The global gibberellic acid market size is projected to experience speedy growth in the upcoming years owing to the increasing adoption of advanced technologies in the agricultural sector, finds Fortune Business Insights™ in its report, titled “Gibberellic Acid Market, 2022-2030”.
Gibberellic acid is a growth-regulating chemical that is found in all parts of plants. This type of acid helps to restore both cell division and elongation and can be used as a substitute for chemical fertilizers. Thus, this acid helps in the growth of crops in an organic way, which has resulted in the increasing demand for organic fruits and vegetables across several regions. This is a crucial factor driving the growth of this market. Further, there has been an increasing adoption of latest technologies in farming in most of the countries across the world. The use of gibberellic acid in farming helps to control the flourishing of plants and leaves and also help in the germination of the seeds. Thus, there is a high demand for gibberellic acid from several countries such as India, China, Japan, and others, which are focusing on the research and development activities in the agricultural sector in order to increase the cultivation of organic crops.
However, the relatively high cost of gibberellic acid is projected to hinder the growth of this market.
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Market Segmentation:
On the basis of type, this market is divided into powder, tablets, and others. By application, the market is classified into agricultural, laboratory, and others. Based on geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights/Summary:
The report incorporates actionable insights into the regional prospects of the market and provides a comprehensive analysis of the market drivers and challenges. Further, the report also contains detailed bifurcation of key market players and careful study of their strategies and offers a granular evaluation of the different market segments.
Drivers/Restraints:
Rising Demand for Organic Fruits and Vegetables to Fuel the Market
In recent years, due to the increasing awareness about health and fitness, a majority of world population is inclined towards the consumption of natural fruits and vegetables due to the advancements in the farming techniques. The gibberellic acid helps in the growth of organic fruits and vegetables, thus, enabling plant metabolism which results in the enhanced growth in stems, leaves, and roots. This acts as an important factor contributing to the growth of this market.
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Regional Insights:
Increasing Research and Development Activities in Agriculture to Boost the North America Market Growth
North America region is projected to dominate in the gibberellic acid market share on account of the increasing research and development in the agricultural techniques and rising adoption of latest farming techniques.
Europe is anticipated to grow rapidly in this market due to the rising awareness regarding the usage of growth regulators to gain higher yield.
Asia Pacific region is expected to grow steadily in this market due to the rising demand for gibberellic acid from the agricultural countries such as India and China.
Competitive Landscape:
Adoption of Advanced Farming Methodologies by Key Players to Feed Competition
The prominent companies in the gibberellic acid market are focusing on the increasing adoption of advanced farming techniques instead of traditional methods of farming. This has resulted in the increasing competition among key companies which will enable them to widen their offerings and expand their business horizons.
Industry Development:
April 2018: Beijing Multigrass, a biochemical manufacturing company introduced a highly pure grade gibberellic acid with a technical capacity of 100 tons.
List of Key Players Covered in Gibberellic Acid Market Report:
- Caisson Laboratories Inc.
- AgroChina Group
- Adama
- Agro-care Chemical
- Jiangsu Bailing Agrochem
- Nufarm
- Beijing Multigrass Formulation Co. Ltd.
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