PUBLISHER: Allied Market Research | PRODUCT CODE: 1266320
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266320
The global plant growth regulators market is envisioned to garner $2.2 billion by 2031, growing from $7.4 billion in 2021 at a CAGR of 13.9% from 2022 to 2031.
Plant growth regulators (PGRs) are chemicals that are used to manipulate plant development by boosting branching, limiting shoot growth, enhancing return bloom, eliminating surplus fruit, or changing fruit maturity.
Rapid urbanization has led to significant changes, including shifting lifestyle conditions, which has resulted in changes in people's diets and demands. The agricultural or arable land necessary for crop production in order to feed the rising population is reducing as the majority of the people shift to urban regions from rural areas. This has eventually led to an increase in demand for commercial greenhouses, which may be utilized to produce a range of crops under controlled conditions irrespective of the season or changing climatic conditions. These factors are anticipated to show the fastest growth during the forecast period.
Organic farming is a difficult process, and producers must have a high degree of expertise and knowledge linked to the specialized market in order to obtain the intended impact and outcome. However, there has been minimal interchange of organic farming techniques among farmers in developing nations. Lack of understanding of plant growth regulators is a barrier for plant growth regulator providers as well as the market.
Plant growth regulators can help increase bloom rate, accelerate plant development, and delay the commencement of root crop sprouting. Such favorable effects modify plant nutrition and benefit commercial agribusinesses in increasing crop production quality and quantity. Plant growth regulators are known for fostering growth and development in both ideal and stressful circumstances. Reducing crop loss as a result of these climatic variations is a significant challenge that demands for major changes to crop development programmers and agronomic methods. Plant growth regulators are helpful methods to resist these stressors and climatic variance for sustainable crop production in such circumstances.
The COVID-19 pandemic has had a negative effect on the market for plant regulators globally. Due to disruptions in the global supply chains and a change in the competitive standing of manufacturers/producers, the market for plant growth regulators like gibberellic acid has been severely impacted across a range of end-use applications. The growth of the worldwide plant growth regulators market was constrained by the absence of unrestricted worker mobility during the COVID-19 outbreak, which is necessary for the application of gibberellins in agricultural fields. However, it is anticipated that when manufacturers release new goods and economies stabilize, market demand will return to normal during the forecast period.
The key players profiled in this report include: BASF SE, Bayer Crop Science, Corteva Agriscience, Crop Care Australasia Pty Ltd., Barclay Crop Protection, Sumitomo Chemical Australia Pty Ltd., NuFarm Ltd., Redox Industries Ltd., Xinyi (H.K.) Industrial Co. Ltd., and Sichuan Guoguang Agrochemical Co. Ltd.