Delhi NCR, Dec. 03, 2021 (GLOBE NEWSWIRE) -- A major factor contributing to the growth of the plant growth regulator market is the increasing demand for organic food worldwide, which has resulted in the growth of the organic food business. An increase in textile production and the practice of organic farming are also expected to drive the global plant growth regulators market during the forecast period….
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global plant growth regulators market was worth USD 6.4 billion in 2020 and is further projected to reach USD 11.2 billion by 2027, at a CAGR of 8.4% during the forecast period (2021-2027). The growth of the global plant growth regulators market is attributable to the rising demand for organic food worldwide, resulting in the growth of the organic food business. The increasing number of food and beverage projects across the world are also bolstering the demand for more production, which can be met by using plant growth regulators. Additionally, the growth of the textile sector, with an increase in cotton production and a surge in organic farming, is expected to drive the growth of the global plant growth regulator market over the forecast period.
Increasing agricultural investment in developing nations is driving the growth of the global plant growth regulators market
Agricultural production leverages high initial investments to maximize yields from a single harvest. These costs also include seed, agrochemicals, machinery, and other products. Adding productivity-enhancing inputs is not economically viable for small farms because it involves costs that most farmers cannot afford. For instance, Sub-Saharan Africa and South Asia do not invest enough in agriculture, leading to suboptimal productivity. This phenomenon has implications for overall food security and the living standards of people working in the primary sector. On the other hand, emerging markets in Brazil and India produce a large quantity of cotton, fruits, and vegetables. There is a growing demand for plant growth regulating products across these markets for producing high-value crops, such as grains and oilseeds, which is projected to enhance the growth of the global plant growth regulators market during the forecast period.
A large number of Middle Eastern nations, coupled with China, have taken up undeveloped arable land in the Sub-Saharan region for agricultural purposes, prioritizing domestic food security. Several Arab and Asian countries have announced plans to acquire farms abroad to boost agriculture and ensure food production in recent years. Plant growth regulators market growth has been bolstered by increased investment in the agricultural industry and improved financial resources. As a result, more farmers have access to these products and their demand has increased.
Source: BlueWeave Consulting
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The rising initiatives directed toward sustainable farming are driving the global plant growth regulators market
The growing initiatives directed toward making farming more sustainable are driving the demand for plant growth regulators across the world. According to one estimate from the U.S. Department of Agriculture (USDA), the government invested over USD 146 million toward sustainable agricultural research projects in October 2021, which are expected to enhance the resilience of crops and will help produce climate-smart foods. Plant growth regulators are proving to be an important component of advancing sustainable agriculture initiatives. Thus, the rising focus on such initiatives is expected to drive demand for plant growth regulators, thereby driving the growth of the global plant growth regulators market.
Global Plant Growth Regulators Market: By Product Type
The global plant growth regulators market is categorized into cytokinins, auxins, gibberellins, ethylene, abscisic acid, vitamins, and others. Among these, the cytokinins segment accounted for the largest market share in 2020 and is likely to dominate the segment during the forecast period. Cytokinins are plant hormones that play a role in plant development & growth, including shoot & root growth, cell division & differentiation, senescence delay, and fruit & seed production. Consumer awareness of its beneficial effects on branching, nutrient remobilization, senescence delay, and flower & seed growth has contributed to the segment's growth. In addition to slowing down natural aging, it can also be used to repair damage to plants.
According to one estimate from the National Investment Promotion and Facilitation Agency, India has registered a substantial growth in demand for its cereal products. In the period April-June 2020 to April-June 2021, the country's food exports grew by an astounding 415.36%, indicating the rapid demand for cereal production across the country. Among other factors, cytokinins may have assisted India in establishing itself as one of the largest agri producers in the world by boosting its production efficiency rate over its counterparts, thus creating huge market prospects for plant growth regulators.
Impact of COVID-19 on the Global Plant Growth Regulators Market
The COVID-19 pandemic has had a negative impact on the global plant regulators market. Plant growth regulators such as gibberellin's demand have experienced severe shocks across various end-use applications due to the disruptions in the global supply chains and a shift in the competitive order of manufacturers/producers. During the COVID-19 outbreak, the lack of free worker mobility, which is required for the application of gibberellins in agricultural fields, hampered the expansion of the global plant growth regulators market. During the forecast period, however, the market demand is expected to return to normal as manufacturers launch new products and economies return to normal.
The food security brought its fair share of anomalies to the table and resulted in pushing India further down below some of the poor countries around the world in the hunger index 2020, suggesting a substantial decline in the food production that took place amid the pandemic. Not only that, the disrupted supply chain, along with abnormal climatic patterns resulted in acute food insecurity across various developing nations that exacerbated their performances in the Hunger index for the year. The lockdown measures resulted in reduced demand, which fueled a reduction in food production thereby diminishing the demand to leverage plant growth regulators, which negatively impacted the growth of the global plant growth regulators market.
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North America Leads the Global Plant Growth Regulators Market
Geographically, the global plant growth regulators market is grouped into four regions--North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share in 2020 in the global plant growth regulators market and is likely to dominate the segment during the forecast period. According to the Organic Trade Association report, organic food sales were valued at over USD 56.4 billion in the U.S. in 2020. The rising demand for organic food is anticipated to propel the demand for the market in the region during the forecast period.
Moreover, recent initiatives like Build Back Better show that the U.S. government is placing increasing importance on the country's food industry. The Biden government has announced that they are allocating USD 4 billion to bolster the country's food system and supply chain under the "Build Back Better" initiative. The initiative is projected to enhance investments toward the overall food system, deliver higher value to food crop producers, growers, and workers, which is anticipated to enhance the opportunities for the agro commodity market. Since plant growth regulators may help make a transition to provide a more affordable chain of healthy food products, the initiative is anticipated to propel the growth of the global plant growth regulators market.
Global Plant Growth Regulators Market - Competitive Landscape
The global plant growth regulators market is highly fragmented as numerous global players are involved in the market. The fragmentation of the global plant growth regulators market suggest that major players may earmark huge investments toward research and development to produce higher quality plant growth regulators, which may crop the share of the new entrants. Companies that are active in new product development, expansion, and acquisition can maintain competitiveness in the market. Some of the major players in the global plant growth regulators market include BASF SE, The DOW Chemical Company, Syngenta, FMC Corporation, Nufarm, Adama, Bayer Cropscience, Nippon Soda, Tata Chemicals, Valent Biosciences, Xinyi Industrial, Arysta Lifescience, and other prominent players.
In July 2021, Sumitomo Chemical received U.S. Registration Approval for its AccedeTM Plant Growth Regulator, which saves labour and improves fruit quality in peaches and apples. Accede is a fruit thinner*1 categorized as a PGR developed by Sumitomo Chemical as one of the biorationals*2 in its A2020 pipeline.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global plant growth regulators market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global plant growth regulators market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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