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“The global plant growth regulators market is expected to grow at a high CAGR during the forecasting period (2021-2028)”.
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 hormones can be synthesized in any plant part including stems, roots, and buds, and are translocated to another part to cause a physiological response. Auxin, one of the key plant hormones is produced in the stem tip and moves to the darker side of the plant to promote cell elongation. The performance of PGR is based on several factors such as plant vigor, weather conditions, cultivar, application rate, and absorption by the plant. PGRs are finding widespread use in fruits, vegetables, cereals, and oilseed farming practices across the world.
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Improved productivity and enhanced quality of produce by use of PGRs is spurring the market growth
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 reduce nutrient and water requirements to the crop and decrease labor thereby providing cost advantages. Greenhouses and nursery growers are also increasing the use of PGRs for their input cost reduction and production enhancing capabilities. Horticulture evolved as the new growth avenue for the PGRs market and the rapidly growing horticulture acreage is likely to spur the growth of the market. Horticulture production in India has doubled from 146 million tons in 2002 to 314 million tons in 2019.
By Source
Plants
Seagrasses
Synthetic
By Product Type
Plant Growth Promoters
Plant Growth Inhibitors
By Crop Type
Fruits & Vegetables
Pulses and Oilseeds
Cereals and Grains
By Form
Liquid
Powder/Granules
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The Asia Pacific is expected to dominate the global plant growth regulators market in the year 2020
Asia Pacific region evolved as the largest market for plant growth regulators with a share of 40% in the global sales revenue in 2020. The large-scale farming activities in countries such as India, China led to well-established market prospects in the region. Also, these countries have been largely relying on agrochemicals for crop nutrition and protection purposes and have high adoption rates of PGRs in the world. Also, countries such as Indonesia, the Philippines, Thailand, and Vietnam are posting rapid growth in the market owing to increasing awareness towards productivity benefits of PGRs and increasing demand for agrochemicals. These countries are likely to id Asia Pacific region in holding its dominance over the forecast period.
The global plant growth regulators market is highly fragmented with a large number of companies offering a wide range of PGRs. However, the market is witnessing severe competition among top players such as BASF, Corteva, Bayer, and Syngenta. These companies are enjoying a strong foothold in the market in terms of sales, distribution network, and brand reputation for their agrochemicals. The global market is also integrated with a large number of small to medium-sized manufacturers. FMC Corporation, Tata Chemicals, Dhanuka Agritech, Nufarm, and Valent Biosciences are some other major players in the market. The market is witnessing a large number of new product launches and geographic expansions of existing brands. Manufacturer focus is laid towards the development of organic formulations to cater to the growing demand from consumers and environmental protection bodies.
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