Market Leaders: Strong Research Funding for Product Development by Key Manufacturers are Strategies to Strengthen their Market Position in Plant Growth Regulators Market
The global plant growth regulators market was valued at USD 2.9 billion in 2022. It is projected to reach USD 4.5 billion by 2028, recording a CAGR of 7.4% during the forecast period. With the rising adoption of innovative technology, limited resources, and high cost of production, the need for plant growth regulators in agriculture has become imperative. Farmers are focused on investing in plant growth regulators for crop protection products to improve crop germination rates and resistance to pests and diseases in the early growth stages. The growing population to feed, the demand for high-quality food, and the high costs involved in inputs are impacting buyers in the plant growth regulators market.
As per the Florida Department of Agriculture and Consumer Services (FDACS), a plant growth regulator can be defined as “any substance or mixture of substances intended, through physiological action, for accelerating or retarding the rate of growth or maturation or for otherwise altering the behavior of ornamental or crop plants or the produce thereof, but not including substances intended as plant nutrients, trace elements, nutritional chemicals, plant inoculants, or soil amendments.” In agriculture, plant growth regulators are usually associated with achieving the desired characteristics in crops. For instance, in the floriculture industry, plant growth regulators are used to increase the number of flowers per plant.
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The cytokinin segment is dominated the type segment market in 2022, Cytokinins play a role in apical dominance, branching, and bud initiation. They are commercially used as fruit thinners, such as Maxcel. It can also increase fruit size and yield in some crops. However, they can also cause problems, such as excessive vegetative growth, reduced flower production, and seedling death if used in excess amounts. Manipulation of the cytokine dehydrogenase (CKX) enzyme, which degrades cytokinin, may impact yield, root growth, and key nutrients. Several studies have shown that an increase in the content of Zn, S, Fe, and Mn in cereal seeds is a reflection of increased CKX enzyme activity. This results in the enhancement of the root system, which not only aids in water absorption in a drought-prone area but is also beneficial for scavenging nutrients to the deeper ends of the soil. ADAMA offers a range of cytokinins under its product portfolio, such as Klean Pik 500SC, Red Pik 1.5EC, Escalate, and Escalate UltraMax
The global market for plant growth regulators is dominated by Europe and Asia Pacific, owing to superior product technology and high plant growth regulators usage per hectare of cultivated area in these regions. Wheat, rice, and cotton are the major crops cultivated in this region. The major farms in this region are fragmented and not suitable for mechanized agricultural practices; the awareness of the significance of nutrients in agriculture is slowly increasing but has not reached local farmers in developing economies.
Plant growth promoters estimated to dominate the function segment in plant growth regulators market. The high cost of developing new chemical pesticides, the increase in insect & weed resistance to chemical treatments, and high regulatory pressure to limit chemical usage with respect to ecosystem damage have contributed to an increase in the need for these plant growth promoter products.
Key players in the market are focusing on new deals and product launches. For example, Syngenta launched Moddus a plant growth regulator in 2020, which helps mitigate lodging risk in cereals and improves harvestability. This expanded its plant growth regulators portfolio. In 2021, ADAMA completed the acquisition of a 51% stake in Jiangsu Huifeng Bio Agriculture Co., Ltd, China, which is a producer of key active ingredients, such as Prochloraz and Trinexapac that can be used in the formulation of plant growth regulators. This acquisition is expected to strengthen ADAMA’s commercial reach in China and globally under crop protection segments, including PGR. These initiatives are projected to drive the growth of this segment during the forecast period.
Related Reports:
Plant Growth Regulators Market by Type (Auxins, Cytokinins, Gibberellins, Ethylene), Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Turf & Ornamentals), Formulation, Function and Region - Global Forecast to 2028
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