Analysis of the Plant Growth Regulators Market: Assessment of Market Size, Trends, Statistics, and Competitors
Global Plant Growth Regulators Market by Type (Cytokinins, Auxins, Gibberellins, and Others), by Application (Grains and Cereals, Fruits and Vegetables, Pulses and Oilseeds, Turf and Ornamentals, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Size, Share, COVID-19 Impact, Regional Analysis & Forecast Till 2030
Category - Agriculture
Report Code - OMR-A-296
Format: PDF, PPT, and Excel
Plant Growth Regulators Market Overview
Plant growth regulators (PGRs) are compounds used to manipulate plant development in various ways, including promoting or inhibiting branching, shoot growth, return bloom, fruit removal, fruit maturity, and other similar processes. The effectiveness of plant growth regulators is affected by a wide range of variables, including as the chemical's absorption rate, the tree's vitality and age, the dose, the timing, the cultivar, and the pre-, during-, and post-application weather. Chemicals associated with auxins, gibberellins, and inhibitors of gibberellin production, cytokinins, abscisic acid, and chemicals altering the ethylene status make up five families of plant growth regulators. Farmers use plant growth regulators to improve the quality of their crops in various ways, such as for ensuring plants are more resistant to pests and diseases to making their roots more robust. Both organic and synthetic compounds can be used as growth regulators. Natural plant growth regulators can be found in organic sources such as liquid kelp and seaweed. Synthetic growth regulators are commonly used by commercial growers such as nurseries. Their usefulness drives increased interest in plant growth regulators in various agricultural contexts, including their capacity to limit lodging during intensive cereal cultivation, manage plant height, and encourage latex synthesis in rubber trees. The growing popularity of alternatives, such as fertilizers, is holding back the need for PGRs. Farmers have felt the effects of the COVID-19 problem, which has led to social isolation mandates, travel bans, and market closures.
Plant Growth Regulators Market Growth Factors
Rising Demand for Sustainable Farming Methods to Surge Market Growth
Plant growth regulators (PGRs) are known for facilitating the development and expansion of plants, both in favorable and adverse environments. Reducing crop loss due to the effects of climate change is difficult and calls for major changes to crop development programs and agronomic techniques. To counteract these stresses and climate volatility and ensure continuous crop production, plant growth regulators (PGRs) are a beneficial tool. In 2020, only 1.6% of the world's farmland was certified organic, according to the World of Organic Agriculture (FiBL) 2022 report. Oceania has 9.7 percent of all farmland dedicated to organic farming, well ahead of Europe's 3.4% and Latin America's 1.4%. The need for organic fruits and vegetables is rising as people become more health-conscious and have more disposable income. Plant Growth Regulators are projected to benefit from the increasing demand for organic fruits & vegetables.
Rising Need for High-Quality Crops Among Consumers to Boost the Market Growth
Plant growth regulators have the potential to accelerate flowering, boost plant development, and postpone root crop sprouting. These findings modify plant nutrition and assist industrial agriculture in its efforts to improve crop quality and quantity. Their usefulness drives increased interest in plant growth regulators in various agricultural contexts, including their capacity to limit lodging during intensive cereal cultivation, manage plant height, and encourage latex synthesis in rubber trees. As a result, the market is expected to expand in the next years. These ingredients stimulate plant development and speed up manufacturing compared to conventional fertilizers. Growth potential for the plant growth regulators market will be lucrative and rewarding due to rising agricultural spending in developing countries, shrinking farmland, and a more robust product portfolio for broad-acre crops.
Plant Growth Regulators Industry Segment
Type
• Cytokinins
• Auxins
• Gibberellins
• Others
Application
• Grains and Cereals
• Fruits and Vegetables
• Pulses and Oilseeds
• Turf and Ornamentals
• Others
Plant Growth Regulators Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
Type Insights
Cytokinins are Dominant as they Assist Plant Growth
The market can be differentiated based on the type between cytokinins, auxins, gibberellins, and others.
The cytokinins subset was expected to account for most of the market going forward. Many aspects of plant growth and development, such as shoot and root expansion, cell division and differentiation, senescence, apical dominance, response to abiotic and biotic stresses, and fruit and seed formation, are known to benefit from the application of cytokinins. As the market for CKs for ornamental plants continues to grow, several companies worldwide are anticipated to enter the market to take advantage of the lucrative prospects there. Cytokinins are expanding rapidly worldwide due to the rising availability of fruits and industrial crops. Key market drivers include growing interest in organic farming and the demand for environmentally friendly farming practices.
During the anticipated time period, gibberellins are expected to be the second largest segment. The increased use of gibberellin in agriculture is owing to the rising demand for high-quality vegetables and fruits. Farmers like this product because it helps plants thrive under difficult conditions. Grape and apple cultivation both benefit greatly from the usage of gibberellins.
Regional Insights
North America to Lead Global Market Owing to Rising Trend of Organic Farming
Based on region, the market can be split between North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, the market for plant growth regulators was the largest in North America. Rising demand for fresh fruits and vegetables, especially in the United States, is fueling growth in the region's agricultural economy. The main U.S. produce crops include corn, cotton, fruit, tree nuts, soybeans, oil crops, wheat, and pulses. Since Canada is a leading exporter of agricultural products, there has been a rise in demand for all PGRs. In addition, rising interest in organic foods will likely boost demand for the item in the area.
Due to increased demand for organic food, Europe has the second-largest plant growth regulator's market share. It is expected to maintain its trend of dominance over the projection period. Sustainable agriculture, food security, and rural development are all priorities for European nations. More funding for organic farming by national governments is needed to strengthen their respective food production sectors. Organic farming will also be supported as nations work to decrease pesticide use and boost soil fertility. The European Commission is committed to the EU's Form to Fork Strategy, which prioritizes organic farming practices. By adopting this strategy, 25% of EU farmland will be dedicated to organic production by 2030. The rapid expansion of indoor farming units like greenhouses and glasshouses is largely responsible for the soaring demand. Plant growth regulators are used mostly in vegetable and fruit production, boosting the market.
Asia Pacific to grow at the fastest pace in the coming years. Increases in sustainable farming practices and the demand for organic food are driving rapid expansion across Asia and the Pacific. Many tropical countries can be found in Asia and the Pacific. Some examples are India, Myanmar, Indonesia, Malaysia, Singapore, the Philippines, and Thailand. In the Asia-Pacific region, China is the largest market for plant growth regulators. The rising number of people in the country has increased the pressure for greater agricultural output.
Plant Growth Regulators Industry Analysis
Companies invest heavily in R&D to create innovative products and technologies. Leaders in the industry have formed strategic alliances with other businesses to ramp up their research and development efforts. These companies have a global distribution network and primarily Asian and European production facilities.
In the coming years, the major players will likely prioritize introducing innovative products to maintain their competitive edge. Mergers between major crop protection companies in recent years show that the worldwide market is becoming increasingly consolidated.
Plant Growth Regulators Market Recent Developments
• In April 2021, the United States, Canada, Brazil, and Argentina will now have access to a microbe-based nitrogen fixation product thanks to a deal announced between Corteva, Inc. and Symborg, an expert in microbiological technology. Utrisha N nutrient efficiency optimizer is a Corteva product that functions in natural field circumstances, adjusting to the plant's requirements as it grows to increase crop yields sustainably.
• In July 2021, Sumitomo Chemical's novel plant growth regulator (PGR) AccedeTM (1-aminocyclopropane-1-carboxylic acid (ACC)) was approved for registration by the US regulatory agency. Sumitomo Chemical's Accede is a PGR fruit thinner part of the company's A2020 pipeline of biorational products.
• In January 2021, at BTME in Harrogate, BASF introduced Attraxor, a new plant growth regulator (PGR), with a release date of September 2021. This revolutionary new product for the UK market contains the potent active ingredient Prohexadione calcium. In 2020, BASF will release Attraxor, the first of many new products for the growing amenity sector.
Global Plant Growth Regulators Market Prominent Players
• BASF SE (Germany)
• Nufarm (Australia)
• Bayer AG (Germany)
• Syngenta (U.S.)
• Sumitomo Chemical Ltd. (Japan)
• Corteva (U.S.)
• Tata Chemicals Ltd (India)
• Valent Biosciences (U.S.)
• Sichuan Guoguang Agrochemical Co., Ltd. (China)
• Fine Holdings Group (UK)
• Barclay Chemicals (Ireland)
• Redox Industries Limited (India)
Frequently Asked Questions (FAQs)
At what rate will the Plant Growth Regulators Market Expand?
According to Objective Market Research, the global market for plant growth regulators market will rise at a compound annual growth rate of 8.4% during the course of the forecast period.
What are the factors driving the global Plant Growth Regulators market?
Demand for organically produced commodities and a preference for organic farming is projected to expand the worldwide Plant Growth Regulators market over the forecast period.
Which type accounted for the largest Plant Growth Regulators' market share?
Increased stress tolerance and protein synthesis are two main reasons the cytokinins market is predicted to grow at the fastest CAGR over the projected period.
What region holds the major share in the global market scape?
The region of North America will dominate the market because of its massive population and expanding need for food staples like grains, cereals, fruits, and vegetables.
Which are the dominating players in the market during the forecast period?
Some of the prominent players in the global Plant Growth Regulators market are BASF (Germany), Nufarm (Australia), Bayer AG (Germany), Syngenta (U.S.), Valent Biosciences (U.S.), Sichuan Guoguang Agrochemical Co., Ltd. (China), Fine Holdings Group (UK), Barclay Chemicals (Ireland), and Redox Industries Limited (India), Others.
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Table of Content
1. Introduction
1.1 Market Definition
1.2 Objective of the Study
1.3 Market Scope
1.4 Years Considered in the Study
1.4.1 Historic Year: 2019-2021
1.4.2 Base Year: 2022
1.4.3 Forecast Period: 2023-2030
1.5 Currency Used in the Study
1.6 Boundaries for the Study
1.7 Collaborators/Stakeholders/Benefactors
2. Research Methodology
2.1 Research Outline
2.2 Data Collection Methods
2.3 Data Sources
2.3.1 Secondary Sources
2.3.1.1 Paid Sources
2.3.1.2 Unpaid Sources
2.3.2 Primary Sources
2.4 Market Estimation Methodology
2.4.1 Top-Down Approach
2.4.2 Bottom-Up Approach
2.5 Data Triangulation
2.6 Assumptions of the Study
2.7 Limitations of the Study
3. Executive Summary
3.1 Market Outlook
3.2 Analysts Perspective
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers
4.1.1.1. Increasing Demand for Fruits & Vegetables
4.1.1.2. Growing Initiatives to Enhance Crop Yield
4.1.2. Restrain
4.1.2.1. Availability Of Alternatives
4.1.3. Opportunities
4.1.3.1. Growing Trend of Organic Farming
4.1.3.2. Government Initiatives
4.1.4. Impact of Market Dynamics
4.2. Impact of COVID-19 pandemic
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitution
4.4.4. Threat of New Entrants
4.4.5. Competitive Rivalry
5. Global Plant Growth Regulators Market Analysis & Forecast, by Type from 2019-2030 (in USD million) (in million tons)
5.1. Cytokinins
5.2. Auxins
5.3. Gibberellins
5.4. Others
6. Global Plant Growth Regulators Market Analysis & Forecast, by Application from 2019-2030 (in USD million) (in million tons)
6.1. Grains and Cereals
6.2. Fruits and Vegetables
6.3. Pulses and Oilseeds
6.4. Turf and Ornamentals
6.5. Others
7. Global Plant Growth Regulators Market Analysis & Forecast, by Region from 2019-2030 (in USD million) (in million tons)
7.1. North America
7.1.1. North America Plant Growth Regulators Market Analysis & Forecast, By Country
7.1.1.1. U.S.
7.1.1.2. Canada
7.1.1.3. Mexico
7.1.2. North America Plant Growth Regulators Market Analysis & Forecast, By Type
7.1.3. North America Plant Growth Regulators Market Analysis & Forecast, By Application
7.2. Europe
7.2.1. Europe Plant Growth Regulators Market Analysis & Forecast, By Country
7.2.1.1. Germany
7.2.1.2. UK
7.2.1.3. France
7.2.1.4. Spain
7.2.1.5. Italy
7.2.1.6. Rest of Europe (RoE)
7.2.2. Europe Plant Growth Regulators Market Analysis & Forecast, By Type
7.2.3. Europe Plant Growth Regulators Market Analysis & Forecast, By Application
7.3. Asia-Pacific (APAC)
7.3.1. Asia-Pacific Plant Growth Regulators Market Analysis & Forecast, By Country
7.3.1.1. Japan
7.3.1.2. China
7.3.1.3. India
7.3.1.4. South Korea
7.3.1.5. Rest of the APAC
7.3.2. Asia-Pacific Plant Growth Regulators Market Analysis & Forecast, By Type
7.3.3. Asia-Pacific Plant Growth Regulators Market Analysis & Forecast, By Application
7.4. Latin America
7.4.1. Latin America Plant Growth Regulators Market Analysis & Forecast, By Country/Region
7.4.1.1. Argentina
7.4.1.2. Brazil
7.4.1.3. Rest of Latin America
7.4.2. Latin America Plant Growth Regulators Market Analysis & Forecast, By Type
7.4.3. Latin America Plant Growth Regulators Market Analysis & Forecast, By Application
7.5. Middle East & Africa
7.5.1.1. South Africa
7.5.1.2. UAE
7.5.1.3. Saudi Arabia
7.5.1.4. Rest of Middle East & Africa
7.5.1.1. South Africa
7.5.1.2. UAE
7.5.1.3. Saudi Arabia
7.5.1.4. Rest of Middle East & Africa
7.5.2. Middle East & Africa Plant Growth Regulators Market Analysis & Forecast, By Type
7.5.3. Middle East & Africa Plant Growth Regulators Market Analysis & Forecast, By Application
8. Competitive Landscape
8.1. Market Share Analysis (2022)
8.2. Market Positioning of Top Players (2022)
8.3. Key Developments & Growth Strategies (2020-2022)
8.3.1. Product Launches
8.3.2. Merges, Collaborations & Agreements
8.3.3. Expansion
8.4. SWOT Analysis
9. Company Profiles (Business Overview, Products Offered, Financial Details*, Recent Developments)
9.1. BASF SE (Germany)
9.1.1. Company Snapshot
9.1.2. Business Overview
9.1.3. Financial Data
9.1.4. Key Products Offered
9.1.5. Recent Developments
9.2. Nufarm (Australia)
9.3. Bayer AG (Germany)
9.4. Syngenta (U.S.)
9.5. Sumitomo Chemical Ltd. (Japan)
9.6. Corteva (U.S.)
9.7. Tata Chemicals Ltd (India)
9.8. Valent Biosciences (U.S.)
9.9. Sichuan Guoguang Agrochemical Co., Ltd. (China)
9.10. Fine Holdings Group (UK)
9.11. Barclay Chemicals (Ireland)
9.12. Redox Industries Limited (India)
9.13. Others
10. Appendix
10.1. Currency Exchange Rate to USD
10.2. Abbreviations
* Financial details captured might be subjected to information available and not be given for privately-held companies or for companies that do not report it in the public domain