Latin America Plant Growth Regulators Market was worth USD 610.8 million in 2021 and estimated to be growing at a CAGR of 3.72%, to reach USD 820.17 million by 2026. Plant Growth Regulators are chemical substances, other than nutrients, that alter plant physiological development.
Plant growth regulators control the growth of plants and improve reactions to stimuli. Ethylene is one of the plant growth regulators utilized for enhancing flower production. They are not harmful to human health and are extensively utilized to meet the necessity of the food supply.
Drivers and Restraints of Latin America Plant Growth Regulators Market:
The growth of the Latin America Plant Growth Regulators market is majorly driven by factors such as the growing textile market, rising demand for cotton, and increasing prevalence of organic farming. Cutting-edge practices in organic farming and increasing affinity towards eco-friendly methods of farming are anticipated to create a lot of prospects for the plant growth regulators market in this region. However, the growing utilization of agrochemicals by the farmers is the major restraining factor for the market in this region.
Cytokinins lead the plant growth regulators market, accounting for over 40% of the market share, and are also projected to witness the highest growth during the forecast period. Demand for cytokinins has been on the rise due to their widespread use in increasing the capacity of plants to tolerate water deficiency, by guarding the nitrogen and carbon integration process during stress.
Cereals & oilseeds lead the market on the basis of crop type, followed by fruits & vegetables.
Latin America market region includes countries such as Brazil, Argentina, Mexico, and the remaining countries of South America. The market in Latin America is expected to be driven by agriculture-based countries such as Brazil and Argentina, due to the growing acceptance of Plant Growth Regulators in these countries. Increasing production of sugarcane and corn is another crucial factor boosting the growth of the market in this region.
The main policies implemented by the companies to increase their market share in the plant growth regulators market are new products, and mergers & acquisitions. The strategy of efficient and strong yielding products would lead to improved user gratification. The major companies dominating the Plant Growth Regulators market in this region are BASF SE, Bayer Crop Science, DuPont, FMC Corporation, Tata Chemicals Limited, and Xinyi Industrial Co Ltd.
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