Report : North America Plant Tissue Culture Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Instruments, Media & Reagents, and Consumables), Application (Plant Research, Agriculture, Forestry & Technical Grade, and Others), and End Users (Greenhouse, Field, and Laboratory)
At 8.8% CAGR, the North America Plant Tissue Culture Market is speculated to be worth US$ 277.27 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America plant tissue culture market was valued at US$ 167.46 million in 2022 and is expected to reach US$ 277.27 million by 2028, registering a CAGR of 8.8% from 2022 to 2028. Increasing demand for transgenic plants and growing demand floriculture are the critical factors attributed to the North America plant tissue culture market expansion.
Floriculture is a branch of ornamental horticulture concerned with growing and marketing flowers, ornamental plants, and flower arrangements. Plant tissue culture is used to develop flowers according to the need of the population. According to a report by the United States Department of Agriculture, in the United States, the total crop value at wholesale for all growers was US$ 4.42 billion for 2019. According to the 2020 Floriculture Crops Summary, the most recent USDA National Agricultural Statistics Service Summary, the 2020 wholesale value of sales of floriculture crops was $4.80 billion in floriculture crops and increased by 8% from 2019. Flowers are nowadays used as a food as they contain nutraceutical and organoleptic properties. The typically high pigment concentration of the corollas (especially flavonoids and carotenoids), which have evolved to attract pollinators chromatically, indicates a marked nutraceutical activity, especially regarding antioxidant power. Edible flowers such as roses, citrus blossoms, lavender, hibiscus, and nasturtium are some of the flowers that are gaining popularity among health-conscious consumers. Edible flowers provide biologically active substances including vitamin A, C, riboflavins, niacin, minerals such as calcium, phosphorous, iron and potassium that are eventually beneficial to consumers' health. To produce flowers which provide these biologically active substances, genetic engineering and tissue culture techniques are used. Growing demand for flower as a nutritious food additive is mainly driving the growth of North America plant tissue culture. This is expected to drive the market during the forecast period.
On the contrary, high cost of tissue culture hurdles the growth of North America plant tissue culture market.
Based on type, the North America plant tissue culture market is categorized into instrument, media & reagents, and consumables. The instrument segment held 60.5% market share in 2022, amassing US$ 101.30 million. It is projected to garner US$ 162.34 million by 2028 to expand at 8.2% CAGR during 2022–2028. Further, the instrument segment is categorized into incubators, centrifuges, microscopes, sterilizers, and others. Similarly, media & reagents are categorized into murashige and skoog media, linsmaier and skoog media, and others.
Based on application, the North America plant tissue culture market is categorized into plant research, agriculture, forestry & technical grade, and others. The agriculture segment held 53.3% market share in 2022, amassing US$ 89.30 million. It is projected to garner US$ 147.17 million by 2028 to expand at 8.7% CAGR during 2022–2028.
Based on end users, the North America plant tissue culture market is categorized into greenhouse, field, and laboratory. The field segment held 55.0% market share in 2022, amassing US$ 92.14 million. It is projected to garner US$ 150.94 million by 2028 to expand at 8.6% CAGR during 2022–2028.
Based on country, the North America plant tissue culture market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 81.2% market share in 2022. It was assessed at US$ 136.03 million in 2022 and is likely to hit US$ 225.20 million by 2028, exhibiting a CAGR of 8.8% during the forecast period.
Key players dominating the North America plant tissue culture market are Segra International Corp.; JRT Nurseries Inc.; Thomas Scientific LLC; Sigma-Aldrich Co LLC; HiMedia Laboratories Pvt Ltd; Caisson Labs Inc.; and Becton, Dickinson and Co. among others.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: firstname.lastname@example.org