Knowledge Sourcing Intelligence announces the publication of a new report on “Global Plant Growth Regulator Market - Forecasts from 2020 to 2025” to their offering.
Growing consumption of organic products, the growing clean label movement, the global cognizance of nutraceuticals, increasing use of plant extract in food and beverage applications, among others are anticipated to propel the market to unprecedented heights.
As per the report, the market pertaining to the global plant growth regulator market is expectedto reach USD4.921 billion by 2025, from USD3.449 billion in 2019.
Plant growth regulators are compounds of natural or synthetic origins which are capable of inducing the developmental or metabolic processes and are generally devoid of any nutritive value and phytotoxicity. These compounds are known to actively regulate certain processes in cultivated plants. They are namely, stimulation of flowering and fruiting, speeding-up or slowing-down of seed germination, reduction or increase of fruit set, inducement or reduction of shoot elongation, breaking of quiescence in woody perennials, acceleration or delay of senescence processes that include fruit ripening and defoliation. With wide use in agriculture, horticulture, and viticulture the benefits of systematic use of plant growth regulators include the facilitating of crop management that ultimately increases yield and enhancement of quality of produce and improvement of shelf life, among others, which finally result in a better commercial value.
The agriculture industry is expected to witness quite a few changes that are estimated to facilitate healthy growth of the global plant growth regulator market. It is particularly due to the growing awareness of the adverse effects brought about by chemical fertilizers and pesticides on both environmental and human health. This has led to a surge in demand for organic products in recent years. As per a report by FAO, organic farming already accounts for 7.5% of the total agricultural area in the European Union (EU), with this share being higher than 20% in some Members States. Over the next few decades, the share of the organic area in the EU is expected to be adequately high to influence average fertilizer use by hectare, and potentially average crop yields. Technology advancements, obesity, climate change, changing consumer lifestyles are also important factors, which have steered the global consumers towards environmentally sustainable consumption patterns. Sustainable considerations have also been the rationale for an estimated 19% of cotton that was produced under the sustainability standards of the Better Cotton Initiative between 2017 and 18, according to FAO.
In cognizance of the need for sustainable agriculture promotion SICIT Group (BIT: SICT) and Syngenta have reportedly announced a collaboration in March 2020 with the signing of a 15-year exclusive supply contract for HICURE and ISABION biostimulants that also covers plans for developing collagen-based biostimulants in the near future. This agreement enables Syngenta to gain access to industry-leading capabilities in the fields of collagen-based biostimulants and SICIT will facilitate farmers’ access to its innovative solutions for sustainable farming. Besides, there have been recent threats to bees that have been responsible for a declining bee population. To this end, Gropro Corp, a USA based producer and supplier of bio crop protection products, which has recently forayed into the agricultural market had reportedly announced the launch of a new biostimulant called Awakening Pollination in July 2020. This product is reported to stimulate the plants’ natural processes to enhance flower development concomitantly increasing stamen hold and pollinator activity. This in turn is expected to increase overall flower pollination thereby resulting in a plant yield increments. This product has been tested with proven yield increases on almonds, berries, and cucurbits. The primary ingredient of the product is Propolis which is a pheromone attractant found naturally occurring inside hives. The product also contains cytokinins, auxins, along with supportive bio-stimulants. besides the rising consumption and innovations in winemaking are also expected to facilitate the growth ofthe globalplant growth regulator market, during the next few years, due to the application of global plant regulators in viticulture.
As a part of the report, the major players operating in the global plant growth regulator market, which have been covered are WinField United, Valent BioSciences LLC, Syngenta, Sigma-Aldrich, Inc., Rallis India Limited (A TATA Enterprise), Godrej Agrovet Limited, Fine Agrochemicals, Dhanuka Agritech Ltd., Bayer CropScience Ltd.and BASF SE.
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This report segmented the global plant growth regulator market on the basis following terms: