Plant Growth Regulators Market Overview Analysis:
The global plant growth regulators market size was worth USD 2,585.79 million in 2020 and is forecasted to reach USD 4,587.79 million by 2029, at a CAGR of 7.64% during the forecast period 2022-2029.
Plant growth regulators (PGR) are natural formulations or synthetic chemicals that are used to modify plant growth and development. The modification includes both growth promotion and inhibition and ranges 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 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 reduces nutrient and water requirements to the crop, and decrease labor thereby providing cost advantages.
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Market Growth:
Plant growth regulators have been gaining importance as an integral part of organic farming practice. Plant growth regulators, especially extracted from seaweeds, have been strongly supported for their natural origin.
The organic food industry has been gaining popularity since the last decade for the high premium value achieved by farm produce. Organic farming is one of the fastest-growing industries, worldwide.
Agricultural production requires an expenditure on inputs, in order to optimize the output from a particular cropping cycle. These expenses pertain to the cost of buying seeds, agrochemicals, machinery, and other miscellaneous expenses.
Market Restraints:
The approval process of plant growth regulators is very lengthy, due to multi-location field trials and residual effects. Due to the stringent regulatory approval process, the average time taken to bring a new crop protection product to market can exceed 10 years and cost more than USD 100 million.
Patent protection and exclusivity are critical in helping companies recover the costs of research & development, incentivizing them to make future investments that will lead to continued industry-wide growth.
Increased costs due to product development and greater regulatory time period led to increasing in retail prices, which again reduced the net profit value for growers.
Market Opportunities:
The growing initiatives directed toward making farming more sustainable is a lucrative opportunity for plant growth regulators across the world.
Plant growth regulators are proving to be an important component of advancing sustainable agriculture initiatives. Thus, the rising focus on such initiatives is expected to drive demand for plant growth regulators, thereby driving the growth of the global plant growth regulators market.
Impact of COVID-19 on the Industry:
Globally, agriculture, agrochemicals, and their associated industries remained mostly resilient to the COVID-19 pandemic. North America, Asia, and Europe witnessed a negative impact during early 2020, during which most of the economies underwent lockdowns. The impact varies greatly across geographies, depending on the spread of the virus and the restrictions enforced.
The pandemic has had a minimal influence on plant growth regulators as a category of agrochemicals or agricultural inputs. Agrochemical manufacturing, distribution, and sales are exempted from the definition of vital industries.
Market Segmentation:
According to the research study, the global market is segmented into Type, and End User. Based on Type into Construction Aggregates, Cement, Concrete Bricks, Metals, and Others. And By End-User into Residential, Commercial, Industrial, and Infrastructural.
Geographical Classification:
- North America
- Latin America
- Europe
- Middle East and Africa
- Asia Pacific
- Rest of the World
North America Plant Growth Regulators Market
North America is the second-largest market and is expected to expand, with the increased supply of quality products from the key players. The organic food industry, which is witnessing healthy growth rates, due to sustainable farming practices that aid in profitability, is the major driving factor for the increased demand for growth regulators.
Europe Plant Growth Regulators Market
Europe plant growth regulators market is estimated to grow at a high CAGR during the forecast period. Countries such as France, the United Kingdom, Germany export the highest value of export followed by Spain, the UK, and France. According to the International Trade Centre, in 2018, Germany exported Plant Growth Regulators worth USD 4,339,509 thousand, up from USD 3,981,287 thousand in 2016.
Asia Pacific Plant Growth Regulators Market
The Asia-Pacific growth regulators market is growing at a high pace. An increase in the demand for quality agricultural products and organic produces and the increasing need for high productivity and yield is expected to increase the consumption of Growth Regulators in Asia-Pacific, especially in China, India, and Japan.
These Asian countries demonstrate a high consumption rate for the products, given their competitive and growing agriculture sector.
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Competitive Landscape Analysis:
Several key companies have adopted merger and acquisitions policies, product portfolio expansion, and collaborations to help them to gain prominence as strong competitors in the market and expand their production in the global plant growth regulators market. Plant growth regulators are chemical compounds that alter plant physiological processes in addition to nutrients. Crop-specific product development has been the primary strategy used by the plant growth regulator industry to increase global market penetration.
Prominent Players Profiled in the global market:
Some of the key players in the global plant growth regulators market BASF SE, Corteva, Inc., Syngenta AG, Dhanuka Agritech Ltd., Bayer AG,FMC Corporation, Valent BioSciences Corporation, Nufarm, and Tata Chemicals
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