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Plant growth regulators market to surpass USD 5.57 billion by 2030 due to rising awareness of crop protection and increasing adoption of precision farming

Posted on 2023-12-08

The Plant Growth Regulators Market, as per the SNS Insider report, reached a valuation of USD 3.1 billion in 2022 and is projected to reach USD 5.57 billion by 2030, experiencing a CAGR of 7.6% during the forecast period from 2023 to 2030.

 

Market Overview

 

Plant growth regulators are organic compounds that, in small quantities, have profound effects on plant growth and development. These compounds mimic or inhibit the natural hormones present in plants, thereby influencing processes such as seed germination, root development, flowering, and fruit ripening. The major classes of plant growth regulators include auxins, gibberellins, cytokinins, abscisic acid, and ethylene, each with specific functions in regulating plant physiology.

 

Market Analysis

 

As the global population continues to burgeon, there is a corresponding rise in food demand. Plant growth regulators play a vital role in ensuring optimal crop yield, making them indispensable in modern agriculture to meet the escalating demand for food production. With a heightened awareness of environmental sustainability, there is a shift towards eco-friendly and sustainable agricultural practices. Plant growth regulators offer a sustainable solution by optimizing resource utilization, reducing the need for excessive fertilizers, and minimizing environmental impact. The integration of biotechnological tools and techniques has led to the development of genetically modified crops with enhanced resistance and improved yield. Plant growth regulators complement these advancements by fine-tuning the expression of desired traits in genetically modified plants. As farmers grapple with the challenges of pests, diseases, and adverse climatic conditions, the role of plant growth regulators in enhancing the plant's defense mechanisms becomes crucial. The plant growth regulators market is witnessing a surge in demand for PGRs with protective properties, contributing to crop resilience.

 

Key Takeaway from Plant Growth Regulators Market Study

 

Cytokinin, a class of plant growth regulators, has garnered substantial attention due to its profound impact on various physiological processes in plants. Known for promoting cell division and influencing plant growth, Cytokinin plays a crucial role in regulating the balance between shoot and root development.

The Cereals & Grains segment has emerged as a powerhouse within the plant growth regulators market. With the ever-growing global population and the need to enhance food production, the demand for effective growth regulators in cereal and grain crops has skyrocketed. These regulators play a vital role in optimizing plant growth, influencing flowering, and maximizing grain production.

 

Recent Developments

 

In March 2023, Nufarm Americas Inc. made an exciting announcement regarding the EPA registration of Anuew™ EZ Plant Growth Regulator. This innovative liquid formulation of their proven PGR offers golf course superintendents greater flexibility and ease of use, while also providing the benefits of labor savings and improved turf quality.

In May 2022, Nufarm Americas Inc. celebrated the completion of their new Pentia production facility. This facility, which came to fruition after the acquisition of Pentia Plant Regulator from BASF in 2021, is now fully operational and producing the cotton growth regulator for the current season and beyond.

In Feb 2022, FMC Corporation introduced Focus® SC, a groundbreaking plant growth regulator. This product is specifically designed to promote fruit elongation and size in grapes and other fruits.

In Jan 2020, BASF unveiled Attraxor®, a new plant growth regulator (PGR), at BTME in Harrogate.

 

Market Dynamics Analysis

 

The plant growth regulators market is undergoing dynamic changes driven by a myriad of factors that influence the growth and development of plants. Among the key drivers is the increasing global population, which has intensified the demand for food production. PGRs play a pivotal role in enhancing crop yield and quality by regulating various physiological processes such as cell division, elongation, and differentiation. Additionally, the growing awareness and adoption of sustainable agricultural practices have fueled the demand for PGRs, as they contribute to reduced environmental impact and resource optimization. However, this burgeoning market faces its share of challenges and restraints. Stringent regulations and concerns regarding environmental safety pose hurdles for the development and commercialization of new PGR products. The industry also grapples with the need for extensive research and development investments to create innovative and effective plant growth regulators. Moreover, the threat of counterfeit products and the lack of standardized regulatory frameworks in some regions can hinder market growth.

 

Key Regional Developments

 

In North America, the plant growth regulators market is experiencing steady growth, propelled by the adoption of advanced agricultural practices and the rising awareness among farmers regarding the benefits of using PGRs. The United States and Canada are the key contributors to the market in this region. Europe is a prominent player in the global market, with countries like Germany, France, and the United Kingdom leading the way. The European agricultural sector is witnessing a shift toward precision farming and organic cultivation methods. The Asia-Pacific region dominates the market, with countries like China and India at the forefront. Rapid population growth, urbanization, and changing dietary habits are driving the demand for increased crop production.

 

Impact of Recession

 

One of the primary ways in which the recession affects the plant growth regulators market is through a reduction in agricultural investments. Farmers and agribusinesses often face financial constraints during economic downturns, leading to a decrease in the adoption of advanced agricultural technologies, including PGRs. This reduced investment can hamper the growth of the PGR market, affecting both manufacturers and suppliers. Despite the challenges posed by the ongoing recession, there are opportunities for resilience and growth within the market. Innovations in sustainable agriculture and the development of cost-effective PGR solutions can position companies to thrive even in challenging economic conditions. Additionally, governments and agricultural organizations may implement supportive policies to encourage the use of PGRs, recognizing their role in ensuring food security.

 

Source: SNS Insider pvt ltd

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