The global micropropagation market is projected to reach USD 1,579.6 million in revenue by 2024 and is expected to grow at a 10.1% compound annual growth rate, hitting USD 2,820.4 million by 2030. This expansion is fueled by technological advancements in horticulture and crop protection. Micropropagation, a biotechnological method of plant multiplication, is used for producing large volumes of plants under controlled conditions, utilizing nutrient-rich media, precise light, and temperature settings. This process is especially significant for various commercially valuable plant species.
The ornamental plant industry is well-developed worldwide, engaging numerous breeders, retailers, and growers. The visual appeal of ornamental plants drives their popularity, as they are widely used in enhancing green spaces across homes, gardens, parks, and public areas. With urbanization on the rise, green spaces are increasingly valued, boosting demand for ornamental plants to improve aesthetics and air quality. European countries import these plants from nations like Israel, Ethiopia, and Kenya, with Germany as a leading cultivator in Europe.
Interest in medicinal plants is also increasing due to their therapeutic properties, aligning with a global shift towards natural remedies and wellness. Rising needs across food production, forestry, and horticulture have intensified the demand for high-quality, disease-free plant stocks. Micropropagation has thus become essential for producing disease-free, high-yield plants in large volumes. It enables rapid, uniform plant cloning, ensuring healthier crops and superior yields, making it a preferred method over traditional plant propagation.
Key Insights:
- Orchids and Ornamentals Growth: Orchids and ornamental plants are leading the micropropagation market, expected to grow at a 10.5% CAGR through 2030.
- Youthful Appeal: Increasing interest in indoor plants among young consumers drives demand for decorative plants.
- Decorative Applications: Ornamental plants enhance aesthetics in residential and commercial spaces, including hotels, restaurants, and offices.
- Banana Market Growth: Bananas hold the second-largest market share, with micropropagation yielding up to five times more output than traditional methods, especially in APAC and MEA.
- Essential Equipment: Test tubes and Petri dishes hold a significant share (50% in 2023) and are among the fastest-growing equipment categories due to their utility in contamination-free plant cultivation.
- Market Channels: Offline channels dominate with 70% share, while online sales are projected to grow rapidly, reaching a 10.4% CAGR by 2030.
- Regional Insights: Europe holds the largest market share at 45% in 2024, supported by government subsidies, policy shifts, and sustainable farming practices that improve agricultural growth and farmers’ income.
Comments