Plant Growth Regulators Market

Plant Growth Regulators Market Size & Growth (2022 - 2027):

The Plant Growth Regulators Market was at USD 1.98 billion in 2021 and is anticipated to develop to USD 2.93 billion, garnering a CAGR of 6.8% throughout the outlook period (2022 - 2027).

Plant growth regulators are natural or artificial chemicals that are responsible for controlling the growth and development of the plant. The natural regulators of plant growth are produced with specific parts of plants in minimal qualities and migrate to other parts, manipulating various physiological functions to regulate plant growth, such as promoting plant cell division and expansion, expansion of the leaves, the delay of the senescence of the leaves, the ripening of fruits and vegetables, flower ripening, and seed germination.

Impact of COVID-19 on Plant Growth Regulators Market:

The current health crisis surrounding Coronavirus has affected all walks of life. Governments around the world have implemented strict lockdown conditions to curb the spread of this pandemic. However, this lockdown resulted in the temporary closure of production units and disruption in the supply chain, affecting the revenue of the plant growth regulators market. Nevertheless, with the relaxation of lockdown conditions, the market is supposed to bounce back soon.

Recent Developments:

• Crystal Crop Protection Ltd, is planning purchase three brands from Syngenta India Ltd as it focuses on inorganic opportunities for growth in coming days. Crystal manufactures plant protection products such as insecticides, fungicides, herbicides, plant growth regulators, and biostimulants. The company will buy Syngenta's Proclaim, Tilt and Blue Copper brands, all leaders in their respective industries, said one of the people mentioned above, who requested anonymity as he is not authorized to speak to journalists.
• Agrochemicals Company Crystal Crop Protection announced that it has acquired three Swiss brands from Syngenta: Proclaim, Tilt and Blue Copper, in India. Crystal Crop Protection also plans to launch its IPO to raise an estimated Rs 1000 crore. This acquisition of Syngenta will strengthen Crystal's penetration in the Indian legume, cotton, rice, wheat, vegetable and grape markets, Crystal Crop said in a statement.
• Sumitomo Chemical has signed an agreement with Kyowa Hakko Bio Co., Ltd. to acquire the plant growth regulation business of Kyowa Hakko Bio. Plant growth regulators are crop improvement products that help improve the quality and yield of crops by promoting or controlling the growth and development of crops, such as increasing fruit or promoting flowering. Plant growth regulators are widely used throughout the world.

Drivers and Restraints:

Increased investment in the agricultural sector worldwide will boost the market for plant growth regulators in the coming years. Cash crops and fruits and vegetables are the main application segments of the market. Increased production from these application segments is likely to drive demand for the products during the forecast period. For example, according to the United States Department of Agriculture (USDA), US production of legumes and vegetables in 2016 exceeded 60 million tons and is expected to continue to grow in the coming years. This huge industry size and significant production growth will drive the demand for plant growth regulators during the forecast period. The growing trend towards organic farming, driven by increased demand for organic products around the world, is poised to create market demand for plant growth regulators in the coming years. Additionally, increased awareness of health and fitness will likely help you develop other plant growth regulators that are considered organic compounds. The total organic farming area in Europe was over 12 million hectares in 2016 and is supposed to grow at a healthy CAGR. It is highly recommended to use organically grown plant growth regulators as a replacement for synthetic chemicals.

The trend of home gardens and agriculture has been increasing at a substantial growth rate for several years and will continue to grow during the foreseen period. People develop gardens with various varieties of plants and trees for gardening and decoration. With the growing interest of people in decorative farming and gardening, the size of the market for plant growth regulators will see an increase in demand during the outlook period. Low awareness of the masses about the application and benefits of the product will lead to a slow increase in demand for the product for a few years. Appropriate advice from farmers on the use and benefits of the product is needed. Improper use can lead to excessively rapid crop development. This can cause ripening on the surface of the fruit while still remaining raw. This will degrade the quality of fruits and vegetables. This disadvantage for crops is likely to hamper the growth of the plant growth regulator market in the near future.

PLANT GROWTH REGULATORS MARKET REPORT COVERAGE:

Market Segmentation:

The Plant Growth Regulators Market can be divided based on Product and Application. The cytokinins segment recorded the largest market share of plant growth regulators and is expected to maintain its share during the projection period. This can be attributed to the applications that make it useful in cell division, breaking lethargy, delaying senescence, and acting as a growth stimulant. Also, cytokinins are used in major crops, which are produced throughout the world, such as rice, wheat, barley, soybeans, and corn. Ethylene is expected to experience a significant CAGR during the forecast period. This can be attributed to the high use of the product in the fruit market. It is used mainly for the ripening of fruits.

The fruit and vegetable applications segment created the highest demand for the plant growth regulator market in the review period and is expected to grow with the highest CAGR over the coming years. The world population is growing at a rapid rate and with increasing population, the demand for food is increasing dramatically. To increase the production of fruits and vegetables, the use of the products in this application segment will increase significantly over the expected duration. Also, most plant growth regulators are organic, so their use in the application of fruits and vegetables is increasing.

Regional Analysis:

The Plant Growth Regulators market has been categorized by geography into

• North America
• Europe
• Asia Pacific
• Latin America 
• Middle east and Africa

Europe recorded the largest share of the plant growth regulators market in the review period. Consumers' awareness of product use and benefits is high in the region. In addition, the disposable income of consumers is high in this region, which implies greater investment in agriculture and related sectors. Commercial agricultural production is also high in this region and compared to other crops, so the use of the products in commercial crops is high. The Asia-Pacific plant growth regulator market will experience the highest CAGR during the foreseen period. This can be attributed to the growing awareness of the products among users and the government's favorable agricultural policies for farmers and agricultural practitioners in this region. Governments in this region are disseminating information on the use and benefits of plant growth regulators to facilitate production and improve yield. Asia-Pacific has a good number of economies that are dependent on agriculture, which implies that products such as plant growth regulators will be of great benefit in improving agricultural productivity in this region during the outlook period.

Key Players:

Major players in the Plant Growth Regulators Market include Arysta Lifesciences, BASF SE, Adama Agricultural Solutions, Valent Biosciences LLC, Tata Chemicals Ltd, Nippon Soda Co., Ltd., Nufarm Limited, Bayer AG, Syngenta AG, and DowDuPont.

Leading Company:

BASF SE had the largest share of the Plant Growth Regulators Market in terms of sales and revenue in 2020.