Plant Growth Regulators Market is Expected to Gain Popularity Across the Globe by 2027
Author : Sudharani Gadakari | Published On : 15 Apr 2024
The global plant growth regulators market has witnessed substantial growth in recent years and is expected to continue its upward trajectory from 2018 to 2027. Plant growth regulators (PGRs) are chemicals that promote or inhibit plant growth processes, enhancing crop yield and quality. They play a crucial role in modern agriculture, offering solutions to challenges such as climate change, population growth, and food security.
The plant growth regulators market is driven by increasing demand for food and agricultural products, coupled with the need for sustainable agricultural practices. PGRs help improve crop yield, quality, and stress tolerance, driving their adoption among farmers worldwide.
Market Size and Growth: The global plant growth regulators market was valued at US$ 5,600 million in 2018 and is projected to reach US$ 1 Bn by 2027, growing at a CAGR of 4.4% during the forecast period. Factors such as growing population, shrinking arable land, and the need for higher agricultural productivity are fueling market growth.
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Market Segmentation:
- By Service Type: The market can be segmented into synthetic and bio-based plant growth regulators.
- By Sourcing Type: PGRs can be sourced from organic and inorganic sources.
- By Application: PGRs find application in crop-based and non-crop-based agriculture.
- By Industry Vertical: The market serves agriculture, horticulture, and floriculture industries.
- By Region: The market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Regional Analysis:
- North America: The region dominates the market due to advanced agricultural practices and high adoption of technology.
- Europe: Strict regulations regarding chemical usage in agriculture are driving the demand for bio-based PGRs.
- Asia Pacific: The region is witnessing significant growth due to increasing population and rising demand for food.
Market Drivers and Challenges:
- Drivers: Growing need for food security, increasing awareness about sustainable agriculture, and technological advancements in farming practices.
- Challenges: Lack of awareness among farmers, high cost of PGRs, and stringent regulations regarding chemical usage in agriculture.
Market Trends:
- Increasing adoption of precision agriculture techniques.
- Rising popularity of organic farming practices.
- Development of novel PGR formulations for specific crop types.
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Competitive Landscape: The plant growth regulators market is highly competitive, with key players focusing on product innovation, strategic partnerships, and acquisitions to gain a competitive edge. Some of the major players in the market include BASF SE, Syngenta AG, DowDuPont Inc., and Bayer CropScience AG.
Future Outlook: The plant growth regulators market is expected to witness steady growth in the coming years, driven by increasing adoption of PGRs in developing countries and ongoing research and development activities to improve product efficacy and sustainability.
Key Market Study Points:
- Market size and growth projections.
- Regional analysis and market trends.
- Competitive landscape and key players.
- Market drivers, challenges, and opportunities.
- Future outlook and growth prospects.
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