Press release
Plant Growth Regulators Market 2024-2033: Global Outlook, Industry Share, Latest Trends And Major Players
Plant Growth Regulators Market
The Business Research Company offers in-depth market insights through Plant Growth Regulators Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The plant growth regulators market size has grown strongly in recent years. It will grow from $2.96 billion in 2023 to $3.26 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to increasing demand for food production, awareness and adoption among farmers, government initiatives and regulations, focus on crop quality and yield, expansion of agriculture industry.
The plant growth regulators market size is expected to see strong growth in the next few years. It will grow to $4.63 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to continued population growth, climate change challenges, focus on sustainable agriculture, market expansion in developing countries, collaborations and partnerships. Major trends in the forecast period include advancements in biotechnology, technological advancements in agriculture, technological advancements in pgr production, increasing demand for organic products, expanding application in various crops.
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Market Segmentation:
The plant growth regulators market covered in this report is segmented -
1) By Type: Cytokinins, Auxins, Gibberelins, Ethylene, Other Types
2) By Formulation: Water-Dispersible And Water-Soluble Granules, Wettable Powders, Solutions
3) By Application Type: Fruits And Vegetables, Cereals And Grains, Oil Seeds And Pulses, Turf And Ornaments
Major Driver - Organic Farming Surge Is A Catalyst For Robust Growth In The Plant Growth Regulators Market
Increasing demand for organic farming is expected to propel the growth of the plant growth regulators market going forward. Organic farming refers to producing crops, animals, and other goods without using synthetic chemical pesticides, antibiotics, transgenic species, growth-stimulating hormones, or other chemicals. Plant growth regulators are primarily used in organic farming to improve crop quality and yield, boost root growth, and raise the size and productivity of specific crops, including grapes and strawberries. These factors boost the plant growth regulators market. For instance, in May 2023, according to GOV.UK, a UK-based government digital service provider, in 2022, 509 thousand hectares of land farmed organically which is an increase of 0.4% compared to 2021. Therefore, increasing demand for organic farming is driving the growth of plant growth regulators.
Competitive Landscape:
Major companies operating in the plant growth regulators market report are BASF SE, Bayer Crop Science, Corteva Agriscience, Sumitomo Chemica Co. Ltd, Syngenta AG, Valent BioSciences Corporation, NuFarm Ltd., Food Machinery & Chemical Corporation, ADAMA India Private Limited, Nippon Soda Co. Ltd., Arysta LifeScience Corporation, Tata Chemicals Limited, Sichuan Guoguang Agrochemical Co. Ltd, United Phosphorus Limited, Redox Industries Ltd, Xinyi (H.K.) Industrial Co. Ltd., WinField Solutions LLC, Nissan Chemical Corporation, Sikko Industries Ltd., Crop Care Australasia Pty Ltd., Biolchim S.p.A., Novozymes A/S, Isagro S.p.A., Fine Americas Inc., Agro-K Corporation, Plant Hormones Ltd., Albaugh LLC, Westbridge Agricultural Products, Loveland Products Inc.
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Top Trend - Innovative Plant Growth Regulators Are Pioneering Solutions For Enhanced Turf Quality And Performance
Product innovation is a key trend gaining popularity in the plant growth regulator market. Major companies operating in the plant growth regulators market are focusing on developing innovative products to sustain their position in the market. For instance, in May 2021, Rightline Equipment Inc. a US-based manufacturer of lift truck attachments and accessories launched Prohex 27.5 WDG. Prohex 27.5 WDG is a plant growth regulator that is intended to enhance turf quality and encourage healthy growth. The product is a granule that dissolves in water and contains the gibberellin inhibitor prohexadione calcium. The Prohex 27.5 WDG is intended to enhance the look and playability of polluted or mutant greens. It is a safe and efficient tool for cool and warm season turf. It is well recognized that the product may effectively control Poa annua, cut down on clippings, and enhance the density, quality, and look of the grass. Turf experts may find an affordable and effective plant growth control solution with this 6-pound resealable bottle, which is also acknowledged for its value and convenience of use.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Plant Growth Regulators Market Characteristics
3. Plant Growth Regulators Market Trends And Strategies
4. Plant Growth Regulators Market - Macro Economic Scenario
5. Plant Growth Regulators Market Size And Growth
…..
27. Plant Growth Regulators Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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