Naphthaleneacetic acid as a plant growth regulators market size is forecast to reach US$325.1 million by 2027, after growing at a CAGR of 7.8% during 2022-2027. NAA is synthetic plant hormone that acts like pesticides or fertilizers used for vegetative propagation, plant tissue culture, and plant roots. It stimulates cell division in plant rooting and shoot systems. The NAA helps in encouraging cell growth, development of lateral buds, fruit abscission, affecting apical dominance, and delay in leaf senescence. The growing demand for herbal production in medicines, cosmetics, and organic farming is driving the demand for NAA (Naphthaleneacetic acid) as a plant growth regulator. According to the Organic Trade Association, organic food sales in the US has been increased by 13% in 2020 and the sales generated US$56.4 billion. Therefore, the increased sales for organic food are fueling the market of NAA (Naphthaleneacetic acid) as a plant growth regulator during the forecasted period.
COVID-19 Impact
The Covid-19 pandemic has impacted the global economy directly affecting the manufacturer’s supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. Due to social distancing policy, many agricultural industries around the world have witnessed serious impacts owing to the inaccessibility of raw materials, shortage of laborers which has affected the production of crops. The government and private sectors are taking necessary action and working for the growth of development of different industries which results in the boom of the NAA (Naphthaleneacetic acid) as a plant growth regulators market.
NAA (Naphthaleneacetic acid) as a Plant Growth Regulators Market Segment Analysis – By Type
The Fruits and vegetable type segments accounted for approximately 18% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. NAA (Naphthaleneacetic acid) helps to increase the production of fruits and vegetables by increasing vegetative propagation and improving plant tissue culture. According to the United States Department of Agriculture Foreign Agricultural Service, the total production and trade of citrus fruits have been increased by 4% to 98 million metric tons in 2021 across the globe. Oranges account for half of the production followed by tangerines, lemons, and grapefruit. China is the largest producer followed by Brazil and the European Union. The United States is the fifth largest producer across the globe. The growing production of citrus fruit will help to boost the demand for is growing demand for NAA (Naphthaleneacetic acid) as a plant growth regulators market during the forecast period.
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NAA (Naphthaleneacetic acid) as a Plant Growth Regulators Market Segment Analysis – By Function
The plant growth promoters segment accounted for more than 64% of the market share in 2021 and is estimated to grow significantly during the forecast period. The rising demand for NAA in botany for the study of cell division in plants has increased the market size. Furthermore, the increase in research & development activity to increase the production of a crop is driving the NAA (Naphthaleneacetic acid) as a plant growth regulators market. According to the United States department of agriculture (USDA), the global production of grains has been increased by 4.81% in 2021 as compared to 2020 with the 1,432.80 million metric tons of total production. The total production of wheat is 762.2 million metric tons in 2020 and 775.9 million metric tons in 2021, for rice, millets is 498.8 million metric tons in 2020, 507.2 million metric tons in 2021, for corn is 1,118.6 million metric tons, and 1,115.4 million metric tons in 2021. Therefore the growing production of Agricultural crops helps in the growth of NAA (Naphthaleneacetic acid) as a plant growth regulators market during the forecast period.
NAA (Naphthaleneacetic acid) as a Plant Growth Regulators Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the NAA (Naphthaleneacetic acid) as a Plant Growth Regulators Market in 2020 up to 46%, owing to the presence of a large amount of agricultural production land and growing food industry. The use of NAA in the production of food grains and the implementation of strict regulation for the use of a hazardous chemical is increasing the demand for NAA. India and China have vast agricultural land and the primary occupation of people is farming. According to OECD-FAO Agricultural Outlook, Asia Pacific is the largest producer of agricultural commodities i.e 90% global rice production and is estimated to register 51% of global agriculture share, and production is projected to grow 14% by 2029. The demand for agrochemicals is increasing due to the high yield is driving the NAA (Naphthaleneacetic acid) as a plant growth regulators market in this region.
NAA (Naphthaleneacetic acid) as a Plant Growth Regulators Market Drivers:
Growing adoption NAA in cotton production
Cotton is mostly used in the textile industry and is one of the key industries globally. NAA is widely used in cotton production to increase productivity. According to Invest India, the domestic technical textile market of India for synthetic polymer is amounted to US$7.1 billion in 2020 and is estimated to reach US$11.6 billion by 2027, with a CAGR of 7.2%, while the technical textile market for wovens is projected to grow at a CAGR of 7.4% to US$15.7 billion by 2027 and having US$9.5 billion in 2020. According to FAO, The global cotton industry accounted for about US$ 51.4 billion annually in raw products. Therefore, the growing demand for cotton across the globe is driving the NAA (Naphthaleneacetic acid) as a plant growth regulators market during the forecast period.
Growing consumption for organic Food Product
Organic food products are produced from agriculture. The consumption of organic food has increased rapidly across the globe due to its eco-friendly nature. Plant-based products are extracted from organic agriculture practices, can be grown anywhere. According to the Food and Agriculture Organisation World of Organic Agriculture 2021, organic agriculture is practiced in 187 countries in over 72.3 million hectares of agricultural land and are managed organically by at least 3.1 million farmers. In 2019, the global sales of organic food and drink accounted for more than US$ 120.42 billion. Furthermore, increasing demand for food and beverages with organic ingredients is growing in demand for NAA (Naphthaleneacetic acid) as a plant growth regulators market during the forecast period.
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NAA (Naphthaleneacetic acid) as a Plant Growth Regulators Market Challenges:
Volatile Price of NAA
The cost of NAA is much higher. The reason behind this is its production cost, while producing NAA, the machinery and the equipment which are used are tagged with higher expense, also, these machineries require high maintenance. Owing to this factor, the NAA comes at a higher price as compared to its alternative materials, which tends to constrain the growth of the market. In addition, even if the NAA provides better results, the customer usually prefers the less cost and lack of awareness for natural growth substances in developing countries uses many fertilizers which increases the total production rate of a product. Such factors have become the major challenge of NAA in terms of consumption, which constrains the growth of the market.
NAA (Naphthaleneacetic acid) as a Plant Growth Regulators Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the NAA (Naphthaleneacetic acid) as a Plant Growth Regulators Market. Major players in the NAA (Naphthaleneacetic acid) as a plant growth regulators market are:
BASF SE
Zhejiang Rayfull Chemicals Co., Ltd.
Redox Industries
Zhengzhou Delong Chemical Co., Ltd.
Natursim Science Co., Ltd.
Henan Haoyuhang Economic&Trade Co., Ltd.
Hanghai Sunwise Chemical Co., Ltd.
Nufarm Ltd.
Sigma Aldrich
Valent Biosciences Corporation
Key Takeaways
The Asia Pacific region is expected to register a CAGR of 8.8% during the forecast period (2022-2027). The increasing demand for organic products in Asian countries such as China, India, Japan, and South Korea is driving the market demand for NAA (Naphthaleneacetic acid) as a plant growth regulator.
The growing demand for organic products like fruits & vegetables is expected to increase demand for NAA in the countries where agriculture is highly practiced by giving resistance to various types of pests and pathogens.
The increased research & development activities are increasing crop production and fueling the plant growth promoters segment due to its best results with minimal environmental hazard compared to other chemical-based fertilizers.
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