NEW YORK, June 23, 2020
NEW YORK, June 23, 2020 /PRNewswire/ -- The global gibberellins market is expected to reach USD 1.42 Billion by 2027, according to a new report by Reports and Data. Gibberellin, a kind of phytohormone, is beneficial in regulating plant growth and development. Gibberellins aids in promoting flowering by increasing the rate of growth of flowers, which, in turn, has a substantial effect on the growth rate of fruits. Gibberellins find usage in producing seedless fruit, including seedless grapes, which are usually sprayed with gibberellin to improve the size of each grape. According to a study, in 2017, China was the largest consumer of fruit with 54,770 kilo tons trailed by India and Indonesia, on the basis of a comparison of 154 nations. Besides, in 2017, the overall global consumption of fruits reached 193,395 kilo tons, which is over 1.56% as compared to 2016 and over 21.2 % as compared to 10 years ago. Thus, growing fruit consumption is causative in driving market demand.
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Significant hormonal functions of gibberellin in higher plants are the induction of hydrolytic enzymes in germinating seeds, the promotion of longitudinal growth, and the promotion of fruit setting and development, among others. Therefore, the use of gibberellin in the production of crops is a common practice. At present, the worldwide population is growing at a rate of approximately 1.05% per year, and the average population increase is projected at 81 million individuals per year. The growing global population trend indicates an increasing demand for food, which is likely to increase in the range of 59.0% to 98.0% by 2050, and in turn, would drive the market demand.
However, the presence of alternatives such as auxin, abscisic acid, cytokinins, and ethylene, may hamper the growth of the market in the upcoming years.
The COVID-19 pandemic is having a significant impact on the growth of the industry. Demand for gibberellins is suffering severe shocks across various end-use applications, along with an upset in worldwide supply chains and a change in the competitive order of manufacturers/producers. Lack of free movement of the labor force required for the application of gibberellins in the agricultural fields is lacking, thereby hindering the growth of the market in the COVID-19 pandemic. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
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Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented the global gibberellins market on the basis of method, type, distribution channel, application, and region:
Method Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
Type Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
Distribution Channel Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
Application Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
Regional Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
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