December 3, 2021 11:00 ET | Source: BlueWeave Consulting and Research Pvt Ltd BlueWeave Consulting and Research Pvt Ltd
Delhi NCR, December 3, 2021 (Global News Agency)-One of the main factors contributing to the growth of the plant growth regulator market is the growing global demand for organic food, which has led to the growth of the organic food business. During the forecast period, the increase in textile production and the practice of organic agriculture are also expected to promote the development of the global plant growth regulator market...
A recent study conducted by BlueWeave Consulting, a strategic consulting and market research company, shows that the global plant growth regulator market is valued at US$6.4 billion in 2020 and is expected to reach US$11.2 billion by 2027, with a compound annual growth rate of 8.4% during the period. Forecast period (2021-2027). The growth of the global plant growth regulator market is attributed to the growing global demand for organic food, which has led to the growth of the organic food business. The increase in the number of food and beverage projects worldwide has also driven the demand for more output, which can be met by the use of plant growth regulators. In addition, with the increase in cotton production and the surge in organic agriculture, the growth of the textile industry is expected to drive the growth of the global plant growth regulator market during the forecast period.
Increasing agricultural investment in developing countries is driving the growth of the global plant growth regulator market
Agricultural production uses high initial investment to maximize the yield of a single harvest. These costs also include seeds, agrochemicals, machinery and other products. Increasing inputs to increase productivity is not economically feasible for small farms because it involves costs that most farmers cannot afford. For example, sub-Saharan Africa and South Asia have underinvested in agriculture, leading to poor productivity. This phenomenon has an impact on overall food security and the living standards of workers in the primary sector. On the other hand, emerging markets such as Brazil and India produce large amounts of cotton, fruits and vegetables. The growing demand for plant growth regulator products for the production of high-value crops (such as grains and oilseeds) in these markets is expected to promote the growth of the global plant growth regulator market during the forecast period.
Many Middle Eastern countries, plus China, have used undeveloped arable land in sub-Saharan Africa for agricultural purposes, giving priority to domestic food security. In recent years, some Arab and Asian countries have announced plans to acquire farms abroad to promote agricultural development and ensure food production. The growth of the plant growth regulator market has resulted in increased agricultural investment and improved financial resources. As a result, more farmers can obtain these products, and their demand has increased.
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Emerging initiatives for sustainable agriculture are driving the global plant growth regulator market
Growing initiatives aimed at making agriculture more sustainable are driving global demand for plant growth regulators. According to an estimate by the United States Department of Agriculture (USDA), the government invested more than US$146 million in sustainable agriculture research projects in October 2021. These projects are expected to enhance crop resilience and contribute to the production of climate-smart food . Facts have proved that plant growth regulators are an important part of the promotion of sustainable agriculture programs. Therefore, increasing attention to such initiatives is expected to drive demand for plant growth regulators, thereby driving the growth of the global plant growth regulator market.
Global Plant Growth Regulator Market: By Product Type
The global plant growth regulator market is divided into cytokinins, auxins, gibberellins, ethylene, abscisic acid, vitamins, etc. Among them, the cytokinin segment accounted for the largest market share in 2020 and is likely to dominate this segment during the forecast period. Cytokinins are plant hormones that play a role in plant development and growth, including bud and root growth, cell division and differentiation, delayed senescence, and fruit and seed production. Consumers are aware of its beneficial effects on branching, nutrient remobilization, delayed senescence, and flower and seed growth, which promotes the growth of this market segment. In addition to slowing down natural aging, it can also be used to repair damage to plants.
According to an estimate from the National Investment Promotion and Facilitation Agency, India’s demand for its cereal products has grown substantially. From April-June 2020 to April-June 2021, the country’s grain exports grew astonishing, reaching 415.36%, indicating that the country’s demand for grain production is strong. Among other factors, cytokinins may help India become one of the world's largest agricultural producers by improving its production efficiency, thereby creating a huge market prospect for plant growth regulators.
The impact of COVID-19 on the global plant growth regulator market
The COVID-19 pandemic has had a negative impact on the global plant regulator market. Due to the disruption of the global supply chain and the shift in the order of manufacturer/producer competition, the demand for gibberellins and other plant growth regulators has been severely impacted in various end-use applications. During the COVID-19 outbreak, the lack of free flow of labor required for the application of gibberellin in the agricultural sector hindered the expansion of the global plant growth regulator market. However, during the forecast period, as manufacturers launch new products and the economy returns to normal, market demand is expected to return to normal.
Food security has brought about quite a few anomalies, causing India to fall further below some poor countries in the world in the 2020 hunger index, which indicates that food production has fallen sharply during the pandemic. Not only that, the interrupted supply chain and abnormal weather patterns have led to severe food insecurity in various developing countries, which has exacerbated their performance in this year's hunger index. The blockade measures have reduced demand, which has led to a reduction in food production, thereby reducing the demand for the use of plant growth regulators, which has a negative impact on the growth of the global plant growth regulator market.
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North America leads the global plant growth regulator market
Geographically, the global plant growth regulator market is divided into four regions-North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America will occupy the largest share of the global plant growth regulator market in 2020 and may dominate this segment during the forecast period. According to a report by the Organic Trade Association, the sales of organic food in the United States in 2020 will exceed 56.4 billion U.S. dollars. It is expected that during the forecast period, the growing demand for organic food will drive demand in the regional market.
In addition, recent initiatives such as "rebuild better" show that the US government is paying more and more attention to the country's food industry. The Biden government announced that they will allocate 4 billion U.S. dollars to strengthen the country's food system and supply chain under the "Rebuild Better" initiative. The initiative is expected to strengthen investment in the entire food system and create higher value for food crop producers, growers and workers, which is expected to increase opportunities in the agricultural product market. As plant growth regulators may help transform to provide a more affordable and healthy food chain, the plan is expected to drive the growth of the global plant growth regulator market.
Global Plant Growth Regulator Market-Competitive Landscape
Due to the participation of many global players in the market, the global plant growth regulator market is highly fragmented. The fragmentation of the global plant growth regulator market indicates that major players may invest huge sums of money in research and development to produce higher quality plant growth regulators, which may reduce the share of new entrants. Companies that actively participate in new product development, expansion, and acquisitions can maintain market competitiveness. Some of the major players in the global plant growth regulator market include BASF SE, The Dow Chemical Company, Syngenta, FMC, Nufarm, Adama, Bayer CropScience, Japan Soda, Tata Chemicals, Valent Biosciences, Xinyi Industrial, Arysta Lifescience and other outstanding players.
In July 2021, Sumitomo Chemical's AccedeTM plant growth regulator was approved for registration in the United States, which can save labor and improve fruit quality in peaches and apples. Accede is a fruit thinner*1, which belongs to the PGR developed by Sumitomo Chemical, and is one of the biologics*2 in its A2020 product line.
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The report’s in-depth analysis provides information on the growth potential, upcoming trends and statistics of the global plant growth regulator market. It also highlights the factors driving the forecast of the total market size. The report promises to provide the latest technological trends in the global plant growth regulator market, as well as industry insights to help decision makers make reasonable strategic decisions. In addition, the report analyzes the market's growth momentum, challenges and competition dynamics.
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