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Plant Growth Regulators Market Size, Share & COVID-19 Impact Analysis, By Type (Cytokinins, Auxins, Gibberellins, Ethylene, and Others), Crop Type (Cereals, Oilseeds & Pulses, Fruits & Vegetables, Turf & Ornamentals, and Others), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI103064

 

KEY MARKET INSIGHTS

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The global plant growth regulators market size was USD 3.23 billion in 2020. The market is projected to grow from USD 3.69 billion in 2021 to USD 7.16 billion by 2028 at a CAGR of 9.94% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth of 19.46% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over


Various studies/statistics suggest that the PGR for trees, shrubs, groundcovers, and hedges reduce pruning and trimming labor by approximately 50%. Unlike plant hormones that are produced by plants, plant growth regulators are artificially synthesized by humans to aid the growth and development of plants. The market size is expected to increase significantly in the coming years, given the rising demand for high-quality food grains. According to the Indian Council for Agricultural Research (ICAR), the consumption of food grains in India would reach 345 million tonnes by 2030. Asian PGR companies have made considerable efforts to acquire other companies to achieve regional expansion and increase their brand reputation. For instance, in August 2017, Sumitomo Chemical Co., Ltd., a Japanese chemical company, entered into an agreement with Kyowa Hakko Bio Co., Ltd, a Japanese specialty chemical products company, to acquire its PGR business.


COVID-19 IMPACT


Disturbances in Supply Chain Management during COVID-19 Pandemic to Slow Down Growth


Farmers of all sizes have been experiencing the impact of the COVID-19 crisis, from social distancing requirements to travel restrictions and market closures. From a consumption standpoint, smallholder farmers across developing countries are among those at greater risk of an economic impact caused by the COVID-19 pandemic, as even the slightest price fluctuations in product price can have significant consequences impacts on their businesses.


Numerous internationally reputed companies have been successful in minimizing the COVID-19 impact on their operations. For instance, Corteva., a U.S.-based chemical, agricultural, and seed company, focused on monitoring and tracking the status of its raw material provider/suppliers, logistics movements, production facilities in 2020 to ensure that COVID-19 did not disrupt its crop-protection supply chain. The company has remained relatively unaffected by the COVID-19 crisis, given the strength of its distribution channel.


The coronavirus pandemic has affected businesses with varying degrees of intensity across different geographies, commodities, and value chain stages. The industry is now reworking its current models to navigate the impacts of the COVID-19 pandemic. This will certainly require dedicated efforts on lines of innovation and technology upgrades.


LATEST TRENDS


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Increasing Global Fruit Trade & Production is a Prominent Trend


Internationally reputed PGR companies are expected to target major fruit-producing and consuming countries such as Australia and Japan to achieve more substantial profit margins. In this respect, the growth of the Australian avocado industry is likely to boost the demand for PGRs throughout the forecast period.


According to a September 2020 report published by Avocados Australia Limited (AAL), an industry body representing the Australian avocado industry, Australia produced 87,546 tonnes of avocados during the 2019/20 period, a 2% increase relative to the 2018/19 period. Despite lower fruit production and trade amid the COVID-19 crisis, historical global fruit production and trade trends suggest that the use of PGRs in fruit production is likely to be considerable in the foreseeable future.


DRIVING FACTORS


Rising Need for Enhanced Crop Productivity Backed by Government Support


The increasing need for enhancing crop productivity coupled with rising consumption worldwide is favoring the plant growth regulators market growth. The COVID-19 pandemic has further augmented the demand for cereals worldwide. China, India, the U.S., Russia, Brazil, Argentina, Indonesia, and France are the major cereal-producing countries in the world. Corn, wheat, sorghum, rice, oat, and rye are the most widely produced cereals worldwide.


Increasing population, changing consumer lifestyles are causing major demand for all types of crops, most notably cereals worldwide. In Asian countries such as India and China, the rising cereal production is attributable to considerable improvements in crop production practices and the increasing availability of high-productive varieties of cereals.


Increasing Fruit Export Opportunity is Favoring Market Expansion


The increasing global fruit trade & production is favoring market growth, given the rising popularity and need for the use of PGRs in fruit plants. The U.S. is one of the world’s largest exporters of fruits. According to CDFA, a cabinet-level government agency, the total gross farm value of fruit production in California in 2018 accounted for 37.63% of the overall crop production within the state.


The vast production base in India offers lucrative opportunities for the export of fruits over the forecast period. According to the Agricultural and Processed Food Products Export Development Authority (APEDA), a Government of India ministry, India exported fruits worth USD 668.75 million during the 2019-20 period. The U.K., Sri Lanka, UAE, Nepal, Malaysia, Qatar, and Oman are the major export markets for Indian fruits.


RESTRAINING FACTORS


Rising Prevalence of Substitute Products Paired with Long Approval Period for New PGRs


The rising prevalence and popularity of PGR substitutes such as fertilizers continue to hamper the demand for PGRs worldwide. According to the FAO, world fertilizer consumption has increased from 101.77 kgs to 136.82 kgs per hectare of arable land. Despite the increasing consumption of PGRs worldwide, a sizable number of farmers across countries, most notably in Asian markets, continue to follow or practice conventional agriculture techniques/systems and rely on the usage of conventional agricultural products such as fertilizers, as against focusing on new solutions for crop protection/regulation.


SEGMENTATION


By Type Analysis


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Cytokinins to Hold Major Share Backed by Increasing Empirical Evidence Indicating its Role in Enhancing Crop Resistance


Based on type, the market is classified into cytokinins (CKs), auxins, gibberellins, ethylene, and others. While auxins, CKs, and gibberellins are the most commonly used PGRs worldwide, ethylene and abscisic acid (ABA) are the major plant growth inhibitors worldwide The cytokinins segment held a dominant share of the market in 2020. The use of cytokinins is known to positively impact many facets of plant development and growth, including shoot & root growth, cell division & differentiation, senescence, apical dominance, response to abiotic & biotic stressors, and fruit & seed development.


The rising demand for CKs for ornamental plants is likely to encourage numerous CK manufacturers worldwide to exploit the business opportunities within the ornamental plants space. In October 2019, Mycorrhizal Applications, a wholly-owned subsidiary of Valent BioSciences LLC, launched a new PGR under the CytoFlor brand. The product features contain 6-benzyladenine (6-BA), an active ingredient which belongs to the cytokinins group of PGRs. Given the rising demand for CKs worldwide, other prominent industry players are likely to launch innovative plant growth regulators products in the cytokinins category over the forecast period.


By Crop Type Analysis


Cereals Segment to Account for the Highest Market Share by 2028


Based on crop type, the market is categorized into cereals, oilseeds & pulses, fruits & vegetables, turf & ornamentals, and others, infant nutrition, beverages, and others. Plant growth regulators are popular products when it comes to cereal production. While these products are more widely used in European countries, the registration of new plant growth regulators and increasing research within the cereals segment across other international markets such as Western Canada are indicative of the rising application of these regulators on cereals worldwide. The manufacturers are likely to target the Canada wheat market in the coming years, given the rising domestic demand for wheat-based products. The increasing cereal production worldwide also highlights the rising popularity of plant growth regulators in agriculture.


REGIONAL INSIGHTS


North America Plant Growth Regulators Market Size, 2020 (USD Billion)

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The U.S. led the North America PGRs market in 2020. Numerous manufacturers share the U.S. plant growth regulator market space. Fine Americas Inc. is one of the leading companies in North America. This company operates through various distributors spread across North America, including Winfield Solutions, LLC, American Clay Works, Helena Chemical Co, Crop Production Services, Gar Tootelian, Inc, Leffingwell Ag, CPS, Ag Rx, Brehob & Son, and N.M. Bartlett Inc. The North American market is driven by increasing consumption of produce crops, most notably in the U.S. Corn, cotton, fruit, tree nuts, soybean & oil crops, wheat, and pulses are the major produce crops in the U.S. Canada is also witnessing a significant demand for all PGRs as it is one of the world’s top exporters of agricultural products. The agriculture sector in Western Canada has been diversifying over the years, not only in terms of what is grown but how farmers grow it. Two major categories of PGRs are commercially available in Western Canada, ethylene-releasing agents and gibberellin inhibitors.


France emerged as the largest market in Europe in 2020 with 21.97% market share. The country is likely to retain its pole position throughout the forecast period. The U.K. is expected to emerge as a major market over the forecast period. The use of PGRs is a common practice in the U.K. According to the report published in 2018 by the Government of Alberta, PGRs are applied on approximately 84% of the U.K.'s total winter wheat acres every year. The Government of Alberta attributes the high demand for PGRs in the U.K. to a longer growing season wetter climate where lodging can lead to average yield losses up to 25% (every 3 to 4 years).


Asia Pacific is predicted to exhibit significant growth opportunities for the market on account of the rising disposable income and improving the standard of living in the region. China is the most prominent market for plant growth regulators in Asia Pacific. The rapidly expanding population in the country is creating a need for high productivity in agriculture, thereby boosting the product demand.


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Despite its considerable growth, the India PGRs market faces multiple bottlenecks. A highly fragmented domestic agrochemical market, intensifying competition between unorganized & organized PGR players, and overdependence on standard (generic) agrochemicals continue to add to the challenge. Tata Chemicals Ltd., Dharmaj Crop Guard Limited, Peptech Biosciences Ltd., Varsha Bioscience and Technology India Pvt Ltd., Star Bio Science, and Volkschem Crop Science Pvt. Ltd. are the major prominent domestic PGR manufacturers.


KEY INDUSTRY PLAYERS


Syngenta AG, Bayer AG, and Corteva, Inc. to Hold Prominent Positions in Global Market


In terms of the competitive landscape, Syngenta AG, Bayer AG and Corteva, Inc. hold a major share in the total global market. The consolidation has led only four or five companies to hold the major amount of global market share. The growing awareness regarding the benefits of the application of plant growth regulators for quality yield will increase their adoption in the future. The major players are expected to focus on new product launches to stay competitive in the forthcoming years.


In recent years, mergers between major crop protection companies indicate the increasing consolidation in the global industry. The mega-mergers between Dow and DuPont to form Corteva, Monsanto and Bayer AG, Syngenta and ChemChina, & FMC corporation is expected to bring high consolidation in the market in forthcoming years. Recent years have witnessed various developments. For instance, In March 2021, Bayer AG announced that its annual investment of 2 billion euros in crop science R&D is nearly double the spending of the company’s next closest competitors.


LIST OF KEY COMPANIES PROFILED:



  • BASF SE (Mannheim, Germany)

  • Bayer AG (Leverkusen, Germany)

  • Corteva, Inc. (Delaware, U.S.)

  • Syngenta AG (Basel, Switzerland)

  • Nufarm Ltd. (Melbourne, Australia)

  • Sumitomo Chemical Co. Ltd. (Ehime, Japan)

  • UPL Limited (Mumbai, India)

  • FMC Corporation (Pennsylvania, U.S.)

  • Tata Chemicals Ltd. (Mumbai, India)

  • Sichuan Guoguang Agrochemical Co., Ltd (Sichuan, China)


KEY INDUSTRY DEVELOPMENTS:



  • April 2020: Sumitomo Chemical Co., Ltd. acquired South African subsidiaries of Nufarm Limited that are present in Brazil, Argentina, Chile, and Columbia. As South America is one of the fastest-growing crop protection markets, the company plans to develop its own sales and development network in the region to distribute plant growth regulator products in the region.

  • April 2021: Corteva, Inc. and Symborg, an expert in microbiological technologies, announced an agreement around a microbe-based nitrogen fixation product in the U.S., Canada, Brazil and Argentina. The Corteva product, to be branded as Utrisha N nutrient efficiency optimizer, works in natural field conditions, adapting to the plants’ growth needs and helping to maximize crop yield potential sustainably.


REPORT COVERAGE


An Infographic Representation of Plant Growth Regulators Market

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The market research report includes qualitative and quantitative insights into the industry. It also offers a detailed of the market size and growth rate for all possible segments. Various key insights and market intelligence presented in the report are an overview of related markets, competitive landscape, recent industry developments such as mergers & acquisitions, SWOT analysis, the regulatory scenario in critical countries, and key plant growth regulator industry trends.


Report Scope & Segmentation














































  ATTRIBUTE


  DETAILS

Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



By Type




  • Cytokinins

  • Auxins

  • Gibberellins

  • Ethylene

  • Others



By Crop Type




  • Cereals

  • Oilseeds & Pulses

  • Fruits & Vegetables

  • Turf & Ornamentals

  • Others



By Geography




  • North America (By Type, Crop Type, and Country)

    • U.S.

    • Canada

    • Mexico



  • Europe (By Type, Crop Type, and Country)

    • France

    • Germany

    • U.K.

    • Spain

    • Italy

    • Rest of Europe



  • Asia Pacific (By Type, Crop Type, and Country)

    • China

    • India

    • Japan

    • Australia

    • Rest of Asia Pacific



  • South America (By Type, Crop Type, and Country)

    • Brazil

    • Argentina

    • Rest of South America



  • Middle East and Africa (By Type, Crop Type, and Country)

    • UAE

    • South Africa

    • Rest of Middle East & Africa





Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 3.23 billion in 2020 and is projected to reach USD 7.16 billion by 2028.

Registering a CAGR of 9.94%, the market will exhibit promising growth over the forecast period (2021-2028).

Based on type, the cytokinins segment is expected to lead during the forecast period.

The rising need for enhanced crop productivity worldwide is the key factor driving the market growth.

BASF SE, Bayer AG, Corteva, Inc., Syngenta AG, Nufarm Ltd., and Sumitomo Chemical Co., Ltd. are a few of the leading key players in the market.

Europe dominated the market in terms of share in 2020.

Based on crop type, the cereals segment holds a major share in the global market.

Digitalizing the supply and value chain is the key market trend.

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Plant Growth Regulators Market Size, Share and Global Industry Trend Forecast till 2026
  • Mar, 2022
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