New York, USA, April 26, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global plant growth regulators market is anticipated to generate a revenue of $7,393.50 million and rise at a noteworthy CAGR of 13.9% throughout the forecast period from 2022 to 2031.
As per our analysts, the increasing need for plant growth regulators to increase blossom rate, delay the onset of root crop sprouting, and stimulate plant growth is expected to amplify the growth of the plant growth regulators market during the analysis period. Besides, the increasing demand for organic fruits and vegetables among individuals due to the growing health consciousness and income levels is expected to bolster the growth of the market throughout the forecast period. Moreover, the rising initiatives taken by governments to increase agricultural sustainability are expected to augment the growth of the plant growth regulators market during the estimated timeframe. However, the lack of awareness among farmers regarding plant growth regulators may hamper the growth of the market over the forecast period.
Segments of the Plant Growth Regulators Market
The report has divided the market into segments based on type, crop type, and region.
Type: Auxins Sub-Segment to be Most Productive
The auxins sub-segment registered the highest revenue in 2021. Auxins play a vital role in the regulation of plant growth. The increasing use of auxins as a rooting hormone to control the growth of plant cells is expected to boost the growth of the market sub-segment during the analysis timeframe.
Crop Type: Cereals Sub-Segment to be Most Profitable
The cereals sub-segment held the largest market share in 2021. The increasing demand for all types of crops, especially cereals, due to the growing population and changing consumer lifestyles is expected to fortify the growth of the market sub-segment over the estimated period.
Europe Region to Held the Maximum Market Share in 2021
The Europe region of the plant growth regulators market generated the highest revenue in 2021 and is expected to continue steady growth over the analysis period. This is mainly due to the increased growth of organic farming and the expansion of indoor farming units such as greenhouses and glasshouses across the region. Moreover, the increasing focus on sustainable agriculture, food security, and rural development across the region is expected to drive the regional growth of the market during the forecast period.
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Covid-19 Impact on the Plant Growth Regulators Market
The rise of the Covid-19 pandemic had caused severe economic losses across various businesses. It has also harshly impacted the plant growth regulators market. This is mainly due to the closure of manufacturing plants, disruptions in the supply chain, and the economic slowdown across various nations across the globe. Moreover, many agricultural industries lowered their operating capabilities and employees to meet the Covid-19 protocols. This has affected the production, distribution, and sales of various agricultural products. All these factors have declined the growth of the market over the pandemic. However, the increased government initiatives helped the market to recover faster during the crisis.
Key Players of the Plant Growth Regulators Market
The major players of the market include
- Sumitomo Chemical Australia Pty Ltd.
- Barclay Crop Protection
- NuFarm Ltd.
- Crop Care Australasia Pty Ltd.
- Redox Industries Ltd.
- Corteva Agriscience
- Xinyi (H.K.) Industrial Co. Ltd.
- Bayer Crop Science
- Sichuan Guoguang Agrochemical Co. Ltd.
- BASF SE
These players are mainly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
For instance, in September 2021, BASF SE, a leading European multinational chemical company launched its new plant growth regulator namely, Attraxor®. This product is designed to reduce the longitudinal shoot growth of grass which would lessen the rate of mowing and the volume of clipping. The product is completely new to the UK market and contains Prohexadione calcium.
Further, the report also presents other important aspects including the product portfolio, the financial performance of key players, the SWOT analysis, and the latest strategic development.
More about Plant Growth Regulators Market:
- How Plant Growth Regulators Help Agriculture and Horticulture Fight Modern-Day Challenges?
- Global Plant Growth Regulators Market to Generate $7,393.50 Million by 2031 Due to Increasing Adoption of Sustainable Agricultural Practices
