Plant Growth Regulators Market: Overview
The Global plant Growth Regulators Market size is forecast to exceed USD 10.29 billion in terms of remunerations by 2027 from USD 5.41 billion in 2019. The market growth is driven by a growing focus on sustainable farming.
Plant growth regulators or plant hormones phytohormones are the chemical compounds used to alter all the aspects of the growth and development of a plant. Some aspects that can be modified using plant growth regulators include increasing branching, increasing return bloom, suppressing shoot growth, altering fruit maturity, or removing excess fruit. High investments in the agricultural sector, along with the rapid expansion of the organic food sector, will supplement plant growth regulators market share over the forecast period.
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Plant Growth Regulators Market: Dynamics
Bio-stimulants or bio-inhibitors products as plant growth regulators are experiencing increased demand, primarily in agriculture-based economies. Agriculture is becoming more mechanized, with scientific advancements ensuring the use of new technology to enhance the production of the crops. This has surging demand for plant growth regulators. Increased consumption of agrochemicals to enhance crop protection and increase nutrition-rich produce will foster market size. Moreover, the emerging trend of in-house farming and gardening due to increased preference for organic produce will reinforce plant growth regulators market trends through 2027.
The uncontrolled usage of PGRs is resulting in the immense growth of the crop, but the ripening occurs only on the outer surface while the core remains unripe. This is a burgeoning concern for both the end-users and manufacturers alike. Lesser innovation in product development and awareness regarding these issues are some of the factors that may hinder the industry growth over the analysis period.
Plant Growth Regulators Market: Regional Outlook
In the regional landscape, Europe dominates the global market with a 45% share. The robust growth can be attributed to the increased adoption of practices like organic farming, decorative farming, rooftop gardening, and sustainable farming in the region.
The second-largest share is held by North America due to the presence of major PGR manufacturers in the region.
On the other hand, the Asia Pacific region is poised to experience major growth over the projected timeframe on account of favorable farming policies for the farmers, primarily in developing nations such as India and China. Additionally, the degrading soil quality in the region due to overgrazing, urbanization, industrialization, deforestation, and another factor, is further pushing farmers to opt for plant growth regulators.
Prominent players in the Global Plant Growth Regulators Market:
- Adama Agricultural Solutions
- Dow Chemical Company
- Bayer CropScience
- FMC Corporation
- Valent Biosciences Corportation
- Xinyi (HK) Industrial
- WinField United
- TATA Chemicals
- Nippon Soda
- Arysta LifeScience
- Redox Industries Limited
Impact of COVID-19 on Plant Growth Regulators Market
COVID-19 has negatively impacted the global economy by directly affecting production and demand and creating supply chain and market disruption. As the COVID-19 crisis unfolds, disruptions in domestic food supply chains are affecting food production. The food security risk is being analyzed in many countries. Regardless of stable global food prices, several countries are witnessing varying levels of food price inflation at the retail level. The solution to various multi-layered uncertainties experienced by product manufacturers and industries involved in the supply chain are covered in this research report.
Regional analysis includes
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
- Detailed overview of the parent market
- Changing positive plant growth regulators market dynamics in the industry
- In-depth plant growth regulators market segmentation
- Historical, present, and projected positive plant growth regulators market size in terms of volume and value
- Recent positive market trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Segments, sub-segments, and geographical regions exhibiting promising growth
- A neutral perspective on the plant growth regulators market
This report shows the revenue growth at global, regional, and country levels to provide an analysis of the market trends in each segment and sub-segment from 2017 to 2027. For this study, Reports and Data has segmented the plant growth regulators market based on type, application, and region.
Market segment based on Type:
Market segment based on Application:
- Crop based
- Non-Crop based
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