Chicago, April 10, 2023 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, The global plant growth regulators market is estimated to be valued at USD 2.9 billion in 2022. It is projected to reach USD 4.5 billion by 2028, recording a CAGR of 7.4% during the forecast period. Plant growth regulators are crucial activators in cotton cultivation that preserve a balance among vegetative and reproductive development. To enhance the product quality of high-value goods traded on the international market, plant growth regulators are essential. These crops may produce superior, commercial-grade products, which can increase the end product revenue.
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The global plant growth regulators industry is highly competitive, with many global and local market players who have adopted various strategies to expand their global footprint and increase their market share. Agreements & contracts, partnerships, product launches, expansions & investments, and mergers & acquisitions are some of the key strategies adopted by players to achieve growth in the plant growth regulators market. The expansion of crop production mainly depends on resource availability and climate condition. Therefore, the limited availability of arable land, as well as resources, such as inputs, labor, and irrigation, along with adverse weather fluctuations, directly impact the objective of achieving higher production globally.
As per the Florida Department of Agriculture and Consumer Services (FDACS), a plant growth regulator can be defined as “any substance or mixture of substances intended, through physiological action, for accelerating or retarding the rate of growth or maturation or for otherwise altering the behavior of ornamental or crop plants or the produce thereof, but not including substances intended as plant nutrients, trace elements, nutritional chemicals, plant inoculants, or soil amendments.” In agriculture, plant growth regulators are usually associated with achieving the desired characteristics in crops. For instance, in the floriculture industry, plant growth regulators are used to increase the number of flowers per plant.
Plant growth promoters estimated to dominate the function segment in plant growth regulators market. The high cost of developing new chemical pesticides, the increase in insect & weed resistance to chemical treatments, and high regulatory pressure to limit chemical usage with respect to ecosystem damage have contributed to an increase in the need for these plant growth promoter products.
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The global market for plant growth regulators is dominated by Europe and Asia Pacific, owing to superior product technology and high plant growth regulators usage per hectare of cultivated area in these regions. Wheat, rice, and cotton are the major crops cultivated in this region. The major farms in this region are fragmented and not suitable for mechanized agricultural practices; the awareness of the significance of nutrients in agriculture is slowly increasing but has not reached local farmers in developing economies.
Key players in the market are focusing on new deals and product launches. For example, Syngenta launched Moddus a plant growth regulator in 2020, which helps mitigate lodging risk in cereals and improves harvestability. This expanded its plant growth regulators portfolio. In 2021, ADAMA completed the acquisition of a 51% stake in Jiangsu Huifeng Bio Agriculture Co., Ltd, China, which is a producer of key active ingredients, such as Prochloraz and Trinexapac that can be used in the formulation of plant growth regulators. This acquisition is expected to strengthen ADAMA’s commercial reach in China and globally under crop protection segments, including PGR. These initiatives are projected to drive the growth of this segment during the forecast period.
The global plant growth regulators market is highly competitive, with many global and local market players who have adopted various strategies to expand their global footprint and increase their market share. Agreements & contracts, partnerships, product launches, expansions & investments, and mergers & acquisitions are some of the key strategies adopted by players to achieve growth in the plant growth regulators market. The expansion of crop production mainly depends on resource availability and climate condition. Therefore, the limited availability of arable land, as well as resources, such as inputs, labor, and irrigation, along with adverse weather fluctuations, directly impact the objective of achieving higher production globally.
According to the Organisation for Economic Cooperation and Development (OECD), the increase in the area for coarse grains is projected to be relatively low by 2023. Still, the crops will account for major growth in terms of yield. Significant growth in yield is expected in crops, such as wheat, oilseeds, and sugarcane, while the growth in the area is projected to be witnessed for crops, such as oilseeds, cotton, and sugarcane. A key benefit of plant growth regulators is their ability to aid crop health, unlike traditional bulk fertilizers, which, although containing naturally found minerals, such as phosphorus and nitrogen, may overload the soil’s ecosystem, leading to a chemical imbalance and toxicity. An increase in the production of crops, such as oilseed crops and sugarcane, is projected due to the growing application industries, such as food, feed, and fuel. According to the OECD-FAO Agricultural Outlook 2020-2029, the global soybean oilseed production in 2021 is estimated to reach 367 metric tons and is projected to account for 406 metric tonnes in 2029. The growing demand for protein meals, particularly in China, has been a key driver encouraging global oilseed production expansion. This can benefit farmers and improve their economic condition if the government provides some efficient measures.
The global plant growth regulators market is dominated by top players such as BASF SE (Germany), Corteva Agriscience (US), Syngenta (Switzerland), FMC Corporation (US), Nufarm (Australia), Adama (Israel), Bayer Ag (Germany), Nippon Soda Co., Ltd. (Japan), Tata Chemicals Ltd. (India), UPL (India), Sumitomo Chemicals Co., Ltd. (Japan), Xinyi Industrial Co., Ltd. (China), SIPCAM OXON Spa (Italy), Sichuan Guoguang Agrochemical Co., Ltd. (China) and Zagro (Singapore) are the key players.
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Corteva Agriscience is a leading player in the plant growth regulators market and one of the leading plant growth regulator innovation companies. The company engages in research, development, breeding, sales, and marketing of high-quality cut flowers. It produces perennials and annual flowers for all parts of the supply chain. Corteva continues to engage directly with farmers worldwide to comprehend their demands while using its distinctive marketing methods. It has a diverse global network that markets and distributes the company’s brands to consumers, primarily through its multi-channel, multi-brand strategy, which includes four differentiated channels: Pioneer agency model, regional brands, retail brands, as well as third parties through licensing and distribution channels. The Pioneer agency concept, exclusive to Corteva, involves direct sales to farmers made through independent sales representatives. The business communicates with farmers directly through the agency model at various periods throughout the growing season, from planting to harvest. These frequent encounters allow the business to give farmers the assistance and services they require while also giving it current knowledge of the clients’ upcoming purchasing choices. Employees of regional brands and farmer-dealer networks help the company’s regional brands connect with customers. Retail brands can encompass sales to distributors, agricultural cooperatives, and dealers and offer a one-stop shop for seed and chemistry solutions. Finally, Corteva sells germplasm and characteristics to third parties. This distribution strategy has also helped Corteva gain a good market share for the PGR category.
Syngenta is one of the global leaders in the crop protection industry, with 150 subsidiaries across the world. It primarily develops, produces, and markets various products to improve crop yield and food quality. Syngenta operates through two business segments, namely, Crop Protection and Seeds. Under the crop protection segment, it offers various chemicals such as herbicides, insecticides, fungicides, plant growth regulators, and seed treatments to control weeds, insects, and diseases in crops. It offers products for plant growth regulators under the crop protection segment. Some of the major brands of plant growth regulators owned by the company are MODDUS, BONZI, CULTAR, PALISADE, and TOPREX. The company offers its products in more than 90 countries, reflecting the geographical diversity of its operations. It has more than 120 research & development facilities and production sites worldwide. The firm has a strong presence in Latin America, North America, Europe, Africa, and the Middle East. Additionally, it is also seen to be investing 6.7% of its revenue in R&D continuously throughout the years to innovate and grow in the market. It has already built 17 R&D centers around the world. Syngenta (Switzerland) developed advanced manufacturing facilities in Switzerland, the US, the UK, France, India, China, and Brazil. It helps millions of farmers to produce good quality crops through the proper usage of technology.
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