The cytokinins market is expected to grow at a 7.9% CAGR during the forecast period, reaching US$ 3.64 Billion by 2032, up from US$ 1.7 Billion in 2022.
Report Attribute
Details
Estimated Base Year Value (2021)
US$ 1 Billion
Expected Market Value (2022)
US$ 1.7 Billion
Projected Market Value (2032)
US$ 3.64 Billion
Global Growth Rate (2022 to 2032)
7.9% CAGR
Cytokinins are plant growth hormones that stimulate cell division in shoots and roots. Cytokinins are classified into two types: adenine-type and phenyl urea-type. Cytokinins have a variety of applications, including biomedicine, pharmaceuticals, and agriculture.
The global cytokinins market is experiencing increased demand as a result of advances in botany. The excellent properties of cytokinin extracts have played an important role in the global market's expansion. Furthermore, cell division research and analysis in plants is an important part of botanical research and analysis.
The medical community is conducting extensive research into the properties of cytokinins. A number of research studies have found that cytokinins have medical benefits. Other schools of thought, however, question the veracity of the former's claims. Nonetheless, the global cytokinins market is expected to expand at a rapid pace in the coming years.
Which are Some Prominent Drivers Spearheading Cytokinins Market Growth?
The market is expected to be driven by rising demand from the organic food and textile industries. Cotton is used as a basic raw material in the textile industry, and cytokinins are used to increase cotton production. The organic food industry is expected to grow in response to the growing population and preference for organic foods.
The growing demand for herbal products in medicines and cosmetics is propelling the growth of the herbs and medicinal plants industry, which is expected to propel the cytokinins market.
However, the use of fertilizers and the high cost of cytokinin-based products are expected to stifle market growth. Developing cost-effective products and environmentally friendly cytokinin synthesis is expected to provide enormous opportunities in the near future.
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What are the Challenges Faced by the Cytokinins Industry?
However, higher cytokine costs compared to conventional plant growth chemicals are expected to stymie the global cytokinins market. To gain a competitive advantage, key players can develop an economical production process and ecological synthesis of cytokinins.
Regardless, this will pass as well. Rising government and non-governmental organization assistance can aid in the fight against this extremely contagious disease. Some businesses are struggling, while others are thriving. In general, the pandemic is expected to have an impact on almost every area.
Why is Asia-Pacific Emerging as an Opportunistic cytokinins Market?
Geographically, the Asia Pacific cytokinins market has been rapidly expanding in recent years. The widespread use of cytokinins in the agricultural and horticultural sectors has fueled the market growth.
Due to demand from emerging economies such as China and India, the Asia Pacific region is expected to grow at a faster rate. The market in this region is expected to be driven by rising population and demand from the cotton-based textile industry. Cytokinins are used to increase production in order to provide food to the population and cotton to the textile industry.
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How is Europe Contributing to the Growth of the Cytokinins Market?
Because of the demand from organic food chemistry and government policies encouraging the use of eco-friendly agrochemicals, Europe was the largest consumer of cytokinins. Various national governments are requiring farmers to use environmentally friendly plant growth enhancers rather than chemical fertilizers.
Due to increased demand for organic foods and the implementation of stringent environmental regulations against hazardous chemical-based products, Europe held a significant share of the global cytokinins market in 2020. The use of chemical-based fertilizers has been restricted by the European Union. Because of the low environmental impact, this has increased demand for cytokinins in Europe.
Market Competition
Key players in this market include BASF SE, Crop Care Australasia Pvt Ltd., Du Pont, Redox Industries, Xinyi Industrial Co. Ltd., Bayer CropScience, Sichuan Guoguang Agrochemical Co. Ltd, Sigma Aldrich, NuFarm Ltd., and amongst others.
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Report Scope
Report Attribute
Details
Growth Rate
CAGR of 7.9% until 2032
Base Year for Estimation
2021
Historical Data
2015 to 2020
Forecast Period
2022 to 2032
Quantitative Units
Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered
Type
Function
End Use Industry
Region
Regions Covered
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East and Africa
Key Countries Profiled
USA
Canada
Brazil
Argentina
Germany
UK
France
Spain
Italy
Nordics
BENELUX
Australia & New Zealand
China
India
ASEAN
GCC
South Africa
Key Segments Covered in the Cytokinins Market Report
Type:
Adenine Cytokinins
Phenyl Urea Cytokinins
Other Cytokinins Types
Function:
Cytokinins for Cell Division
Cytokinins for Cell Elongation
Cytokinins for Morphogenesis
Cytokinins for Apical Dominance
Cytokinins for Phloem Transport
Cytokinins for Seed Dormancy
Cytokinins for Senescence
Cytokinins for Other Functions
End Use Industry:
Cytokinins for Agriculture
Cytokinins for Research Labs
Cytokinins for Pharmaceuticals
Cytokinins for Biodefense
Cytokinins for the Food Industry
Cytokinins for Cosmetics
Cytokinins for Biomedicine
Cytokinins for Environment Monitoring
Cytokinins for Other End Use Industries
Region:
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa
Frequently Asked Questions
What is the anticipated growth of the Cytokinins market until 2032?
FMI projects the global Cytokinins market to expand at a 7.4% value CAGR by 2032
Which region is forecast to be the most lucrative for Cytokinins market growth?
Europe is expected to be the most opportunistic Cytokinins market.
Which are some prominent Cytokinins manufacturers?
