Wilmington, Delaware, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Plant Growth Regulators Market by Type (Auxins, Gibberellins, Cytokinins, Absicisic Acid, Ethylene), by Crop Type (Cereals, Oilseeds and Pulses, Fruits and Vegetables, Turf and Ornamentals, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." The report indicates that the industry is anticipated to value at $7.4 billion by 2031, having experienced a value of $2.2 billion in 2021, with a noteworthy CAGR of 13.9% during the forecast period of 2022 to 2031. The report provides an in-depth analysis of top segments, value chain, competitive scenario, changing market trends, key investment pockets, and regional landscape.
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Factors influencing the growth of the market:
The global market for plant growth regulators is experiencing growth due to innovations in agricultural methods, latest product launches by key market players in the industry, rising food and drought incidences, and surging requirement for food safety and security to fulfill population growth demands. Moreover, lack of awareness related to plant growth regulators and their benefits across farmers and high cost of plant growth regulators hamper the market growth to some extent. On the contrary, rising consumer awareness related to the importance of a healthy lifestyle, and surging demand for flowers, seeds, and medical crops is estimated to provide prolific growth opportunities in the future.
The auxins segment to retain its dominance during the forecast period
On the basis of type, the auxins segment grabbed the highest share in 2021, accounting for nearly one-third of the global plant growth regulators market and is projected t maintain its dominant status from 2022 to 2031. Auxin plays a significant role in regulating plant growth, and it also stimulates cell division, differentiation, and overall growth. It is harnessed as a rooting hormone to manage the growth of plant cells, with its primary applications being in tissue culture and the propagation of plants. The cytokinins segment, on the other hand, would cite the fastest growth with 14.8% CAGR throughout the forecast timeframe. Cytokinins has numerous benefits like it prevents leaf senescence and delays plat ageing. On the basis of crop and soil type, cytokinins are utilized to cure plant injuries. They also contribute to bud initiation and branching. It helps plants in encouraging protein synthesis and dealing with stress.
The cereals segment to continue its supremacy by 2031
In terms of crop type, the cereals segment accounted for the highest share of nearly one-third of the total market revenue in 2021 and is anticipated to lead the trail throughout the forecast timeframe. The growth is attributed to the changing consumer habits and rising population. The increase in cereal production in Asian countries like India and China can be attributed to substantial enhancements in crop production techniques and the greater accessibility of high-yield cereal varieties. The fruits and vegetable segment, on the other hand, would cite the highest growth rate with 14.9% CAGR during the forecast period. The segment is mainly driven by the rising popularity and demand for the usage of PGRs in fruits and vegetables and the surging production of fruits and vegetables across the world.
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Europe to grab the lion’s share throughout the forecast timeframe
The regional analysis in the report indicates that, Europe region garnered the major share of nearly two-fifths of the total market revenue in 2021 and is anticipated to retain its dominance from 2022 to 2031. Plant growth regulators are widely used in vegetables and fruits and European countries promote food security, rural development, and sustainable agriculture. The Asia-Pacific region, on the other hand, would showcase the notable growth with 15.0% CAGR throughout the forecast timeframe. This phenomenon can be attributed to countries such as China and India, which have the highest rates of Plant Growth Regulator (PGR) adoption globally and have placed significant reliance on agrochemicals for crop nourishment and safeguarding. Furthermore, the market is experiencing rapid expansion in nations like Indonesia, the Philippines, Thailand, and Vietnam due to the increasing demand for agrochemicals and a growing awareness among consumers about the productivity benefits offered by PGRs. These countries will play a pivotal role in helping the Asia-Pacific region sustain its dominant position during the forecast period.
Top market players in the global plant growth regulators market:
- Sumitomo Chemical Australia
- Corteva Agriscience
- Arysta Life science
- Syngenta AG
- BASF SE
- UPL Limited
- Nufarm
- Bayer Crop Science AG
- FMC Corporation
- TATA chemicals limited
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