Plant growth regulators are modest, basic substances that plants create spontaneously to control their growth and development. Plant growth regulators (PGRs) are small compounds that control plant development and are generally active at low doses. There are both natural and synthetic regulators; those present naturally in plants are known as phytohormones or plant hormones.Plant hormones are divided into five groups: auxins, abscisic acid (ABA), ethylene, cytokinins, and gibberellins.Plant cell growth and development are coordinated through their collaboration.
The global Plant Growth Regulators market is anticipated to increase at a 9.94 % CAGR to reach value USD 7.16 billion in 2028
Covid-19 Impact & Market Status:
Like most businesses global plant growth regulator market has been enduring constant growth dips. Global demands for products such as gibberellin has been hit hard owing to gaps in the supply chain. Other vital factors disrupting the growth are the unavailability of adequate manpower, besides raw material shortage. During the forecast period, however, market demand is expected to return to normal as manufacturers introduce new products and economies recover.
Cytokinins are expected to maintain a large market share, owing to growing empirical evidence supporting their role in crop resistance.
The cytokinins segment maintained its dominance in the market. Many areas of plant development and growth have been demonstrated to benefit from the use of cytokinins, including shoot and root growth, cell division and differentiation, senescence, apical dominance, response to abiotic and biotic stressors, and fruit and seed production. Many CK manufacturers throughout the world are likely to pursue business prospects in this area as demand for CKs for decorative plants grows.
The Cereals Segment Will Have the Largest Market Share
Plant growth regulators are a popular item in the grain production industry. While these products are more frequently used in European countries, the registration of novel plant growth regulators and expanded cereals research in other international markets, such as Western Canada, indicate that they are becoming more widely utilised on cereals around the world. Businesses are likely to seek the Canadian wheat market in the future due to rising local demand for wheat-based products. Due to increased grain output around the world, plant growth regulators are becoming more widely employed in agriculture.
North America dominated the global plant growth regulators market
In 2020, North America dominated the global plant growth regulators market, and this trend is likely to continue during the forecast period.
During the period 2022-2029, the market is expected to increase at a CAGR of 9.94 percent, to USD 7.87 billion in 2029.
The market for plant growth regulators is booming, thanks to rising demand for better crop yields and rising worldwide consumption. The epidemic has increased global demand for cereals. The world's major cereal producers include China, India, the United States, Russia, Brazil, Argentina, Indonesia, and France. Demand for all types of crops, particularly grains, is increasing globally due to rising population and changing consumer lifestyles.
The formation of the organic food business, which is due to rising demand for organic food around the world, is one factor driving market expansion. It's also projected that the textile sector would expand, with more cotton being produced and more organic farming being practised.
Advances in the organic food demands are likely to strike an optimistic boost to the global plant growth regulators market, along with substantial demands in the textile business such as cotton-based products. However, many farmers are still unaware of plant growth regulators and how to use them properly for various purposes, limiting the market for these products.
The major market players of Plant Growth Regulators are BASF SE, Syngenta, FMC Corporation, Bayer Cropscience, Nippon Soda, Tata Chemicals, Xinyi Industrial, Arysta Lifescience, The DOW Chemical Company, Nufarm, Adama, Valent Biosciences and others.
Major Developments in Plant Growth Regulators Market:
Bayer AG announced in March 2021 that its yearly investment in agricultural science R&D of 2 billion euros is roughly double that of the company's nearest competitors.
Sumitomo Chemical in the year 2020 acquired Nufarm, and the deal enabled the former to gain foot across several places such as Chile, Argentina, Columbia, and Brazil. The company plans to establish a regional sales and development network to distribute plant growth regulator products in South America because it is one of the fastest-growing crop protection areas.
April 2021: Corteva, Inc. and Symborg, a microbiological technology expert, announced a partnership in the United States, Canada, Brazil, and Argentina for a microbe-based nitrogen fixation product. The Corteva product, dubbed Utrisha N nutrient efficiency optimizer, operates in natural field settings, adjusting to the needs of the plants and assisting in the long-term maximization of crop yield potential.
Plant Growth Regulators Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 7.87 billion.|
|Growth Rate||CAGR of 9.94% during 2021-2028|
|Segment Covered||By Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East & Africa|
|Key Players Profiled||BASF SE, Syngenta, FMC Corporation, Bayer Cropscience, Nippon Soda, Tata Chemicals, Xinyi Industrial, Arysta Lifescience, The DOW Chemical Company, Nufarm & among others.|
Key Segments of Plant Growth Regulators Market
- By Type
- By Application
- Oilseeds and Pulses
- Fruits and Vegetables
- By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa