Agricoltura
Global Gibberellins Market to Reach USD 1.42 Billion by 2027 | Reports And Data
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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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:
Agrochemicals and Fertilizers
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