Plant Growth Regulators Market to Grow with a CAGR of 4.27% Globally through 2029
Surge in research and development activities is expected to drive the Global
Plant Growth Regulators Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “Plant Growth
Regulators Market - Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2029”, the Global Plant Growth Regulators
Market stood at USD 3.17 billion in 2023 and is anticipated to grow with a CAGR
of 4.27% in the forecast period, 2024-2029. Initiatives taken by government
based on plant growth regulators has led to favorable market conditions for the
Global Plant Growth Regulators Market. Several factors contribute to the growth
of various plant growth regulators products.
In the United States, the Environmental Protection
Agency (EPA) plays a vital role in safeguarding the environment by regulating
the use of Plant Growth Regulators (PGRs). These regulatory measures ensure
that the application and utilization of PGRs, such as the pesticide Chlormequat
chloride, are effectively controlled. Currently registered as a PGR for use in
ornamentals grown in greenhouses and nurseries, the EPA has proposed new uses
for Chlormequat chloride, thereby expanding its range of applications.
Recognizing the importance of biosafety
and biosecurity, the U.S. Government has taken the initiative to launch the
Biosafety and Biosecurity Innovation Initiative. This forward-thinking
initiative aims to mitigate biological risks while simultaneously advancing
biotechnology and biomanufacturing innovation. By fostering a sustainable,
safe, and secure American bioeconomy, this initiative indirectly supports the
development and utilization of PGRs, thereby contributing to the overall growth
of the market.
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In recent years, advancements in agricultural
technology have had a profound impact on the plant growth regulators (PGRs)
market. Through continuous research and development efforts, scientists and
experts are tirelessly working towards the creation of even more efficient and
effective PGRs. These innovative solutions play a pivotal role in bolstering
global crop production by effectively mitigating various environmental stress
factors that crops often face, such as drought, extreme temperatures, and
nutrient deficiencies. By harnessing the power of advanced PGRs, farmers and
agriculturalists can optimize crop growth and yield, ensuring food security and
sustainability for a growing population.
The Global Plant Growth Regulators Market is segmented
into type, crop type, regional distribution, and company.
Based on its crop type, the fruits and vegetables segment
held the largest market share in the forecast period. One of the key factors
that can be attributed to the growing health-consciousness among consumers is
the increasing awareness of the importance of a healthy lifestyle. As
individuals become more aware of the impact of their dietary choices on their
overall well-being, there is a rising demand for healthier and more nutritious
options.
The rising income levels of consumers
also play a significant role in driving this trend. With higher disposable
incomes, consumers are now more willing to invest in their health and opt for
products that promote a healthier lifestyle. In particular, the fruit and
vegetable segment is experiencing a significant acceleration in demand as
consumers prioritize incorporating these nutrient-rich options into their diets.
Based on region, Europe segment is expected to grow
during the forecast period.
The increasing awareness and demand for organic food,
coupled with the strict regulatory frameworks governing maximum residue levels
in agricultural soil, have significantly contributed to the rising popularity
of crop growth regulators among European farmers. These regulators, known for
their environmentally friendly nature, offer a sustainable solution for
enhancing crop growth and yield. As a result, the European market for crop
growth regulators is poised for substantial growth in the coming years.
Major companies operating in Global Plant Growth
Regulators Market are:
·
BASF SE
·
Bayer Crop Science AG
·
Corteva Agriscience AB
·
Syngenta AG
·
Nufarm Limited
·
Sumitomo Australia Pty Ltd
·
TATA chemicals limited
·
Arysta Lifescience Ltd
·
FMC Corporation
·
UPL Limited
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“As the global population continues to expand and
arable land diminishes, the agricultural sector faces mounting pressure to
boost productivity and yield to meet the rising demand for food. In this
context, plant growth regulators emerge as pivotal tools in agricultural
practices, offering strategic solutions to enhance crop quality, increase
yield, and improve stress tolerance. By leveraging these regulators, farmers
can optimize plant growth and development, resulting in healthier crops with
enhanced resistance to environmental stresses such as drought, disease, and
adverse climatic conditions. This not only addresses the immediate need for
high-quality crops but also contributes to the long-term sustainability of
agricultural systems by maximizing resource efficiency and minimizing
environmental impact. Hence, the utilization of plant growth regulators
represents a proactive approach towards meeting the challenges posed by global
population growth and dwindling agricultural resources, ensuring food security
and resilience in the face of evolving agricultural landscapes.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Plant Growth Regulators Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Auxins, Gibberellins, Cytokinins, Absicisic Acid, Ethylene), By Crop Type (Cereals, Oilseeds and Pulses, Fruits and Vegetables, Turf and Ornamentals, Others), By Region and Competition, 2019-2029”, has evaluated
the future growth potential of Global Plant Growth Regulators Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Plant Growth Regulators Market.
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