The global micropropagation market was valued at USD 1,279.4 million in 2022, and this number is expected to reach USD 2,711.0 million by 2030, advancing at a CAGR of 9.8% during 2022–2030, according to P&S Intelligence.
The growth can be ascribed to the development of horticulture and enhanced crop safety technologies. Micropropagation is mainly used for vegetative duplication of plants under high-powered light, an explicit nutritional medium, and a temperature-measured ecosystem. The technique has been utilized on a huge variety of commercially propagated plant species.
On the basis of crop type, the orchid and ornamental category are all set to develop at the highest CAGR, of approximately 10% in the coming few years. The primary factor fuelling the demand for orchid and ornamental plants is the rising curiosity of the youth for household plants.
In the coming years, the online category is projected to grow at a higher CAGR. This is due to several retailers providing their products via online channels, as these demand a low-price setup than establishing physical shops or making agreements with wholesalers. The low cost of starting online channels also enable vendors to sell their product at a reasonable cost in order to get a competitive edge.
In 2022, the APAC market generated the largest revenue share of, approximately USD 400 million, and is projected to generate, over USD 800 million by the end of the decade. This is due to the growing regional demand for eco-friendly items, which ultimately fuels the greenhouse horticulture output of flowers, fruits, and vegetables. Additionally, governments in APAC offer several subsidies to advance greenhouse horticulture goods.
