Dublin, March 24, 2023 (GLOBE NEWSWIRE) -- The "Plant Growth Regulators Market by Type (Auxins, Cytokinins, Gibberellins, Ethylene), Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Turf & Ornamentals), Formulation, Function and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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.
South America is projected to witness a growth of 13.6% during the forecast period
The South America region accounts USD 494.54 Million of the market size in the 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 the 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.
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. The use of PGRs in vegetable production was 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 322 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2.9 Billion |
| Forecasted Market Value (USD) by 2028 | $4.5 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Strong Demand for High-Value Crops
- Rise in Trading Requirements for Industrial Activities
- Rise in Resistance Development in Certain Pest and Insect Species to Drive Market
Restraints
- Long Approval Period for New Products
- Threat to Human Health from Residue Production
Opportunities
- Increasing Importance of Sustainable Food Production Globally
- Increased Production and Yield of Crops
Challenges
- Identification of Plant Growth Regulator-Modulated Genetic/Multigenic Expressions
- Lack of Awareness Among Growers Regarding Benefits of Plant Growth Regulators
Companies Mentioned
- Adama
- Aristo Bio-Tech
- Barclay Chemicals
- Basf Se
- Bayer Ag
- Chaitanya Agro Biotech Pvt. Ltd.
- Chemicals Direct Pty Ltd
- Corteva Agriscience
- Crop Care Australasia Pty Ltd
- Dhanuka Agritech Limited
- Fine Americas, Inc.
- Fmc Corporation
- Hangzhou Tianlong Biotechnology Co. Ltd
- Nippon Soda Co. Ltd.
- Nufarm
- Sichuan Guoguang Agrochemical Co. Ltd
- Sikko India
- Sipcam Oxon Spa.
- Sumitomo Chemical Co. Ltd
- Syngenta
- Tata Chemicals Ltd.
- Upl
- Winfield United
- Xinyi Industrial Co. Ltd.
- Zagro
For more information about this report visit https://www.researchandmarkets.com/r/4zvrxy
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