Plant Growth Regulators Market Size Expected To Exceed USD 5.8 Billion By 2027, With A CAGR Of 4.5 %, Says Precision Business Insights

Precision Business Insights published a research report on “Plant Growth Regulators Market By Type (Gibberellins, Cytokinins, Auxins, Abscisic acid, Ethylene) and Geography - Global/Region/Country Forecast to 2027”.

Plant growth regulators, also known as bio-stimulants or bio-inhibitors, have become more popular in agriculture-based economies as bio-stimulants or bio-inhibitors that alter plant physiological processes. Plant growth regulators are in high demand, with sales of over US$ 5,600 million in 2018. As agriculture becomes more automated and scientific advancement assures the possibility of utilizing innovative inputs to boost productivity, demand for plant growth regulators continues to rise. However, the fact that unregulated use of plant growth regulators leads to abnormally rapid crop development, resulting in the ripening of the fruit's surface while the center remains raw, is a major source of worry among plant growth regulator producers and end-users.

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The increase in trade needs for industrial operations will be a significant element driving the plant growth regulators market forward. Plant growth regulators market development will also be influenced by rising customer preferences for organic foods, as well as advancements in technology and farming techniques. Other factors such as urbanization, global population growth, and the textile industry's expansion would help to cushion the market's rise. Furthermore, the increased level of investment in agricultural activities in emerging nations, the decrease in land area under cultivation, and a stronger product portfolio for broad-acre crops will all contribute to the plant growth regulators market's lucrative and remunerative growth opportunities. Long approval periods for new products and a lack of understanding about the benefits of plant growth regulators, on the other hand, will be key roadblocks to the market's expansion. Furthermore, the high costs associated with regulatory regulations and the finding of plant growth regulators-modulated genic/multigenic expressions may stymie the market's expansion.

The plant growth regulators market is fragmented on the basis of crop type, type, formulation and function. In terms of type, the plant growth regulators market is categorized into cytokinins, auxins, gibberellins, ethylene and others. Based on crop type, the plant growth regulators market is classified into fruits and vegetables, cereals and grains, turf and ornamentals and oilseeds and pulses. Based on the formulation, the plant growth regulators market is divided into water-soluble granules, water-dispersible and wettable powders, and solutions. In terms of function, the plant growth regulators market is segregated into inhibitors and promoters.

Owing to the increased consumption of organic food in this area, Europe currently dominates the plant growth regulators market and will continue to do so over the projection period. Due to an increase in the adoption rate of sustainable farming and rising organic food consumption, Asia-Pacific is predicted to have the greatest CAGR.

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Some of the major key players in the plant growth regulators market are Syngenta AG, FMC Corporation, The Dow Chemical Company, Nufarm Limited, BASF SE.

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This release was published on openPR.