Pune, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The Plant Growth Regulators Market, as per the SNS Insider report, reached a valuation of USD 3.1 billion in 2022 and is projected to reach USD 5.57 billion by 2030, experiencing a CAGR of 7.6% during the forecast period from 2023 to 2030.
Market Overview
Plant growth regulators are organic compounds that, in small quantities, have profound effects on plant growth and development. These compounds mimic or inhibit the natural hormones present in plants, thereby influencing processes such as seed germination, root development, flowering, and fruit ripening. The major classes of plant growth regulators include auxins, gibberellins, cytokinins, abscisic acid, and ethylene, each with specific functions in regulating plant physiology.
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Market Analysis
As the global population continues to burgeon, there is a corresponding rise in food demand. Plant growth regulators play a vital role in ensuring optimal crop yield, making them indispensable in modern agriculture to meet the escalating demand for food production. With a heightened awareness of environmental sustainability, there is a shift towards eco-friendly and sustainable agricultural practices. Plant growth regulators offer a sustainable solution by optimizing resource utilization, reducing the need for excessive fertilizers, and minimizing environmental impact. The integration of biotechnological tools and techniques has led to the development of genetically modified crops with enhanced resistance and improved yield. Plant growth regulators complement these advancements by fine-tuning the expression of desired traits in genetically modified plants. As farmers grapple with the challenges of pests, diseases, and adverse climatic conditions, the role of plant growth regulators in enhancing the plant's defense mechanisms becomes crucial. The plant growth regulators market is witnessing a surge in demand for PGRs with protective properties, contributing to crop resilience.
Plant Growth Regulators Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 3.1 billion |
| Market Size by 2030 | USD 5.57 billion |
| CAGR | CAGR of 12.3% by 2023-2030 |
| Market Opportunity |
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| Market Segments |
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| Major Market Players | BASF SE, Bayer AG, DuPont, DSM, Nestle, Syngenta AG, Nufarm Ltd., Biosynth Carbosynth, Corteva, Inc., UPL Limited, FMC Corporation, Tata Chemicals Ltd., Sichuan Guoguang Agrochemical Co., Ltd, Sumitomo Chemical Co. Ltd., Dextra Laboratories and other key players. |
Key Takeaway from Plant Growth Regulators Market Study
- Cytokinin, a class of plant growth regulators, has garnered substantial attention due to its profound impact on various physiological processes in plants. Known for promoting cell division and influencing plant growth, Cytokinin plays a crucial role in regulating the balance between shoot and root development.
- The Cereals & Grains segment has emerged as a powerhouse within the plant growth regulators market. With the ever-growing global population and the need to enhance food production, the demand for effective growth regulators in cereal and grain crops has skyrocketed. These regulators play a vital role in optimizing plant growth, influencing flowering, and maximizing grain production.
Recent Developments
- The global professional services company Accenture has recently announced a significant investment in Ocean Genomics, marking a pivotal moment in the intersection of artificial intelligence (AI) and pharmaceutical research. The strategic collaboration aims to propel advancements in AI-driven drug discovery and foster the development of personalized medicine.
- Cell Signaling Technology (CST) and Leica Biosystems have joined forces to enable the development of companion diagnostics. The collaboration is set to usher in a new era of precision medicine, where diagnostics are intricately linked to the specific genetic profiles of individual patients.
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Market Dynamics Analysis
The plant growth regulators market is undergoing dynamic changes driven by a myriad of factors that influence the growth and development of plants. Among the key drivers is the increasing global population, which has intensified the demand for food production. PGRs play a pivotal role in enhancing crop yield and quality by regulating various physiological processes such as cell division, elongation, and differentiation. Additionally, the growing awareness and adoption of sustainable agricultural practices have fueled the demand for PGRs, as they contribute to reduced environmental impact and resource optimization. However, this burgeoning market faces its share of challenges and restraints. Stringent regulations and concerns regarding environmental safety pose hurdles for the development and commercialization of new PGR products. The industry also grapples with the need for extensive research and development investments to create innovative and effective plant growth regulators. Moreover, the threat of counterfeit products and the lack of standardized regulatory frameworks in some regions can hinder market growth.
Key Regional Developments
In North America, the plant growth regulators market is experiencing steady growth, propelled by the adoption of advanced agricultural practices and the rising awareness among farmers regarding the benefits of using PGRs. The United States and Canada are the key contributors to the market in this region. Europe is a prominent player in the global market, with countries like Germany, France, and the United Kingdom leading the way. The European agricultural sector is witnessing a shift toward precision farming and organic cultivation methods. The Asia-Pacific region dominates the market, with countries like China and India at the forefront. Rapid population growth, urbanization, and changing dietary habits are driving the demand for increased crop production.
Impact of Recession
One of the primary ways in which the recession affects the plant growth regulators market is through a reduction in agricultural investments. Farmers and agribusinesses often face financial constraints during economic downturns, leading to a decrease in the adoption of advanced agricultural technologies, including PGRs. This reduced investment can hamper the growth of the PGR market, affecting both manufacturers and suppliers. Despite the challenges posed by the ongoing recession, there are opportunities for resilience and growth within the market. Innovations in sustainable agriculture and the development of cost-effective PGR solutions can position companies to thrive even in challenging economic conditions. Additionally, governments and agricultural organizations may implement supportive policies to encourage the use of PGRs, recognizing their role in ensuring food security.
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TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Plant Growth Regulators Market Segmentation, By Type
8.1 Cytokinin
8.2 Gibberellins
8.3 Auxins
8.4 Ethylene
8.5 Others
9. Plant Growth Regulators Market Segmentation, By Crop Type
9.1 Cereals & Grains
9.2 Fruits & Vegetables
9.3 Oilseeds & Pulses
9.4 Turf & Ornamentals
9.5 Others
10. Plant Growth Regulators Market Segmentation, By Formulation
10.1 Water-Dispersible & Water-Soluble Granules
10.2 Solutions
10.3 Wettable Powders
11. Plant Growth Regulators Market Segmentation, By Function
11.1 Plant Growth Promoters
11.2 Plant Growth Inhibitors
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.5 USA
12.2.6 Canada
12.2.7 Mexico
12.3 Europe
12.3.1 Eastern Europe
12.3.1.5 Poland
12.3.1.6 Romania
12.3.1.7 Turkey
12.3.1.8 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.4 Germany
12.3.2.5 France
12.3.2.6 UK
12.3.2.7 Italy
12.3.2.8 Spain
12.3.2.9 Netherlands
12.3.2.10 Switzerland
12.3.2.11 Austria
12.3.2.12 Rest of Western Europe
12.4 Asia-Pacific
12.4.5 China
12.4.6 India
12.4.7 Japan
12.4.8 South Korea
12.4.9 Vietnam
12.4.10 Singapore
12.4.11 Australia
12.4.12 Rest of Asia-Pacific
12.5 Middle East & Africa
12.5.1 Middle East
12.5.1.5 UAE
12.5.1.6 Egypt
12.5.1.7 Saudi Arabia
12.5.1.8 Qatar
12.5.1.9 Rest of Middle East
12.5.2 Africa
12.5.2.5 Nigeria
12.5.2.6 South Africa
12.5.2.7 Rest of Africa
12.6 Latin America
12.6.5 Brazil
12.6.6 Argentina
12.6.7 Colombia
12.6.8 Rest of Latin America
13 Company Profile
13.1 Bayer AG
13.1.1 Company Overview
13.1.2 Financials
13.1.3 Product/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 BASF SE
13.3 DuPont
13.4 DSM
13.5 Nestle
13.6 Biosynth Carbosynth
13.7 Syngenta AG
13.8 Nufarm Ltd.
13.9 Corteva, Inc.
13.10 UPL Limited
13.11 Tata Chemicals Ltd.
13.12 Sumitomo Chemical Co. Ltd.
13.13 FMC Corporation
13.14 Sichuan Guoguang Agrochemical Co. Ltd.
13.15 Dextra Laboratories
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. USE Cases and Best Practices
16. Conclusion
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