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.
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.
By the method, Methylerythritol Phosphate (MEP) Pathway held a significant market share in 2019. Gibberellins are commonly synthesized from the MEP pathway in higher plants. In this pathway, three kinds of enzymes, such as cytochrome P450 monooxygenases (P450s), terpene synthases (TPSs), and 2-oxoglutarate–dependent dioxygenases (2ODDs), are deployed for production from GDP.
By distribution channel, the online distribution channel is projected to grow at a faster rate of 10.7% in the period 2020-2027, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
By application, malting of barley is projected to witness the fastest growth rate of 9.5% in the forecast period. Gibberellins find application to produce an increased amount of alpha-amylase in sprouting barley, which has its usage in the production of malt for brewing purposes.
The market in the Asia Pacific region is likely to witness the fastest growth rate of 10.0% in the period 2020-2027. The high growth rate of the APAC region is attributed to swift growth in population and the insufficiency of quality food in the emerging economies, including India and China.
Key participants include Nufarm Ltd. Valent USA Corporation, Sichuan Guoguang Agrochemical Co. Ltd., Jiangsu Fengyuan Bioengineering Co. Ltd., Fine Americas Inc., SePRO Corporation, Shanghai Fuang Agrochemical Co. Ltd., Xinyi (HK) Industrial Co. Ltd., Zhejiang Qianjiang Biochemical Co. Ltd., and Zhuhaishi Shuangbojie Technology Co. Ltd., among others.
In August 2017, Sumitomo Chemical entered into an agreement with Kyowa Hakko Bio Co., Ltd. for the acquisition of plant growth regulator business of Kyowa Hakko Bio. Kyowa Hakko Bio Co., Ltd. was involved in the selling of the gibberellin product "Gibberellin Kyowa," among other products, which are used in increasing the size of pears and producing seedless grapes.
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.