Market Overview
Global Plant Growth Regulators Market was worth USD 3.09 billion in 2023 and is expected to register a stupendous growth during the forecast period at a CAGR 7.68% to 2029.
Continued innovation of agricultural technologies, including the creation of novel formulations and application strategies, helps to promote greater use of plant growth regulators. With increasing concerns for environmental sustainability, there is greater emphasis on ecologically based and resource conserving farm practices. Environmentally safe and resource-conserving plant growth regulators are being sought after. Plant growth regulators are applied to increase crop production by altering a wide range of physiological processes like seed germination, flowering, and fruit growth.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 (Enter Corporate Email ID’ for a Free Sample Report): https://www.marketinsightsresearch.com/request/download/29/55677/plant-growth-regulators-market
Key Market Drivers
Adoption of Precision Agriculture
Precision Agriculture enables farmers to control the use of inputs like water, fertilizers, and PGRs with precision. By applying PGRs carefully and in targeted areas where they are most required, farmers can maximize the use of these regulators and minimize wastage. Precision Agriculture facilitates site-specific application of PGRs based on real-time data and analytics. This precision application guarantees that PGRs are used where they will be most effective, targeting particular growth issues in the field. Precision Agriculture technologies such as GPS-guided machinery and sensors assist in guaranteeing even application of PGRs throughout the whole field. This results in more even crop growth and development, enhancing overall crop quality. Precision Agriculture is based on information from a number of sources, including soil sensors, satellite imagery, and weather forecasting. Such an information-based approach enables farmers to make well-informed decisions regarding the use of PGRs, taking into account the needs of particular crops and environmental conditions.
Market Challenges
Resistance Management
Excessive dependence on a particular type or class of PGRs and their repeated application without rotation or alternation may result in the onset of resistance. Recurrent use results in selective pressure, with favoring of persons with inherent resistance. If a high proportion of found at PGRs has a common mode of action, the danger of resistance development will be greater. Having low diversity in modes of action facilitates adaptation and resistance development by plants. Sporadic rotation or alternation of various PGRs of different modes of action can lead to resistance. Rotation addresses resistance by avoiding repeated exposure of plants to the same PGR. Inappropriate application practices, including inadequate dosing, irregular application, or inappropriate timing, can lead to sublethal dosages that encourage resistant individuals to be selected. Certain plant species can have inherent genetic characteristics that impart resistance to some PGRs. With time, the frequency of resistant genotypes can become elevated in plant populations. Inadequate surveillance and monitoring programs can neglect to detect development of resistance on time. Insufficient early detection can cause delays in responses, and the situation can get aggravated.
Key Market Players
- BASF SE
- Corteva, Inc
- Syngenta AG
- FMC Corporation
- Nufarm Limited
- Bayer AG
- UPL Limited
- Sumitomo Chemical Co., Ltd.
- Tata Chemicals Ltd.
| By Type | By Crop Type | By Function | By Mode of Application | By Region |
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Market Fragmentation
The PGR market has numerous companies manufacturing a variety of products. This can cause a fragmented market structure with diverse players competing in the market space. The market may have a broad range of PGR products with different formulations, modes of action, and uses. Such diversity provides challenges to the buyers in choosing the most appropriate products for their purposes. Market fragmentation makes it possible for firms to have comparably modest market shares. This may make it difficult for single firms to determine prices, create brand leadership, or spend heavily on research and development. Severe competition between many players can result in price wars as firms try to establish a competitive advantage. This can be advantageous to buyers in the short run but can affect the profitability and viability of companies in the long run. Since there are many players in the market, it can be difficult to create efficient distribution networks. Firms could find it difficult to make their products available at the right time and on a large scale. Small organizations with small market share can have limitations in the availability of funds and research and development investment. This can hamper the introduction of innovative and sophisticated PGR products.
Segmental Insights
Type Insights
In 2023, Global Plant Growth Regulators Market was dominated by Gibberellins segment and is expected to grow further in the next few years
Mode of Application Insights
Function Insights
In 2023, the Global Plant Growth Regulators Market was dominated by
Regional Insights
The North America region leads the Global Plant Growth Regulators Market in 2023. North America, and especially the United States and Canada, boasts a large and technologically developed agricultural industry. The large-scale cultivation of different crops and the use of advanced farming methods are responsible for the high demand for plant growth regulators. The North American agricultural sector is renowned for its early embracement of new technologies and agricultural innovations. The incorporation of new technologies and practices frequently involves the application of plant growth regulators to maximize crop yields. The region spends heavily on research and development in agriculture, including the creation of new and better plant growth regulators. Research centers, universities, and agricultural bodies play a role in innovation and development of PGR technologies. North America grows an array of crops that range from grains and oilseeds to fruits and vegetables. Diverse agriculture generates a demand for various kinds of plant growth regulators to suit specific crops.
Recent Developments
In March 2023, Sumitomo Chemical India Ltd. has launched its long-awaited Biorational product, Promalin, at Shimla, Himachal Pradesh. This new product is the outcome of extensive R&D carried out by Valent Biosciences, an Illinois-based USA company, and a Sumitomo Chemical Company Japan subsidiary. Known for its advanced Biorational technology, Promalin makes its Indian entry through Sumitomo Chemical India Ltd. The product has been tested and recommended by world-renowned institutions like Y.S. Parmar University of Horticulture and Forestry, Nauni, Solan; Sher-e-Kashmir University of Agricultural Sciences and Technology of Jammu; VCSG Uttarakhand University of Horticulture and Forestry, Bharsar; and ICAR- IARI Regional Research Station, Shimla.
In January 2020, BASF has launched Attraxor, a new plant growth regulator (PGR), at the BTME event in Harrogate. Its UK market debut, this product features the powerful active ingredient Prohexadione calcium. Attraxor is formulated to reduce the longitudinal growth of the shoot of grass, resulting in fewer mows and the creation of clippings. The product targets the problems created by Poa annua, or annual meadow grass or bluegrass, which can negatively affect turf quality and density of swards. Especially in sports environments such as golf greens for putting, Poa annua will influence the roll of the ball. Attraxor works through reducing seed head formation and Poa annua’s regenerating ability. It does this in a way that displaces Poa annua, improves turf density, improves sward thickness, and protects against fungal disease like Anthracnose.
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