Global Plant Growth Regulator Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Auxins, Gibberellins, Cytokinin, Abscisic Acid, Ethylene), By Crop Type (Fruits And Vegetables, Cereals And Grain, Oilseeds And Pulses, Others), And By Geography- Forecasts From 2022 To 2027
- Published : Sep 2022
- Report Code : KSI061612844
- Pages : 112
The global plant growth regulator market is projected to surge with a CAGR of 5.44%, increasing from a market size of US$3.612 billion in 2020 to a market size of US$5.233 billion by 2027.
Plant growth regulators are defined as one of the classes of agrochemicals used for regulating the growth of plants. These find application in promoting or inhibiting the growth of several crops for enhancement in their productivity. With the growing global population, the demand for food has also significantly increased, driving the demand for plant growth regulators in the forecast period. Hence, manufacturers are producing plant growth-promoting products to account for the increase in plant yields. These include food crops like cereals and grains, as well as fruits and vegetables. The types of plant growth regulators on the market include auxins, gibberellins, and cytokinin as plant growth promoters. Abscisic acid is used as an inhibitor, while, ethylene is used as a growth promoter and inhibitor. The growing adoption of organic farming is further driving the market demand in the forecast period.
Based on geography, North America is expected to hold a significant market share followed by the Asia Pacific region, which is expected to be the fastest growing in the forecast period. Furthermore, plant growth regulators are utilized for application in greenhouse crops, resulting in suppressing or promoting their growth. Hence, the growing commercial greenhouse industry will have a strong impact on surging market growth in the forecast period.
The burgeoning greenhouse industry for commercial crop production is projected to fuel the market demand in the forecast period.
Commercial greenhouses are being utilized extensively, from big farms to small nurseries. Growing urbanization, in addition to less availability of agricultural land, is serving as the major driver driving the growth of the global commercial greenhouse market. Additionally, the changing climatic conditions at the time of the traditional mode of farming is further resulting in the adoption of commercial greenhouses, which is further fueling the installation of commercial greenhouses, further propagating the market growth over the next five years. Region-wise, North America and Europe are expected to hold a significant market share in the commercial greenhouse industry, while the Asia-Pacific region is considered the fastest-growing region. With rapid urbanization and the evolving lifestyle of individuals, the market for plant growth promoters with the increasing urban population is growing at a significant rate along with the surge in commercial greenhouse market growth to feed the increasing urban population.
In 2018, on a global level, more people lived in urban areas than in rural areas. This comprises more than 50% of the world’s population residing in urban areas. Around 30 per cent of the world’s population was urban in 1950, and by 2050, more than 60 per cent of the world’s population is projected to be urban. At present, the most urbanized regions include Northern America (where more than 80 % of its population resides in the urban areas in 2018), more than 80% resides in Latin America and the Caribbean region, while over 70% is based in the European region and over 60% is living in the Oceania region. In the Asian region, the urbanization level is around 50%. On the other hand, the African region is mostly rural, with only over 40% of its population living in urban areas (source: The United Nations).
Rapid urbanization leading to changes in the plant growth regulator market
Rapid urbanization has led to major changes, which include changing lifestyle conditions, hence leading to the change in their diets and demands as well. The agricultural or arable land required for the cultivation of crops in order to feed the growing population is shrinking due to the maximum population shifting to the urban areas from the rural areas. This has eventually led to an increase in the demand for commercial greenhouses which under controlled conditions can be used for the production of a variety of crops irrespective of the season and changing climatic conditions. In the end, it is highly beneficial in the case of less land availability due to urbanization.
The Asia Pacific region, which is based heavily on the agriculture sector, is credited with holding a significant market share in the global greenhouse market. The South Korean and Chinese regions are projected to hold a significant share in the region owing to the greater adoption of high-technology greenhouses in these regions. Furthermore, the adoption of lower technology greenhouses by lower-income segments of these countries is further emphasizing the market demand in these countries.
Changes in the market of Japan
Japan is also projected to show a good share and growth during the coming years. Japan, is a country with a comparatively lower agricultural area and a high population density. This has led to the country’s high dependence on horticulture and greenhouse practices in order to maximize agricultural output. However, the recent downfall in the focus on agricultural practices around the world over the past couple of years has also had an impact on the Japanese commercial greenhouse market, thus resulting in a slower adoption rate as compared to the other countries in the region. Furthermore, the growth of this market in this country is also majorly attributed to continuously shrinking arable land, which is one of the factors fueling the adoption of advanced technologies by farmers. According to data from The World Bank Group, arable land in this country has been showing a somewhat continuous decline over the past few decades. In 1965, 15.435% of the total land area in Japan was arable, but it has been shrinking since then and it came down to 11.477% in 2016. The availability of fewer than two hectares of land per person for farming, the ageing rural population, and the scarcity of young people interested in having a future in farming can be seen as some of the concerns for the farming industry in this country. Yet, continuous advancements in technology and their widespread adoption by people, including farmers, are offsetting the impact of these factors.
India, on the other hand, will also have good growth and very good potential as agriculture is a prominent sector of the country’s economy.
- October 2021: Tom Vilsack, USDA Secretary, has issued an investment of more than $146 million in sustainable agricultural research projects designed to improve plant and animal production and sustainability as per the press release by the United States of Agriculture. With this innovative program, they are focusing on a wide range of needed research solutions, from addressing labour challenges to promoting land stewardship.
- July 2021: Sumitomo Chemical has received U.S. regulatory approval for the registration of its new plant growth regulator Accede. Accede is a fruit thinner that Sumitomo Chemical has developed as one of the biorationals as a result of global research and development collaboration for more than a decade, in biorationals among Sumitomo Chemical, Valent BioSciences (VBC) as per press release of Sumitomo Chemical Company.
- January 2020: On January 21st, 2020, BASF launched Attraxor, a new plant growth regulator (PGR). The product is new to the UK market and contains the powerful active ingredient Prohexadione calcium. By reducing longitudinal shoot growth, Attraxor reduces mowing frequency and clipping volume as per BASF Pest Control Solutions UK. The company is expanding its portfolio of amenity products and Attraxor was the first product it planned to launch in 2020.
Impact of COVID-19 on Plant Growth Regulator Market
Global plant regulators have been negatively impacted by the COVID-19 pandemic. The demand for plant growth regulators such as Gibberellin has been severely affected by disruptions in the global supply chain and a shift in the competitive order of manufacturers/producers. The lack of labour mobility, which is needed to apply gibberellins in agricultural fields, hindered the expansion of the worldwide market for plant growth regulators during the COVID-19 outbreak. Moreover, the disrupted supply chain, coupled with abnormal climatic patterns, contributed to acute food insecurity across various developing nations, affecting their performance in the Hunger index. Lockdown measures reduced demand, which impacted food production, resulting in diminished demand for plant growth regulators. As manufacturers launch new products and economies recover, market demand is expected to return to normal during the forecast period. Few reputed companies have been successful in minimizing the COVID-19 impact on their operations.
Global Plant Growth Regulator Market Scope:
|Market Size Value in 2020||US$3.612 billion|
|Market Size Value in 2027||US$5.233 billion|
|Growth Rate||CAGR of 5.44% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, Crop Type, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Sygenta, BASF SE, Rallis India Limited (A TATA Enterprise), Godrej Agrovet Limited, Bayer CropScience Ltd., Dhanuka Agritech Ltd., Sigma-Aldrich (Merck KgaA), Fine Agrochemicals, WinField United, Valent BioSciences LLC|
|Customization Scope||Free report customization with purchase|
- By Type
- Abscisic Acid
- By Crop Type
- Fruits and Vegetables
- Cereals and Grain
- Oilseeds and Pulses
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the plant growth regulator market size by 2027?
A1. The global plant growth regulator market is projected to reach a market size of US$5.233 billion by 2027.
Q2. What is the size of the global plant growth regulator market?
A2. Plant Growth Regulator Market was valued at US$3.612 billion in 2020.
Q3. What are the growth prospects for the plant growth regulator market?
A3. The plant growth regulator market is projected to grow at a CAGR of 5.44% over the forecast period.
Q4. What factors are anticipated to drive the plant growth regulator market growth?
A4. With the growing global population, the demand for food has also significantly increased driving the demand for plant growth regulators in the forecast period.
Q5. Which region holds the largest market share in the plant growth regulator market?
A5. North America is expected to hold a significant share in the plant growth regulator market.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Plant Growth Regulator Market Analysis, by Type
5.5. Abscisic Acid
6. Global Plant Growth Regulator Market Analysis, by Crop Type
6.2. Fruits and Vegetables
6.3. Cereals and Grain
6.4. Oilseeds and Pulses
7. Global Plant Growth Regulator Market Analysis, by Geography
7.2. North America
7.2.1. United States
7.3. South America
7.5. Middle East and Africa
7.5.1. United Arab Emirates
7.5.3. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.2. BASF SE
9.3. Rallis India Limited (A TATA Enterprise)
9.4. Godrej Agrovet Limited
9.5. Bayer CropScience Ltd.
9.6. Dhanuka Agritech Ltd.
9.7. Sigma-Aldrich (Merck KgaA)
9.8. Fine Agrochemicals
9.9. WinField United
9.10. Valent BioSciences LLC
Rallis India Limited (A TATA Enterprise)
Bayer CropScience Ltd.
Dhanuka Agritech Ltd.
Sigma-Aldrich (Merck KgaA)
Valent BioSciences LLC
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