Report : South 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 8.3% CAGR, the South America Plant Tissue Culture Market is speculated to be worth US$ 59.91 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America plant tissue culture market was valued at US$ 37.17 million in 2022 and is expected to reach US$ 59.91 million by 2028, registering a CAGR of 8.3% from 2022 to 2028. Increasing demand for transgenic plants and growing demand floriculture are the critical factors attributed to the South America plant tissue culture market expansion.
Transgenic plants are those plants whose DNA is modified using genetic engineering techniques to introduce a new trait to the plant that does not occur naturally. These transgenic plants are generated using genetic engineering techniques in the laboratory by altering the genetic makeup, usually by adding one or more genes to a plant's genome. Transgenic plants are mainly developed to provide the necessary nutrients and cope with the food demand in South America. Millions of people suffer from malnutrition, which is more prevalent in developing and under-developed countries. According to World Health Organization (WHO), in 2019, approximately 462 million people were underweight. According to UNICEF, nearly half of all the deaths in children under five are attributed to undernutrition. Moreover, in 2020, about 45.4 million children under the age of five were wasted, and about 13.6 million out of these were severely wasted. According to Global Change Data Lab, in 2019, 8.9% of the world’s population was undernourished. Undernourished people are those who have calorie intake below minimum energy requirements. Researchers are focusing on developing transgenic plants that provide the required calories to meet these calorie requirements. The demand for transgenic plants is fueling the growth of the South 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 South America plant tissue culture market.
Based on type, the South America plant tissue culture market is categorized into instruments, media & reagents, and consumables. The instruments segment held 57.7% market share in 2022, amassing US$ 21.43 million. It is projected to garner US$ 33.94 million by 2028 to expand at 8.0% 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 South America plant tissue culture market is categorized into plant research, agriculture, forestry & technical grade, and others. The agriculture segment held 58.4% market share in 2022, amassing US$ 21.70 million. It is projected to garner US$ 34.85 million by 2028 to expand at 8.2% CAGR during 2022–2028.
Based on end users, the South America plant tissue culture market is categorized into greenhouse, field, and laboratory. The field segment held 62.3% market share in 2022, amassing US$ 23.15 million. It is projected to garner US$ 36.93 million by 2028 to expand at 8.1% CAGR during 2022–2028.
Based on country, the South America plant tissue culture market has been categorized into Argentina, Brazil, and the Rest of South America. Our regional analysis states that Brazil captured 54.3% market share in 2022. It was assessed at US$ 20.18 million in 2022 and is likely to hit US$ 33.33 million by 2028, exhibiting a CAGR of 8.7% during the forecast period.
Key players dominating the South America plant tissue culture market are Thomas Scientific LLC; Sigma-Aldrich Co LLC; HiMedia Laboratories Pvt Ltd; Caisson Labs Inc.; Alpha Laboratories Ltd.; and Becton, Dickinson and Co. among others.
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