Companies active in the tissue cultured date palm industry are focusing on the cultivation of female inflorescences over male variants, to leverage growth in European and Asian markets.
DUBAI, UAE / ACCESSWIRE / April 21, 2020 / The tissue cultured date palm market is projected to grow at a healthy rate to cross a value pool of US$ 4.5 Bn during the forecast period (2019-2027). A substantial increase in personal care and cosmetics applications, and the popularity among hair oil and shampoo manufacturers opting to use date palm derivatives is a predominant factor driving the expansion of tissue cultured date palm industry. Emerging players are pushing cultivate different varieties of date palm to appeal to a wider demographic, and will continue to boost growth of tissue cultured date palm market, reveals Future Market Insights (FMI).
"Tissue cultured date palm plants increase the fruit yield and quality, without relying on weather and seasons, propelling demand across the globe," says the FMI analyst.
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Tissue Cultured Date Palm Market - Key Takeaways
- Medjool and Barhi tissue cultured date palms are projected to highly preferred variants during the forecast period.
- Elite Kutch variants will exhibit a significant double-digit CAGR through the forecast period, accounting for high growth potential through the forecast period.
- Female tissue cultured date palm inflorescences will account for 60% of market sales, owing to demand from developed regions such as North America, which are expected to display faster growth than MEA.
- The Middle East and Africa region will account for majority of the global market share, driven by favorable weather conditions.
Tissue Cultured Date Palm Market - Key Driving Factors
- Faster cultivation of large-scale farms through tissue culture in comparison to conventional methods is a major growth driver.
- Rising consumer awareness about the sources of raw materials for end products remains a key selling point for tissue cultured date palms.
- Superior quality of fruits in comparison to conventional plants support overall market growth.
- Rising ornamental applications and lack of weather constraints aids in market growth through the forecast period.
Tissue Cultured Date Palm Market - Key Constraints
- The continuing issues of recalcitrance and contamination for tissue cultured date palms will remain a challenge for market players.
The Covid-19 Impact
The coronavirus outbreak has resulted in substantial restrictions in imports and exports, with problems arising with the spread of the pathogen on a global scale. Further, lockdowns will restrict available workforce and will impact transportation and logistics.
With supply chains at increased risk, producers are anticipated to turn towards automation. However, while supply is expected to regain growth after the crisis. The current outbreak is likely to stifle the expansion of the global tissue culture date palm market in the near future. Losses will also be mitigated to an extent by government financial packages towards the industry.
Explore the global tissue cultured date palm market report with 86 illustrative figures, 23 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/customization-available/rep-gb-10897
Competition Landscape
Key players in the tissue cultured date palm market are Crop Development, Al Wathba Marionette LLC, Saliah Dates, Atul Rajasthan Date Palms, K.G. Date Palm Orchard, Cerbiotech, Vitropalm Technology, PICO Agriculture, Phoenix Agrotech LLC, Green Coast Nurseries, Kutch Crop Services Pvt. Ltd., Zemach Tissue Culture Ltd., Pratibha Farms, Rana Agro Industry Corp, and Date Palm Developments. Majority of these players are investing in the introduction of different varieties of tissue cultured date palm in a bid to widen their consumer base and product portfolio. Moreover, online channels are generating substantial lucrative opportunities in sales, even as mergers and acquisitions gain importance in market strategy.
More About the Report
The FMI's market research report of 300 pages offers comprehensive insights on tissue cultured date palm market. The market is analyzed on the basis of nature (male inflorescences and female inflorescences), and variety (medjool, barhi, deglet noor, male barhi, elite varieties of Kutch, and others), across five key regions (North America, Latin America, Europe, Asia, and MEA).
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SOURCE: Future Market Insights