Global Plant Growth Regulators Market- 2021-2028

Global Plant Growth Regulators Market- 2021-2028

Market Overview:

Plant growth regulators (PGR) are natural formulations or synthetic chemicals that are used to modify plant growth and development. Modification includes both growth promotion and inhibition and range from reproductive growth, branching, flowering and fruit growth. These chemicals are generally active at low concentrations and are used to shorten the internodes, thereby growing a small, denser plant. Plants produce some kinds of natural regulators (endogenous) referred to as plant hormones, while synthetic formulations are called growth regulators. Plant hormones can be synthesized in any plant part including stems, roots and buds, and are translocated to another part to cause a physiological response. Auxin, one of the key plant hormones is produced in the stem tip and moves to the darker side of the plant to promote cell elongation. The performance of PGR is based on several factors such as plant vigor, weather conditions, cultivar, application rate and absorption by the plant. PGRs are finding widespread use in fruits, vegetables, cereals and oilseed farming practices across the world

The global plant growth regulators market reached US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX% during the forecast period (2021-2028)

Market Dynamics:

Improved productivity and enhanced quality of produce by use of PGRs is spurring the market growth

Plant growth regulators are widely in use in farming practices owing to their potential impact on plant growth, health and overall productivity of the crop. PGRs help reduce nutrient and water requirement to the crop, and decrease labor thereby providing cost advantages. Greenhouses and nursery growers are also increasing the use of PGRs for its input cost reduction and production enhancing capabilities. Horticulture evolved as the new growth avenue for the PGRs market and the rapidly growing horticulture acreage is likely to spur growth of the market. Horticulture production in India has doubled from 146 million tons in 2002 to 314 million tons in 2019.

Market Segmentation:

Growth promoters are the dominating category. Natural growth promoters the buzz category in the market

Plant growth promoters evolved as the largest category of the global PGR market by revenue in 2020. The segment valued USD XX million in 2020 and is estimated to reach UAS XX million by 2028, growing at a CAGR of XX%. Growth promoters are intended for applications such as cell enlargement, cell division, seed formation, flowering and fruiting. Auxins, gibberellins and cytokinins are the most widely used growth promoters. Auxins are primarily used to prevent leaf and fruit drop from plants at early stages and promotes abscission of matured leaves. Also, it helps initiate rooting in stem cutting, an application most widely used in plant propagation. Indole-3-acetic acid (IAA) and indole butyric acid (IBA) are the largest used auxins in farming practices and these are isolated from plants. Auxins also include synthetic materials such as 2, 4-D (2, 4-dichlorophenoxyacetic) and NAA (naphthalene acetic acid)

Geographical Penetration:

Asia Pacific is expected to dominate the global plant growth regulators Market in the year 2020

Asia Pacific region evolved as the largest market for plant growth regulators with a share of 40% in the global sales revenue in 2020. The large-scale farming activities in countries such as India, China led to well-established market prospects in the region. Also, these countries have been largely relying on agrochemicals for crop nutrition and protection purposes and has high adoption rates of PGRs in the world. Also, countries such as Indonesia, Philippines, Thailand and Vietnam are posting rapid growth in the market owing to increasing awareness towards productivity benefits of PGRs and increasing demand for agrochemicals. These countries are likely to id Asia Pacific region in holding its dominance over the forecast period

Competitive Landscape:

The global plant growth regulators market is highly fragmented with large number of companies offering wide range of PGRs. However, the market is witnessing sever competition among top players such as BASF, Corteva, Bayer and Syngenta. These companies are enjoying strong foothold in the market in terms of sales, distribution network and brand reputation for their agrochemicals. The global market is also integrated with large number of small to medium-sized manufacturers. FMC Corporation, Tata Chemicals, Dhanuka Agritech, Nufarm and Valent Biosciences are some other major players in the market. The market is witnessing large number of new product launches and geographic expansions of existing brands. Manufacturer focus is laid towards development of organic formulations to cater the growing demand from consumers and environment protection bodies
• In July 2021, Sumitomo Chemical received U.S. regulatory approval for its Accede Plant Growth Regulator. With 1-aminocyclopropane-1-carboxylic acid (ACC) as the primary ingredient, Accede is intended for use as fruit thinners
• BASF launched its Attraxor plant growth regulator based on Prohexadione calcium in the U.K. market in April 2020
• Nufarm commissioned sales of its Impulse brand of PGRs in the Brazil market in November 2019. It is a an ethephon-based bacteriostatic growth regulator that is intended for inhibiting flowering, accelerating ripening and stimulating sugarcane sprouting and tillering

COVID-19 Impact: Pandemic posed a short-term negative impact on global PGRs market

The COVID-19 pandemic has had a considerable impact on agricultural activities and associated industries globally. The impact is largely varying in different geographies, based on the spread of virus and subsequent restrictions imposed. Plant growth regulators as a category of agrochemicals or agricultural inputs has experienced a limited impact by the pandemic. Activities including production, distribution and sales of agrochemicals is exempted under essential industries. Companies are recommended to work with lower operating capacities and employees to meet the COVID-19 protocols. This has led to a decline in production of plant growth regulators to some extent. However, supply chain disruptions have been the major blow to the industry in 2020. Despite of operating distribution network and local procurement centers, the restrictions imposed on freight movement led to procurement hurdles, thereby causing availability issues to the farmers. The prices of PGRs increased in 2020 and has contributed for positive growth of the market

Why Purchase the Report?
• Understand the current market scenario and viability of global plant growth regulators over the forecast period
• Visualize the composition of the global plant growth regulators market in terms of product type, source, crop type and form to identify major players, growth potential, and market strategies
• Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Excel data sheet with valuable data points of the global plant growth regulators market – Regional and Country level segmentation
• Product mapping in excel for the key products of all major market players
• Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global plant growth regulators market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:
• Agrochemical Companies
• Farming Associations
• Import and Export Companies
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals