Plant Growth Regulators Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Agriculture
Report Code - OMR-A-296
Format: PDF, PPT, and Excel
Plant Growth Regulators Market to Grow with a CAGR of 8.4% During 2023-2030; Market to Expand Due to Contributing Factors Such as Increasing Awareness Among the General Population
Plant growth regulators (PGRs) are compounds that influence the physiological processes of plants, like phytohormones. There is a growing demand for the application of plant growth regulators (PGRs) on fruits to increase crop yield is increasing continuously. In Africa, potatoes, tomatoes, and scallions, among other vegetables, are heavily treated with plant growth regulators. The administration of PGR improves fruits, particularly apples, pears, pineapples, and peaches.
The COVID-19 pandemic has resulted in a variety of reactions from customers of plant growth regulators. On the one hand, the pandemic has caused disruptions in the supply chain, that has made it more difficult for manufacturers to create and distribute PGRs.
Key Takeaways of the Plant Growth Regulators Market
By Type
The cytokinins subset was anticipated to represent the preponderance of the market in the future. Numerous aspects of plant growth and development, including cell division and differentiation, shoot and root expansion, response to abiotic and biotic stresses, senescence, apical dominance, and fruit and seed formation, are known to benefit from cytokinin application.
By Region
North America dominated the market for plant growth regulators in 2022. Increasing demand for fresh fruits and vegetables, particularly in the United States, is boosting the region's agricultural economy. Corn, cotton, fruit, tree nuts, legumes, oil crops, wheat, and pulses are the primary U.S. produce crops.
Growing Benefits of Plant Growth Regulators Drive Market Expansion
Due to their ability to reduce lodging in intensive cereal production, control branch heights, and stimulate latex flow in rubber plants, the demand for plant growth regulators has increased. Compared to conventional fertilizers, these factors stimulate plant growth and speed up the production process, which is expected to impact market growth in the coming years positively.
Increasing Demand for Sustainable Farming Methods to Support Market Expansion
Increasing agricultural production and an ever-increasing demand for food continue to fuel the development of the plant growth regulators market, bolstered by investments and the introduction of farmer-friendly agriculture policies. These factors' impact on plant growth regulators' sales has been especially pronounced in Asia-Pacific's developing nations, which are anticipated to become high-growth markets for plant growth regulators.
Global Plant Growth Regulators Market Prominent Players
• BASF SE (Germany)
• Nufarm (Australia)
• Bayer AG (Germany)
• Syngenta (U.S.)
• Sumitomo Chemical Ltd. (Japan)
• Corteva (U.S.)
• Tata Chemicals Ltd (India)
• Valent Biosciences (U.S.)
• Sichuan Guoguang Agrochemical Co., Ltd. (China)
• Fine Holdings Group (UK)
• Barclay Chemicals (Ireland)
• Redox Industries Limited (India)
Report Scope for Plant Growth Regulators Market
Type
• Cytokinins
• Auxins
• Gibberellins
• Others
Application
• Grains and Cereals
• Fruits and Vegetables
• Pulses and Oilseeds
• Turf and Ornamentals
• Others
Plant Growth Regulators Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
*Our reports are available on a region/wise and chapter/wise basis as well. For any additional personalization contact our sales representative directly at sales@objectivemarketresearch.com