer.
- Many workers returned home due to an uncertain work environment and lockdown, causing major losses in the field.
- Lack of workforce also hindered the production of millions of virus-free tissue culture plants. Restriction on transportation hindered the delivery of planting material, endangering next year’s yield.
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The report segments the global plant tissue culture market on the basis of crop type, sales channel, plant type, stage, type of media, cost component, variety, end-user, type of growth container, buyer, and region.
Based on stage, the multiplication segment accounted for the largest market share in 2020, contributing to nearly two-thirds of the total share, and is anticipated to maintain the lead throughout the forecast period. The same segment is projected to witness the fastest CAGR of 8.9% from 2021 to 2030. The report also covers segments including explant preparation and inoculation and hardening.
Based on plant types, the annual plants segment contributed to the highest market share in 2020, attributing to more than three-fifths of the total market share, and is expected to dominate the market during the forecast period. The same segment is anticipated to manifest the fastest CAGR of 9.0% from 2021-2030. The report also covers segments such as biennial plants and perennial plants.
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Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest share in 2020, holding more than one-third of the total share, and is projected to lead throughout the forecast period. The North America region is anticipated to portray the fastest CAGR of 10.9% during the forecast period.
Key players of the global plant tissue culture market analyzed in the report include Alpha Laboratories, Phytoclone Inc, 3 Rivers Biotech, AgriForest Bio-Technologies, Caisson Laboratories, Inc, AgriStarts, Dark Heart Nursery, DP-Deroose Plants, Himedia Laboratories, IribovSBW, Labland Biotech Private Limited, Lifesible, Knight Hollow Nursery, Merck KGaA (Sigma-Aldrich), Meristematic, Inc, Melford Laboratories, PhytoTech Laboratories, Inc., Phytocultures, PlantMedia, RuBi Bio LLC, Segra International, Rancho Tissue Technologies, Booms Pharm, Thomas Scientific (The Carlyle Group), and Tissue-Grown Corporation.
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