New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plant Growth Regulators Global Market Report 2023" - https://www.reportlinker.com/p06466652/?utm_source=GNW
Ltd, FMC Corporation, The Dow Chemical Company, ADAMA India Private Limited, Nippon Soda Co. Ltd., Arysta LifeScience Corporation, Tata Chemicals Limited, Sichuan Guoguang Agrochemical Co. Ltd, UPL Limited, Redox Industries Ltd, Xinyi (H.K.) Industrial Co. Ltd, and WinField Solutions LLC.
The global plant growth regulators market is expected to grow from $2.69 billion in 2022 to $2.96 billion in 2023 at a compound annual growth rate (CAGR) of 10.21%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The market is expected to reach $4.23 billion in 2027 at a CAGR of 9.30%.
The plant growth regulators consist of sales of paclobutrazol, gibberellic acid, salicylic acid, brassinosteroids, strigolactones, and polyamine.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Plant growth regulators refer to chemical substances that completely regulate all aspects of a plant’s growth and development, such as increasing branching, reducing shoot growth, increasing return bloom, getting rid of extra fruit, or changing the maturity of the fruit.
Europe was the largest region in the plant growth regulators market in 2022. The regions covered in the plant growth regulators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of plant growth regulators are cytokinins, auxins, gibberelins, ethylene and other types.Cytokinins refer to plant-specific chemical messengers (hormones) that are crucial for regulating the plant cell cycle and a number of developmental procedures.
The various formulations included water-dispersible and water-soluble granules, wettable powders and solutions. These are used for several applications such as fruits and vegetables, cereals and grains, oil seeds and pulses and turf and ornaments.
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 February 2022, according to the reports shared by Eurostat, a Luxembourg-based government agency, around 14.7 million hectares of agricultural land in Europe was used for organic farming in 2020, making up 9.1 percent of all agricultural land. In 2020, France had 2.5 million hectares of land used for organic farming, and Spain had 2.0 million hectares of land used for organic farming. Therefore, increasing demand for organic farming is driving the growth of plant growth regulators.
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 January 2020, BASF SE, a Germany-based multinational company, launched Attraxor®, a new plant growth regulator (PGR).Attraxor slows the growth of the grass’ longitudinal shoots, reducing the need for mowing and the number of clippings produced.
Attraxor has several distinctive qualities, including starting to work four hours after application, enhancing playability, increasing sward density, and producing excellent lawn quality and look., improves labor productivity, increases regulation of development against fine turf grass species, and enhances root formation, which results in better grass.
In December 2022, Adama Agricultural Solutions., an Israel-based crop protection company, acquired Agrinova New Zealand Limited., for an undisclosed amount. Through this acquisition, Adama Agricultural Solutions expects to improve its position in New Zealand and open the door for its expansion into the biological market. Agrinova New Zealand Limited is a New Zealand-based crop protection company that manufactures crop protection products and plant growth regulators primarily for the horticulture segment.
The countries covered in the plant growth regulators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The plant growth regulators market research report is one of a series of new reports that provides plant growth regulators market statistics, including plant growth regulators industry global market size, regional shares, competitors with a plant growth regulators market share, detailed plant growth regulators market segments, market trends and opportunities, and any further data you may need to thrive in the plant growth regulators industry. This plant growth regulators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466652/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
