Plant Growth Regulators Market Demand, Growth, Forecast 2022-2028
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 is attributable to the rising demand for organic food worldwide, resulting in the growth of the organic food business. Furthermore, the growth in the textile sector, such as an increase in cotton production and a surge in the practice of organic farming, is predicted to drive the market growth during the forecast period.
Increasing Agricultural Investment in Developing Nations is Driving the Market Growth
Agricultural production requires input investment to maximize yield from a specific cropping cycle. Seeds, agrochemicals, machinery, and other products are included in these costs. Optimizing output by adding productivity-enhancing inputs on relatively small farms is not economically viable because it involves expenses that most farmers cannot bear. Agricultural investment in developing countries in Sub-Saharan Africa and South Asia is insufficient, resulting in sub-optimal production in terms of quality and quantity. This phenomenon has implications for overall food security as well as the living standards of people working in the primary sector. In emerging markets, India and Brazil, for example, produce a large number of fruits and vegetables and cotton, respectively. Plant growth regulators can be developed in these markets for high-value crops and high-volume crops such as grains and oilseeds. Plant growth regulators cannot be used for grain and oilseed cultivation in these countries due to non-cost-effectiveness.
Several Middle Eastern countries, including China, have taken up undeveloped arable land in the Sub-Saharan region for agricultural purposes, prioritizing domestic food security. Several Arab and Asian nations have announced plans to acquire farms overseas to subsidize agriculture and ensure food production. As a result of the increased investment in the agricultural industry and improved financial resources, farmers now have more access to diverse plant growth regulators.
Global Plant Growth Regulators Market: By Product Type
The global plant growth regulators market is categorized as 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 control various plant growth and development processes, including shoot & root growth, cell division & differentiation, senescence delay, and fruit & seed production. The increased consumer awareness of its beneficial effects on branching, nutrient remobilization, senescence delay, and flower & seed growth can be attributed to the segment's growth. In addition to slowing down natural aging, it can also be used to repair plant damage.
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Impact of COVID-19on the Global Plant Growth Regulators Market
The COVID-19 pandemic is having a significant impact on the industry's growth. The 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. The lack of free worker mobility, which is required for the application of gibberellins in agricultural fields, has hampered market expansion during the COVID-19 outbreak. However, the market demand is expected to return to normal during the forecast period as many manufacturers launch new products and various economies resume normal operations.
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 market share in 2020 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.
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. Companies that are active in new product development, expansion, and acquisition can maintain competitiveness in the market. Some of the major players are widening their global footprint by acquiring foreign producers. 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 are some of the key players in the global plant growth regulators market.
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 thinner1 categorized as a PGR developed by Sumitomo Chemical as one of the biorationals2 in its A2020 pipeline.
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