Micropropagation Market: Competitor Analysis, Growth, Insights, Trends 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Micropropagation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The micropropagation market size has grown rapidly in recent years. It will grow from $1.39 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to the demand for disease-free planting materials, conservation of endangered species, crop improvement programs, globalization of agriculture, and increasing awareness among growers.

The micropropagation market size is expected to see rapid growth in the next few years. It will grow to $2.26 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to the emergence of new plant varieties, biopharmaceutical production, increased focus on sustainable agriculture, expansion of biofuel and biomass production, regulatory support, and intellectual property rights. Major trends in the forecast period include increased integration of artificial intelligence (AI) and automation technologies, expansion into non-traditional crops, digitalization of micropropagation services, expansion of contract micropropagation services, and vertical integration in value chains.

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Market Drivers and Trends:

The development of horticulture is expected to propel the growth of the micropropagation market going forward. Horticulture is the practice and science of cultivating plants for food, medicinal use, ornamentation, or aesthetic enjoyment. Horticulture is developing due to increasing demand for diverse crops, sustainable agricultural practices, urban green spaces, and ornamental plants, driven by population growth, environmental concerns, and aesthetic preferences. Micropropagation is required for horticulture to efficiently produce large quantities of disease-free plants with desired traits, ensuring consistent quality and genetic uniformity in crop production, ornamental gardening, and conservation efforts. For instance, in June 2024, according to a report published by the Department for Environment Food and Rural Affairs, a UK-based ministerial department, in 2023, the value of home-grown vegetables rose by 10% to just under £1.9 billion ($2.03 billion). The value of field vegetables increased by 12%, amounting to £1.5 billion ($1.60 billion), and the value of protected vegetables went up by 3.7%, reaching £374 million ($399 million). Therefore, the development of horticulture is driving the growth of the micropropagation market.

Major companies operating in the micropropagation market are developing innovative products, such as propagation systems, to enhance the efficiency and effectiveness of plant cloning and cultivation. Propagation systems are methods or techniques used to reproduce plants from seeds, cuttings, or other plant parts to produce new, genetically identical, or varied individuals. For instance, in January 2023, NuPlant, an Australia-based biotechnology company, launched SmartClone. SmartClone is an advanced plant tissue culture propagation system that aims to quickly produce enhanced plants from breeding programs for different species. This system utilizes precision robotics to create strong clones from parent material, with adjustable conditions for each growth phase. SmartClone is expected to yield sturdier, more consistent plantlets while also cutting down on labor and reducing costs per plant.

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Major Key Players of the Market:

Iribov BV, Phytocultures Ltd., Deroose Plants Inc., Phytelligence Inc., Alpha Laboratories Ltd., Oglesby Plants International Inc., Segra International Corp., HiMedia Laboratories LLC, AgriForest Bio-Technologies Ltd., Tissue-Grown Corporation, Lifeasible, Agribiotecnología de Costa Rica S.A., Caisson Labs Inc., Galiltec S.A, Hartmann's Plant Company, Knight Hollow Nursery Inc., Lowes TC Pty Ltd., Mountain Shadow Nursery LLC, Phytotech Labs Inc., Plant Cell Technology Inc., PlantMedia, Rancho Tissue Technologies Inc., Xplant Laboratory Inc., Dark Heart Industries

Micropropagation Market 2024 Key Insights:

• The micropropagation market size is expected to see rapid growth in the next few years. It will grow to $2.26 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Horticulture Development Drives Growth In The Micropropagation Market
• Innovations In Propagation Systems Boost Micropropagation Market
• Europe was the largest region in the micropropagation market in 2023

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