NEW YORK, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The market intelligence platform IndexBox has just published a report on the global plant-growth regulator market. Here are some of the highlights.
Market Overview
The global plant-growth regulators market is expected to reach USD 2.1 billion by 2025, growing at a CAGR of 3.2% during the forecast period.
Plant-Growth Regulators (PGRs) are chemicals that alter the growth and development of plants. PGRs can be used to control the size, shape, and flowering of plants. They can be applied to the leaves, stems, or roots of plants. There are several types of plant-growth regulators, including auxins, gibberellins, cytokinins, abscisic acid, and ethylene. Auxins promote cell division and help with root development. Gibberellins stimulate cell elongation and seed germination. Cytokinins promote cell division and delay leaf senescence. Abscisic acid regulates stomatal opening and drought tolerance. Ethylene promotes fruit ripening and flower senescence.
The use of plant-growth regulators has increased in recent years due to the many benefits they offer farmers. PGRs can increase crop yields by 10-15%, improve product quality, and reduce labor costs by 10-20%. In addition, PGRs can help crops withstand stress from factors such as drought, heat, cold, pests, and diseases.
With the world population projected to reach 9 billion by 2050, there is a growing need for more food production. The use of plant-growth regulators will play a vital role in meeting this demand while also reducing the environmental impact of agriculture.
Market Drivers
There are numerous drivers for the growth of the plant-growth regulators market. The ever-growing demand for food, declining arable land area, and changing climatic conditions are key drivers for this market. The need for higher crop yields and better-quality crops is also propelling the market forward.
The wide range of applications of plant-growth regulators is another key driver for market growth. These chemicals can be used to regulate plant growth in a variety of ways, including regulating germination, dormancy, flowering, fruit set, and ripening. This versatility makes them essential tools for farmers and horticulturists alike.
The development of new and more effective plant-growth regulator products is also driving the market forward. As growers become more aware of the potential benefits of these products, they are increasingly likely to adopt them into their practices.
The Asia-Pacific region is projected to be the fastest-growing market for plant-growth regulators during the forecast period. The growth in this region is driven by the increasing population, rapid urbanization, and changing lifestyles of people in developing countries such as China and India. The Latin American region is also projected to grow at a significant rate during the forecast period due to the increasing demand for food crops in Brazil and Argentina.
Market Restraints
While PGRs offer many benefits to growers, there are also some market restraints that should be considered.
One of the main market restraints for PGRs is regulatory hurdles. In order to bring a new PGR to market, manufacturers must undergo a lengthy and expensive approval process with both state and federal regulators. There is currently no clear regulatory framework for these products in many jurisdictions. This makes it difficult for companies to commercialize new products and brings down investment in research and development. Regulatory clarity is needed to boost the growth of this market.
Another restraint on the PGR market is public perception. Many consumers are unaware of the role that PGRs play in plant cultivation and assume that all chemicals used in agriculture are harmful to the environment. As such, they may be reluctant to purchase products that contain PGRs. Education campaigns by manufacturers could help to address this issue.
The lack of awareness about plant-growth regulators is the third restraint for the market. These products are not widely known or used, which limits their potential market size. Furthermore, many growers are not familiar with plant-growth regulators and their benefits. This lack of awareness needs to be addressed through education and marketing initiatives.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
BASF SE (Germany), DowDuPont Inc. (US), Nufarm Limited (Australia), FMC Corporation (US), Sumitomo Chemical Co., Ltd. (Japan), AkzoNobel NV (Netherlands), Adama Agricultural Solutions Ltd. (Israel), Platform Specialty Products Corporation (US), UPL Limited (India), and AMVAC Chemical Corporation (US).
Sources
World - Plant-Growth Regulators - Market Analysis, Forecast, Size, Trends and Insights
EU - Plant-Growth Regulators - Market Analysis, Forecast, Size, Trends and Insights
Asia - Plant-Growth Regulators - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Plant-Growth Regulators - Market Analysis, Forecast, Size, Trends and Insights
