Gibberellic Acid Market Size, Share & Industry Analysis, By Type ( Powder, Tablets, Others ), By Application ( Agricultural, Laboratory, Others ) and regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Gibberellic acid, also known as gibberellins A3, GA and GA3 is a plant hormone with chemical formula C19H22O6. It is white or pale yellow coloured pentacyclic diterpene that promotes the growth and elongation of cells in plants and fungii. GA controls the production of mRNA molecules in sprouting seeds. GA is used in greenhouse and laboratories to activates the germination of seeds and as growth regulators in plants.
Agricultural sector is being modernized since last few years. Technological advancements in the agricultural sector like use of growth regulators in plants and crops for higher yields shall drive the market growth. It is used as an alternative for chemical fertilizers and helps crops grow organically. Additionally, the increasing demand for organic fruits and vegetables is boosting the market demand.
However, other cheaper growth regulators like auxins, cytokinins, abscisic acid, ethylene are available in market. The comparatively higher cost of the gibberellic acid is likely to limit the market growth.
Market Segmentation:
Based on type, the market is segmented into, powder, tablets, and others. Based on application, the market is segmented into agriculture, laboratory, and other applications.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Market Driver -
Technological advancements in agricultural sector.
Key Market Restraint -
Comparatively higher cost.
Key Players Covered:
The global gibberellic acid market consists of global & regional players operating. Some of the key players in the market include Jiangxi Xinruifeng Biochemical, Caisson Laboratories, Inc., Zhejiang Qianjiang Biochemical, AgroChina Group, Adama, Agro-care Chemical, Jiangsu Bailing Agrochem, Jiangsu Fengyuan Bioengineering, Nufarm, Beijing Multigrass Formulation Co., Ltd and others.
Key Insights
- New Advancements in Production Technologies
- Key Trends in the Gibberellic Acid Market
- New Product Launches, Expansions, Key Players
- Ranking of Key Players in the Market
Regional Analysis:
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market attributed to the extensive R&D in the agricultural methods and higher rate of adoption of enhanced techniques of farming. Europe is estimated to show significant growth attributed to the increasing awareness about the use of growth regulators to obtain higher yield. Additionally, Europe is a large exporter of fruits and vegetable which is likely to raise the regional demand. Asia Pacific is estimated to show substantial growth attributed to the high demand from densely populated and agricultural countries like India and China. The adoption of enhanced technologies instead of traditional method of farming shall serve as an opportunity for market growth in the region. Latin America and Middle East & Africa is expected to show sluggish growth by the end of the forecast period.
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Segmentation
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Gibberellic Acid Industry Developments
- In April 2018, Beijing Multigrass, a biochemical manufacturing company launched a highly pure grade gibberellic acid with a technical capacity of 100 tons.
- Ongoing
- 2023
- 2019-2022
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