The global gibberellins market is expected to reach USD 1,167.8 million by 2025, growing at a CAGR of 8.8%, according to a report by Grand View Research, Inc. The growing demand for fruits & vegetables owing to the rapidly developing food & beverages industry is expected to augment the demand for gibberellin over the forecast period. In addition, the rapidly growing demand for craft beer is likely to propel the use of gibberellins for enhancing malt production over the next eight years.
Asia Pacific along with Central & South America are expected to witness significant growth in the coming years on account of the rising demand from economies like China, India, and Brazil. The economies are focusing on high crop productivity and using resources efficiently to ensure food security through high-yield crop management, using nutrition efficiently, improving soil quality, and resource & environment management. This, in turn, is likely to positively affect the market growth over the coming years.
Further key findings from the report suggest:
- Malting of barley application segment is expected to register a CAGR of 8.6% from 2017 to 2025.
- The increasing sugarcane yield and its application is expected to witness high demand for gibberellin and record a CAGR of over 7.0% from 2017 to 202.
- Central & South America accounted for 4.0% market share in 2016. The region is expected to witness significant growth on account of rising population and limited land availability for agricultural production.
- Middle East and Africa is expected to witness growth on account of high demand for crops in the region coupled with supportive government policies.
- In July 2017, Monsanto and Valent expanded their partnership in Roundup Ready Plus Crop Management Solutions for new product development.
- In January 2017, Marrone Bio Innovations collaborated with Nufarm to provide agricultural solutions for improving crop productivity and sustainability in New Zealand and Australia