The global cytokinin market is expected to increase at a compound yearly growth rate of 7.75% to US$2.799 billion in 2027 from US$1.600 billion in 2020. Cytokinin is a group of plant hormones that encourages cell division in the plant's shoots and roots. The hormone is essential for plant growth and morphogenesis. Furthermore, the hormone assures that the plant's root-shoot ratio is maintained. One of the primary reasons boosting market expansion is the growing demand from end-user industries. Additionally, increased farming difficulties and demand for higher yields are also anticipated to push the market forward as modifying plant endogenous cytokinin content offers a lot of potential for biotechnological uses in agriculture.
During the projected period, the rise in demand for organic products is expected to play a significant influence on the development of the cytokinin market. Furthermore, growth in the composition of chemical-free and organic products has resulted from rising medical awareness and diet concerns. For instance, according to the OTA's 2019 Organic Industry Survey, sales of organic products in the United States hit $52.5 billion in 2018, up 6.3 percent from 2018. Similarly, as per the Organic Sector Report 2021 published by the Soil Association Certification, the UK's organic market was valued at £2.79 billion in 2021, up 12.6 percent from sales in 2020. According to the survey, the organic market is growing at its fastest rate in 15 years, beating the non-organic industry.
One key constraint to the market for cytokinin is its high price, which provides alternatives an advantage over the product. During the anticipated period, a greater price of cytokinin in comparison to the low price of fertilizers, combined with insufficient financials of farmers, is expected to limit market expansion.
INCREASED APPLICATION IN THE AGRICULTURAL AND HORTICULTURE INDUSTRIES
A major factor behind the growth of the global cytokinin market is the increased usage of cytokinin in the agricultural and horticulture industries. Increased demand for agriculture products has pushed the agriculture sector to raise production, motivating farmers to utilize artificial products to improve yields. For instance, according to FAO forecasts, global food consumption might rise by 70% by 2050, with rising consumer incomes in Asia, Eastern Europe, and Latin America accounting for the majority of the predicted increase in global food demand.
Moreover, increased investments to propel research in agriculture will also aid in market expansion during the forecast period. For instance, in June 2021, La Trobe University's world-leading research skills in agriculture and food will be enhanced owing to a $10 million State Government funding boost, resulting in realistic solutions and improved sustainability for Australian agricultural and regional areas. The investment will be used to extend La Trobe University's research glasshouses, as well as to create new growing facilities and controlled environment pods. Moreover, in August 2019, researchers from the University of Bristol discovered the genes that allowed plants to develop branches and conquer the land for the first time. The results, which were published in Current Biology, explain how a switch permitted plants to defer reproduction and grow leaves, shoots, and buds 450 million years ago.
Furthermore, the growing investments in the horticulture sector will also help in market growth for cytokinins. For instance, in March 2019, Canada announced a federal investment of up to $11.5 million in the Horticulture Cluster through the Canadian Agricultural Partnership. The cluster, coordinated by the Canadian Horticultural Council, received an additional $6.5 million in industry contributions, totaling $18 million in investment.
HEALTHCARE SECTOR WILL DOMINATE THE MARKET
The rising prevalence of diseases such as cancer, asthma, and arthritis is expected to drive market growth during the forecast period. Cytokines can inhibit cancer development and progression and hence they play an important role in cancer pathogenesis. Interleukin-2 cytokine dramatically stimulates the growth of T and natural killer cells which are integral to the human immune response whereas Interleukin-15 helps in the production of immune cells that attack and kill cancer cells. Moreover, according to International Agency for Research on Cancer (IARC), the burden of cancer globally is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide by the end of 2040. The increasing incidence of cancer cases is expected to drive the need for advanced cancer immunotherapy for the effective treatment of patients which in turn is expected to drive the overall market growth. Additionally, the rising prevalence of chronic respiratory diseases such as TB, Asthma, OR Pneumonia, because millions of people die prematurely, is expected to increase the demand for cytokine-directed therapy. Interlukin-4 is the key cytokine which is used in the treatment of asthma as it is responsible for Th2 cell differentiation and IgE production, it stimulates the mucus-producing cells and remodel the airway passages of the lungs. According to WHO, it is estimated that around 300 million people of all ages are suffering from asthma globally which has increased the demand for effective therapies such as cytokine-directed therapy for the treatment of asthma.
The cytokinin market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific based on geography. The factors contributing to the growth in the Asia Pacific region are the growing population and rapid increase in the demand for food. Further, increasing investment in R&D in the region is a key contributing factor. In addition, Asia pacific contributes about 30% of the total agricultural land globally and is home to half of the world’s population according to OECD and FAO. Moreover, according to the OECD and FAO outlook, the region is anticipated to contribute 53% of the global agriculture and fish output by 2030.
The exponential spread of the COVID-19 virus and its severe impact on the economies forced governments around the world to implement strict lockdown measures along with numerous trade barriers, which impacted the market potential of the cytokinin plant growth hormone industry. These barriers created supply chain disruption and hindrances in the trade of the product, leading to a contraction of the potential growth in the market. Furthermore, scrupulous barriers implemented on China by numerous countries further created a lack of supply in the market. China is one of the prime producers of Cytokinin. Disruption in the economy due to the virus coupled with trade norms implemented by countries, resulted in a fall in production of cytokinin, hence creating a demand gap. Moreover, inter-country supply disruption owing to restrictions on travel and transport created gaps in the market, resulting in a contraction of the industry dynamics.
|Market size value in 2020||US$1.600 billion|
|Market size value in 2027||US$2.799 billion|
|Growth Rate||CAGR of 7.75% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Nufarm UK, Valagro, OMEX, GoldBio, Valent BioSciences Corporation, Tokyo Chemical Industry Co., Ltd., North American Kelp, Yunnan Litto Chemicals Corporation, Sigma-Aldrich, Sisco Research Laboratories Pvt. Ltd.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the cytokinins market size by 2027?
A1. The cytokinins market is projected to reach a market size of US$2.799 billion in 2027.
Q2. What is the size of the global cytokinins market?
A2. Cytokinins Market was valued at US$1.600 billion in 2020.
Q3. What are the growth prospects for the cytokinins market?
A3. The global cytokinins market is projected to grow at a CAGR of 7.75% during the forecast period.
Q4. How is the global cytokinins market segmented?
A4. The cytokinins market has been segmented by type, application, end-user industry, and geography.
Q5. What factors are anticipated to drive the cytokinins market growth?
A5. A major factor behind the global cytokinin market growth is the increased usage of cytokinin in the agricultural and horticulture industries.
Valent BioSciences Corporation
Tokyo Chemical Industry Co., Ltd.
North American Kelp
Yunnan Litto Chemicals Corporation
Sisco Research Laboratories Pvt. Ltd.
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.