Future Outlook for the Plant Growth Regulators Market : 2023 to 2030 and Beyond.
Global Plant Growth Regulators Market Overview
Plant Growth Regulators Market Size was valued at USD 3.4
billion in 2022. The Plant Growth Regulators market industry is projected to
grow from USD 3.7 Billion in 2023 to USD 6.7 billion by 2030, exhibiting a
compound annual growth rate (CAGR) of 10.2% during the forecast period (2023 -
2030)
Plant growth regulators, also known as PGRs, are used to
promote or inhibit plant growth. The global plant growth regulators market is a
highly fragmented market with numerous small-scale and large-scale players
operating in both regional and international market. Owing to which the market
is exhibiting intense competition among the players. To gain a competitive
edge, market players are differentiating their products based on product
quality, shelf-life, ease of application, price, and product effectiveness
among few other attributes. In addition, prominent vendors are also focusing on
mergers & acquisitions, new product launches, and expansion to gain market
dominance.
By origin, the global plant
growth regulators market has been classified as natural and synthetic.
The synthetic segment gained the highest market share in 2021 owing to the high
sales volume. The ease of production and immediate & efficient results of
synthetic plant growth regulators is driving the segment growth. However, the
natural segment is expected to grow at a higher CAGR owing to the adoption of
organic agricultural practices.
Based on crop type, the market is segregated as
pulses & oilseeds, grains & cereals, fruits & vegetables, turf
& ornaments, and others. The grains & cereals segment is anticipated to
lead the global plant growth regulators market during the assessment period due
to the higher production of grains & cereal crops. However, fruits &
vegetables segment is expected to experience a higher growth rate during
forecast period owing to the increasing demand for horticultural produce.
By product type, the global plant growth regulators
market has been classified as auxins, gibberellins, ethylene, cytokinins,
abscisic acid, and others. The cytokinins segment is anticipated to gain major
share in the global plant growth regulators market due to ability to delay leaf
senescence. However, the gibberellins segment is anticipated to project a
higher CAGR during the forecast period due to its increasing use in
horticulture.
Based on form, the market is segregated into
granules, powder, and liquid. The granules segment gained the highest market
share in 2021 as they are comparatively less toxic, easy to handle &
transport, and is a stable form of product. However, the liquid segment is
expected to register a higher CAGR due to the rising adoption of foliar spray
as a mode of application.
Based on function, the global plant
growth regulators market size is segmented into plant growth promoters
and plant growth inhibitors. The plant growth promoters’ segment is expected to
dominate the global market as plant growth regulators are mainly used to
promote plant growth rather than inhibit. PGRs are used to enhance flowering
and fruiting in various fruits and vegetables. The same segment is projected to
grow with the higher growth rate during the forecast period owing to the
surging consumption of horticultural produce.
By mode of application, the market is categorized as
fertigation, foliar, and others. The fertigation segment is anticipated to
exhibit a larger market share due to the major preference of farmers towards
fertigation-based operations as it requires less resources and is not a time-consuming
process. However, foliar segment is expected to register a higher CAGR as it is
emerging as an effective mode for the application of plant growth regulators.
Regional Analysis
Based on region, the global plant growth regulators
market has been segmented into North America, Europe, Asia-Pacific, and RoW.
Europe is anticipated to account for the largest revenue share in the global
plant growth regulators market due to the rising production of agricultural
produce in the region. Moreover, the adoption of new technologies and
methodologies in agriculture is also boosting the market growth in the region.
North America is also expected to garner a significant share
in the global market due to a rise in the cultivation of horticultural crops in
the region, especially grapes. Asia-Pacific is anticipated to project the
highest growth rate during the forecast period as market players are expanding
their operations in the Asia-Pacific market.
Key Players
Some of the key players in the global plant growth regulators
market are China National Chemical Agrochemical Corporation (China), Platform
Specialty Products Corporation (US), BASF SE (Germany), Bayer AG (Germany),
DowDuPont (US), NIPPON SODA CO., LTD. (Japan), Nufarm Limited (Australia),
Sumitomo Chemical Co., Ltd. (Japan), FMC Corporation (US), Tata Chemicals Ltd.
(India), and Xiny(H.K.) Industrial Co., Ltd. (China).
Browse In-depth Market Research Report (128 Pages,
Charts, Tables, Figures) Plant Growth
Regulators Market Report : https://www.marketresearchfuture.com/reports/plant-growth-regulators-market-7195
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