PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270320
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270320
Plant growth regulators Market size was valued at USD 3,880.7 Million in 2022, expanding at a CAGR of 10.1% from 2023 to 2030.
Plant growth regulators (PGRs) are compounds that are used to enhance and modify plant growth and development. It can be used in agriculture to manipulate plant growth and development, increase crop yields, and improve plant quality. They can also be used to control plant growth in urban landscapes, such as parks and golf courses. However, their use should be carefully managed to avoid adverse effects on the environment and human health.
Plant growth regulators in the form of bio-stimulants/bio-inhibitors are in high demand, particularly in agriculture-based economies. Scientific improvements have followed as agriculture has grown more industrialized, assuring the use of innovative inputs to promote crop yield, which has raised the demand for plant growth regulators. Additionally, driving the plant growth regulators market include farmers' use of agrochemicals to improve crop protection and supply the nutritious product, as well as the rising trend of in-house gardening and farming. These are the major factors anticipated to boost the plant growth regulators market share during the analysis timeframe.
Plant growth regulators Market- Market Dynamics
As the world population continues to grow, the demand for food is increasing rapidly. PGRs are being increasingly used in agriculture to increase crop yields and improve the quality of food products. The use of PGRs in agriculture has increased in recent years as a result of the growing demand for food due to the increasing global population. PGRs can be used to increase crop yields, improve the quality of food products, and enhance plant resistance to environmental stressors. World CE food demand is projected under a strong convergence scenario to be around 10,094 million tons in 2030 and 14,886 million tons in 2050.
Growing demand for medical crops, flowers, and seeds will benefit the horticulture commercial. This is expected to provide the market with significant plant growth regulators market growth opportunities over the forecast period. Additionally, the global population is expected to reach 9.7 billion by 2050, which will increase the demand for food. To meet this demand, farmers will need to increase agricultural productivity, which will drive the demand for PGRs products. PGRs are used to improve the yield and quality of agricultural products, and their use is expected to increase as the demand for high-quality products continues to rise.
The COVID-19 pandemic has led to an increased focus on sustainable agriculture practices, which has driven demand for PGRs products that are environmentally friendly and improve crop yield and quality. The increasing awareness about sustainable agriculture and the benefits of PGRs is expected to drive the growth of the market.
The Global Plant growth regulators Market is segmented on the basis of crop Type, Application, product type, and Region.
The market is divided into three categories based on crop type: Pulses and Oilseeds, Fruits & Vegetables, Turf & Ornamentals. The Pulses and Oilseeds dominates the market. the Plant growth regulators market is growing rapidly, and these regulators are used across a wide range of crops to improve growth and yield. The specific types of PGRs used and their application methods vary depending on the crop type and desired outcomes.
The market is divided into five categories based on application: Auxins, Gibberellins, cytokines, Ethylene, and Others. the cytokines segment is expected to witness the fastest growth rate during the forecast period due to the high manufacture of fruits and commercial vegetables. the PGRs market includes a variety of products that are classified into different categories based on their chemical composition and mode of action. These products are used to promote plant growth, regulate plant development, and improve crop yield and quality.
Plant growth regulators Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Europe is a developed market for PGRs products, with a high level of adoption of advanced farming technologies. The demand for PGR products in Europe is driven by the need to increase crop yields and improve the quality of agricultural products. The market in Europe is highly regulated, with strict regulations governing the use of PGRs products. According to a report by the European Environment Agency (EEA), agricultural productivity in Europe increased by 11.8% between 2000 and 2016. This growth was driven by advances in technology, improved farming practices, and increased investment in the agricultural sector. North America is a significant market for PGRs products, with the United States being the largest market in the region. The demand for PGRs products in North America is driven by the increasing focus on sustainable agriculture practices and the need to increase crop yields to meet the demand for food. Overall, Plant growth regulators Market is a global market, with regional variations in demand driven by factors such as population growth, increasing demand for food, and adoption of modern farming technologies. The market is expected to continue growing as farmers seek to increase crop yields and improve the quality of agricultural products.
The plant growth regulators (PGRs) market is highly competitive, with several players operating in the market. For example, BASF is a German chemical company that offers a wide range of PGRs products, including auxins, cytokinins, and gibberellins. The company focuses on research and development to innovate and introduce new PGRs products to the market. Overall, the PGRs market is highly competitive, with several players operating in the market. These companies are focused on research and development to introduce new and innovative PGRs products to the market, and are investing heavily in sustainability and environmental protection.
This proposed research study on the Plant growth regulators market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Plant growth regulators market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Plant growth regulators market
Impact of COVID-19 on Plant growth regulators market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Plant growth regulators market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Plant growth regulators market, we have also included competitive landscape and key innovator analysis for the Plant growth regulators market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Plant growth regulators market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Plant growth regulators market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
GLOBAL PLANT GROWTH REGULATORS MARKET KEY PLAYERS
China National Chemical Agrochemical Corporation (China)
Platform Specialty Products Corporation (US)
BASF SE (Germany)
Bayer AG (Germany)
DowDuPont (US)
NIPPON SODA CO. LTD. (Japan)
Nufarm Limited (Australia)
Sumitomo Chemical Co. Ltd. (Japan)
FMC Corporation (US)
Tata Chemicals Ltd. (India)
Xiny(H.K.) Industrial Co. Ltd. (China)
Others
GLOBAL PLANT GROWTH REGULATORS MARKET, BY Crop Type
Pulses and Oilseeds
Fruits & Vegetables
Turf & Ornamentals
GLOBAL PLANT GROWTH REGULATORS MARKET, BY product type
Auxins
Gibberellins
Ethylene
Cytokines
Others
GLOBAL PLANT GROWTH REGULATORS MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA