The Plant Growth Regulators Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Plant Growth Regulators Global Market Report 2024, The plant growth regulators market size has grown strongly in recent years. It will grow from $2.96 billion in 2023 to $3.26 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to increasing demand for food production, awareness and adoption among farmers, government initiatives and regulations, focus on crop quality and yield, expansion of agriculture industry.
The plant growth regulators market size is expected to see strong growth in the next few years. It will grow to $4.63 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to continued population growth, climate change challenges, focus on sustainable agriculture, market expansion in developing countries, collaborations and partnerships. Major trends in the forecast period include advancements in biotechnology, technological advancements in agriculture, technological advancements in pgr production, increasing demand for organic products, expanding application in various crops.
Increasing demand for organic farming is expected to propel the growth of the plant growth regulators market going forward. Organic farming refers to producing crops, animals, and other goods without using synthetic chemical pesticides, antibiotics, transgenic species, growth-stimulating hormones, or other chemicals. Plant growth regulators are primarily used in organic farming to improve crop quality and yield, boost root growth, and raise the size and productivity of specific crops, including grapes and strawberries. These factors boost the plant growth regulators market. For instance, in May 2023, according to GOV.UK, a UK-based government digital service provider, in 2022, 509 thousand hectares of land farmed organically which is an increase of 0.4% compared to 2021. Therefore, increasing demand for organic farming is driving the growth of plant growth regulators.
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The plant growth regulators market covered in this report is segmented –
1) By Type: Cytokinins, Auxins, Gibberelins, Ethylene, Other Types
2) By Formulation: Water-Dispersible And Water-Soluble Granules, Wettable Powders, Solutions
3) By Application Type: Fruits And Vegetables, Cereals And Grains, Oil Seeds And Pulses, Turf And Ornaments
Product innovation is a key trend gaining popularity in the plant growth regulator market. Major companies operating in the plant growth regulators market are focusing on developing innovative products to sustain their position in the market. For instance, in May 2021, Rightline Equipment Inc. a US-based manufacturer of lift truck attachments and accessories launched Prohex 27.5 WDG. Prohex 27.5 WDG is a plant growth regulator that is intended to enhance turf quality and encourage healthy growth. The product is a granule that dissolves in water and contains the gibberellin inhibitor prohexadione calcium. The Prohex 27.5 WDG is intended to enhance the look and playability of polluted or mutant greens. It is a safe and efficient tool for cool and warm season turf. It is well recognized that the product may effectively control Poa annua, cut down on clippings, and enhance the density, quality, and look of the grass. Turf experts may find an affordable and effective plant growth control solution with this 6-pound resealable bottle, which is also acknowledged for its value and convenience of use.
The plant growth regulators market report table of contents includes:
1. Executive Summary
2. Plant Growth Regulators Market Characteristics
3. Plant Growth Regulators Market Trends And Strategies
4.Plant Growth Regulators Market analysis
5. Plant Growth Regulators Market Size And Growth
6.Plant Growth Regulators Segmentation
7. Plant Growth Regulators Regional And Country Analysis
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27.Plant Growth Regulators Competitive Landscape And Company Profiles
28.Plant Growth Regulators Key Mergers And Acquisitions
29.Plant Growth Regulators Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- BASF SE
- Bayer Crop Science
- Corteva Agriscience
- Sumitomo Chemica Co. Ltd.
- Syngenta AG
- Valent BioSciences Corporation
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