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Plant growth regulators or phytohormones are defined as organic elements (apart from nutrients), which in small quantities endorse and inhibit any physiological process in plants. Therefore, the usage of plant growth regulators has resulted in improvements in several crops concerning growth, quality, and yield. The global market of plant growth regulators is driven by the declining farming area coupled with a rising demand for organic food.
The prominent players operating in the market are embarking upon research and development of innovative products to increase their plant growth regulators portfolio. For instance, in January 2020, BASF SE launched Attraxor, a new plant growth regulator (PGR) and it helps in reducing the longitudinal growth of shoots of grass which in turn help in lessening the frequency of mowing and clippings. Moreover, plant growth regulators are crop enrichment products, helps in enhancing crop quality and yields by modifying crop growth and development.
The tremendously increasing demand for organic and clean label food is expected to boost the demand for plant growth regulators among growers. The use of plant growth regulators (PGR) has become an important component of agrotech procedures for most of the cultivated plants and especially for high-value crops such as fruits and vegetables. Plant growth regulators are used to modify a crop by altering the rate or pattern, or both, of its response to the external and internal factors that manage growth from sprouting through reproductive development, vegetative growth, and maturity. The various application benefits of plant growth regulators are projected to drive the market in the forthcoming years. For instance, the regular application of PGR’s will help to regulate the chemical composition of the plant and the color of the fruit, it initiates the dormancy of seeds, buds, and tubers, promote rooting and propagation and control plant or organ size. Moreover, the application of plant growth regulators helps to change the timing of crop development, enhance plant resistance to such environmental factors as temperature, water, and air pollution, and prevent post-harvest spoilage. The yield and quality of fruit crops can be improved by the foliar application of plant growth regulators. The rate of plant growth regulators application depends on crop height, biomass, and growth rate. The ease of application of PGR owing to its availability in dry and liquid formulation and the non-toxic effect is also predicted to boost the demand for PGR’s among growers.
Key Market Driver -
Increasing Demand for Organic Food
Key Market Restraint -
Complicated and Long Registration Process of New Plant Growth Regulator
The limited market potential, increasing cost of development, complicated registration process of PGRs, and the demand for high profitability are predicted to act as major restrains for the introduction of new PGR’s. Furthermore, the low awareness about plant growth promoters in some emerging countries is expected to hamper the market growth in forthcoming years.
The prominent players operating in the global plant growth regulators market are Corteva Agriscience, Syngenta, BASF SE, The Dow Chemical Company, Bayer CropScience, Nufarm Ltd., ADAMA, Barclay Crop Protection, Valent Biosciences Corporation, Redox Industries Ltd., Sumitomo Chemical, and Others.
Cytokinins are predicted to hold a prominent share in the global plant growth regulators market. Cytokinins distress plant growth activities such as cell multiplication processes, dormancy, and flowering and fruiting. Furthermore, auxins encourage cell elongation and division, encouraging a plant stems to grow taller and in a specific direction that is expected to boost the demand for auxin containing PGR’s among growers. Besides, it is most effective when combined with cytokinins to elite their effects. Gibberellins generally fuel growth of plants and it produces a crop that grows and produces faster and stays green longer than an untreated plant. This trend is anticipated to keep the demand for gibberellin high, thus contributing to the growth of the global market.
Cereals and grains are expected to witness considerable growth in the global plant growth regulators market. The increasing demand for organic cereals and grains from developed as well as developing regions is forcing farmers to cultivate organic crops which are predicted to boost the demand for plant growth regulators from cereals and grains producers. Moreover, plant growth regulators are widely used in cultivation of cotton crop as PGRs helps in control of vegetative growth and increases the yield and quality of the fiber. Besides, Fruits and vegetables are high-value crops, and even small changes in production efficacy, product quality, or enhanced appeal have the potential to significantly increase product value which is expected to boost the demand for PGR’s from fruit and vegetable growers.
Europe is projected to hold a prominent share in the global market of plant growth regulators owing to the rising demand for organic fruits and vegetables. The increasing demand for vegetable and fruits within the Europe coupled with the growing number of certified organic farmlands is expected to raise the application of plant growth regulators in order to increase agronomic yield.
North America is expected to witness substantial growth in the global plant growth regulators market in forthcoming years. The increasing awareness among the consumers about the benefits of organic food consumption and changing food choices is predicted to drive the market within the region. For instance, in 2015, according to the Organic Trade Association (OTA) U.S., the organic food industry accounted the total sales of US$ 43.3 billion. The rising demand for organic food coupled with the well-established agricultural sector, easy availability of advanced technologies and highly skilled professional farming are anticipated to propel the demand for the product in North America.
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Asia Pacific is predicted to hold a considerable share in the global plant growth promoters market. The incessant decline in agricultural land, increasing population, and rising demand for food have dragged growers to utilized systematic agri-inputs such as plant growth promoters. China, Japan, India, and Australia are some of the major countries contributing towards the growth of the market within Asia Pacific. Moreover, the high-profit margin associated with the utilization of organic crops is also predicted to remain a favorable factor for the market growth within Asia Pacific.
By Crop Type
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