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The European plant growth regulators market is expected to grow at a high CAGR during the forecast period. Countries like France, UK and Germany have the highest export value, followed by Spain, UK and France. North America is the second largest market and is expected to grow, with the increase in the supply of quality products from major players.
Global Plant Growth Regulators Market Analysis:
The global plant growth regulators market size was worth USD 2,585.79 Million in 2020 and is projected to reach USD 4,587.79 Million by 2029, at a CAGR of 7.64% during the forecast period 2022 -2029.
Plant Growth Regulators (PGR) are natural formulations or synthetic chemicals that are used to modify the growth and development of plants. The modification includes both promotion and inhibition of growth and ranges from reproductive growth, branching, flowering and fruit growth.
These chemicals are usually active in low concentrations and are used to shorten the internodes, thereby growing a denser little plant. Plants produce certain types of natural (endogenous) regulators called plant hormones, while synthetic formulations are called growth regulators.
Plant growth regulators are widely used in agricultural practices due to their potential impact on plant growth, health and overall crop productivity. PGRs help reduce crop nutrient and water requirements and decrease labor, providing cost benefits.
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Plant growth regulators have gained importance as an integral part of organic farming practice. Plant growth regulators, especially extracted from algae, have been strongly supported for their natural origin.
The organic food industry has been gaining popularity over the past decade for the high premium value achieved by agricultural products. Organic farming is one of the fastest growing industries in the world.
Agricultural production requires an expenditure of inputs, in order to optimize the yield from a particular crop cycle. These expenses relate to the cost of purchasing seeds, agrochemicals, machinery and other miscellaneous expenses.
The approval process for plant growth regulators is very long, due to field testing at multiple locations and residual effects. Due to the rigorous regulatory approval process, the average time it takes to bring a new crop protection product to market can exceed 10 years and cost over $100 million.
Patent protection and exclusivity are key to helping companies recoup research and development costs, incentivizing them to make future investments that will lead to continued industry-wide growth.
Increased costs due to product development and a longer regulatory period resulted in higher retail prices, which again reduced the net benefit value for producers.
Growing initiatives to make agriculture more sustainable are a lucrative opportunity for plant growth regulators around the world.
Plant growth regulators are proving to be an important part of advancing sustainable agriculture initiatives. Thus, the growing attention on such initiatives is expected to drive the demand for plant growth regulators, thereby driving the growth of the global plant growth regulators market.
Impact of COVID-19 on the industry:
Globally, agriculture, agrochemicals and their associated industries have remained mostly resilient to the COVID-19 pandemic. North America, Asia and Europe saw a negative impact in early 2020, during which most economies were locked down. The impact varies greatly from one geographical area to another, depending on the spread of the virus and the restrictions applied.
The pandemic has had minimal influence on plant growth regulators as a category of agrochemicals or agricultural inputs. The manufacture, distribution and sales of agrochemicals are exempt from the definition of vital industries.
Market segmentation :
According to the research study, the global market is segmented into type and end user. Based on type in building aggregates, cement, concrete bricks, metals and others. And per end user in residential, commercial, industrial and infrastructure.
- North America
- Latin America
- Middle East and Africa
- Asia Pacific
- Rest of the world
North America Plant Growth Regulators Market
North America is the second largest market and is expected to grow, with the increase in the supply of quality products from major players. The major driver behind the increased demand for growth regulators is the organic food industry, which is experiencing healthy growth rates, thanks to sustainable farming practices that contribute to profitability.
Europe Plant Growth Regulators Market
The European plant growth regulators market is expected to grow at a high CAGR during the forecast period. Countries like France, UK and Germany have the highest export value, followed by Spain, UK and France. According to the International Trade Center, in 2018 Germany exported plant growth regulators worth US$4,339,509,000, compared to US$3,981,287,000 in 2016.
Asia Pacific Plant Growth Regulators Market
The growth regulator market in Asia-Pacific is growing at a high rate. An increase in demand for quality agricultural and organic products and the growing need for high productivity and yield is expected to increase the consumption of plant growth regulators in Asia-Pacific, especially in China, India and the United States. Japan.
These Asian countries have a high consumption rate for the products, given their competitive and growing agricultural sector.
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Competitive landscape analysis:
Several key companies have adopted merger and acquisition policies, expansion of their product portfolio and collaborations to help them establish themselves as strong competitors in the market and increase their production in the global market for plant growth regulators. Plant growth regulators are chemical compounds that modify physiological processes in plants in addition to nutrients. Crop-specific product development has been the major strategy employed by the plant growth regulator industry to increase global market penetration.
Prominent Players Profiled in the Global Market:
Some of the Major Players in the Global Plant Growth Regulators Market BASF SE, Corteva, Inc., Syngenta AG, Dhanuka Agritech Ltd., Bayer AG, FMC Corporation, Valent BioSciences Corporation, Nufarm, and Tata Chemicals
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