The “Cytokinins Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The cytokinin market is projected to grow at a CAGR of 7.13% during the forecast period to reach US$2.658 billion by 2026, from US$1.641 billion in 2019.
Booming demand for agriculture products, particularly food products coupled, owing to surging global population and organization initiatives to remove hunger and starvation has pressurized the agriculture sector to increase their production that motivates the farmer to use artificial products for yield betterment. This is expected to drive market growth for the cytokinin industry.
One of the key reasons which are expected to contribute significantly towards the market growth of the cytokinin industry is increasing demand for agriculture yield, especially organic products. The booming global population has created robust demand for food and other agricultural products. Moreover, a further rise in the population is expected to increase the market prospects. The World Bank database shows that the global population has increased significantly to over 7.5 billion people in 2019. The United States estimates that the population will further reach 9.5 billion by 2050. Population growth will create more demand for agriculture products, especially food products, encouraging the farmers to produce more from a limited area.
Also, rising urbanization and booming industrialization have decreased the land available for agriculture by a significant amount, which has pressurised the land and farmers to produce greater yield from the limited land. Farmers, hence turn to the adoption of artificial additives such as cytokinin to promote plant growth. The rise in the adoption of artificial additives by farmers is anticipated to support market growth. furthermore, increasing investment by organizations intending to eradicate hunger and starvation is expected to support the market growth.
The rise in demand for organic products is projected to play a vital role in the growth of the cytokinin market during the forecasted period. Increased healthcare consciousness and diet concerns have led to an increase in the composition of chemical-free, organic products. Cytokinin, being a plant hormone, is added to naturally grown plants for better products to meet the emerging demand.
The high cost of cytokinin products gives way for harmful fertilizers to concur the market and hence decrease the size of the cytokinin market. Poor financials of farmers encourage the use of fertilizers over expensive cytokinin, impacting the market significantly.
One major hindrance facing the market for cytokinin is its high cost, which gives an advantage to substitutes over the product. Cytokinin is a plant hormone and is difficult to produce. Fertilizers, on the other hand, are a close substitute for cytokinin and can be used for plant growth and development. A higher price of cytokinin in comparison with the cheap price of fertilizers coupled with poor financials of farmers is expected to hinder the market growth during the forecasted period.
The coronavirus pandemic moderately impacted the market. Supply chain disruption due to nationwide lockdown and halt in production, acted as a challenge for the market to continue operations. However, increased health consciousness surged the demand for an organic food product which is expected to increase the usage of cytokinin in production. Overall, the pandemic constrained the market growth, especially in the Africa and Asia Pacific region.
- Nufarm UK
- Agri-Growth International Inc.
- Vmart Corporation
- Tokyo Chemical Industry Co., Ltd.
- North American Kelp
Key Market Segments
- Cell Division
- Seed Dormancy
By End-User Industry
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
For more information about this report visit https://www.researchandmarkets.com/r/qx4m6r
Laura Wood, Senior Press Manager
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