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The global gibberellins market is expected to witness robust growth due to the rising use of plant growth-promoting hormones for higher productivity in crops. Gibberellins are commercially used to accelerate the plant growth and regulate the physiological phenomena such as elongation of stem and root, expansion of leaf, flowering and seed germination in plants. Commercially, gibberellins are used in the form of gibberellic acid. It can be obtained from the fungi Gibberella Fujiluroi.
Gibberellin has a wide application is brewing industry as it regulates the enzymatic activity involved in conversion of starch to sugar. It is used in malting of barley. In recent years, the application of gibberellic acid in plants has also gained importance due to its positive impact on plant tolerance to environmental stresses such as heat and drought. Gibberellins have been commercially used to enhance the growth and sugar accumulation in sugar cane. Gibberellins are used to produce seedless variety of fruits such as grapes and cherries, and obtain fine quality apples, pears and tomatoes.
Key Market Driver -
Robust Demand Dynamics for Horticultural Products
Key Market Restraint -
Rising Popularity of Organic Food
The growing demand for fruits and vegetables is expected to act as a major driver for the growth of global gibberellins market. In recent years, farming and agricultural activities have been constantly up scaled to meet the global demand for agricultural products. The incorporation of gibberellins in various agricultural applications is expected to fuel the growth of the market. The decreasing land area for crop cultivation is expected to boost the global demand for gibberellins.
The application of gibberellins in crops renders the product inorganic. The rising popularity of organic food is expected to act as a major restraint for the growth of the global gibberellins market. Gibberellins are expensive as compared to other plant growth regulating hormones such as cytokines and auxins. The higher cost of gibberellins is expected to hinder the growth of the market.
The major players in the global gibberellins market are Shanghai Tongrui Biotech Co., Ltd., Valent U.S.A. Fine Americas, Inc., Nufarm Ltd., Jiangsu Fengyuan Bioengineering Co., Ltd., Shanghai Fuang Agrochemical Co. Ltd., Corporation, Sichuan Guoguang Agrochemical Co. Ltd., Xinyi (H.K.) Industrial Co., Ltd., Zhejiang Qianjiang Biochemical Co., Ltd., and SePRO Corporation.
The global gibberellins market is segmented by form, application and geography. The liquid form of gibberellin is expected to witness the faster growth among the other forms due to its direct external application. Liquid gibberellin is applied on the crops with the help of foliar sprays. The gibberellic acid sprays are extensively used to produce seedless grapes.
Fruit Production segment is expected to witness the promising growth in forthcoming years. The consumption of premium quality fruits is on the rise due to the growing awareness of their health benefits among consumers and the robust popularity of vegan diets. The leading companies are focused on the development of innovative products to enhance the quality of fruits. For instance, In April 2018, Sumitomo Chemical launched a gibberellic acid product, RyzUp 40 SG, in Japan. The product is mainly designed for banana plantations in Latin America and Southeast Asia.
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North America is expected to witness the promising growth of the gibberellins market. The application of innovative technologies in the agricultural industry is expected to boost the growth of the gibberellins market in the region. Europe is set to witness promising growth trajectory of the gibberellins market owing to the strong export potential for seedless fruits and other premium-quality vegetables from the region. Asia Pacific will witness sales performance higher than the global average as a result of a growing population and increasing agricultural activities in countries such as India and China. The gibberellins are increasingly employed for germination of the seeds and to start the formation of flower buds.
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