Global Plant Growth Regulators Market Value to Reach USD 4.5 Billion by 2028, at a CAGR of 7.4%

The global market for plant growth regulators was valued at USD 2.9 Billion in 2022 and is projected to reach USD 4.5 Billion by 2028, at a CAGR of 7.4% during the forecast period. The usage of plant growth regulators in agriculture is driven by the reasons, such as rising demand for high-value crops, rise in trading requirements for industrial activities, rise in resistance development in plants against various pest and insect species along with increase in the number of patents filing for plant growth regulators by key players. Lack of consumer awareness about organic farming in Asian countries, long approval periods, and stringent regulations, such as the FAO labeling plant growth regulators as "pesticides" hamper the use of plant growth regulators in the Asia Pacific region.

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"South America is projected to witness the growth of 13.6% during the forecast period."

The South America region accounts USD 494.54 Million of the market size in global market for plant growth regulators. The plant growth regulators market in the South America region is projected to grow at the highest CAGR of 9.4% during forecasted period. the South American region has been segmented into Brazil, Argentina, and the rest of South America. These are largely agriculture-based countries. According to the FAOSTAT, in 2022, Brazil is a major producer of agricultural products due to the increasing availability of abundant land and a rural labor force. The increasing need for improving the crop yield per hectare is projected to create growth opportunities for manufacturers in South America's agricultural plant growth regulators market.

"Cytokinins are gaining rapid popularity in the plant growth regulators market across the globe."

Cytokinins maintain the growth potential (pluripotency) of shoot apical meristems, which provide stem cells for the generation of leaf primordia during the early stages of leaf formation; the phyllotaxis pattern is determined by cytokinins and auxins, as well as their interaction. The activities of cytokinins in different leaf regions, particularly at the margins, determine the final leaf morphology. Cytokinins play an important role in horticultural crop production, where their application influences the morphological structure and nutrient content and facilitates harvesting and the overall yield in a number of fruit crops. BASF provides Canopy as a plant growth regulator that reduces crop height, resulting in lodging control and yield protection in all winter wheat, winter and spring barley, winter and spring oats, winter rye, and winter triticale varieties. The product works by enhancing effects on the root tips through increased production of cytokinin (plant hormone), which increases root biomass, resulting in the improved ability of the plant to take up more water and nutrients.

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"Strong demand for high value crops"

High-value agricultural goods are generally defined as those with a high economic value per kilogram (or pound) per hectare or calorie. High-value goods include fruits, vegetables, meat, eggs, milk, and fish. The main factors for the rising demand for high-value crops (fruits, vegetables, and plantation crops) are the rise in incomes, rapid urbanization, and the growing awareness about the health benefits of fruits and vegetables. According to the FAO Statistical Yearbook 2020 Report, the production of primary crops was 9.3 billion tons in 2020, around 52% more than in 2000. Four crops account for half of global primary crop production: sugar cane, corn, wheat, and rice. These high-value crops are mostly grown in permanent croplands.

Plant growth regulators regulate the physiological process of the crops, such as rooting, flowering, growth, sprouting, ripening. Use of PGRs in vegetable production found to be beneficial for yield and yield contributing characteristics. Growth regulators can be used as an aid in hybrid seed production. Pre-showing treatment of seed with growth regulators has been reported to enhance seed emergence. Use of ethephon has been used for producing temporary female lines in some cucurbits. Poor fruit set is a major problem in tomatoes, brinjal, and chilies, which is frequently caused by adverse weather conditions during flowering. Plant growth regulators have been reported to enhance fruit sets under both normal and adverse weather conditions.

Break-up of Primaries:

By Value Chain: Supply Side - 59.0%, Demand Side -41.0%
By Designation: Managers-24.0%,CXOs -31.0%, and Executives- 45.0%
By Region: North America - 24%, Europe - 29%, Asia Pacific -32%, RoW - 15%

Leading players profiled in this report:

BASF SE (Germany)
Corteva Agriscience (US)
Syngenta (Switzerland)
FMC Corporation (US)
Nufarm (Australia)
Adama (Israel)
Bayer Ag (Germany)
Nippon Soda Co., Ltd. (Japan)
Tata Chemicals Ltd. (India)
UPL (India)
Sumitomo Chemicals Co., Ltd. (Japan)
Xinyi Industrial Co., Ltd. (China)
SIPCAM OXON Spa (Italy)
Sichuan Guoguang Agrochemical Co., Ltd. (China)
Zagro (Singapore)

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Research Coverage:

The report segments the plant growth regulators market on the basis of type, crop type, formulation, function and region. In terms of insights, this report has focused on various levels of analyses-the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the plant growth regulators, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.

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This release was published on openPR.