The Global Plant Growth Regulators Market is projected to reach a value of over USD 3.7 billion by 2027 at a CAGR of around 5.7%.
Plant Growth Regulators are chemical substances that are used to modify plant growth such as suppressing shoot growth, increasing branching, removing excess fruits, increasing return bloom, and altering fruit maturity. They help to save time as well as money by decreasing the frequency of mowing, reducing the need to prune shrubs and trees, and minimizing the effect of certain diseases and pest infections. Various factors affect the plant growth regulator performance that includes how chemicals are absorbed by plants, tree vigor and age, dose, timing, cultivar, and weather conditions before, during, and after application.
Market Driver:
Organic food is experiencing notable growth owing to its unique advantages such as chemical & pesticides free, eco-friendly, and very healthier as compared to inorganic food. According to Research Institute of Organic Agriculture (FiBL), as of February 2020, over 71.5 million hectares of farmlands are organic Thus, rising awareness regarding of organic food coupled with an increase in income levels, growth in environmental concerns, and increase in health hazards diseases due to inorganic foods are some of the factors attributing to the consumer shift towards organic food. Thus, consumer shift towards organic foods owing to its health benefits has expected to propel the demand for plant growth regulators during the forecasted period.
Market Restraint:
Plant growth regulators process for approval of a new product is lengthy as it involves multi-location field trails and residual effect. Owing to the stringent regulatory approval process, the time taken to develop a new crop protection product can be prolonged making it expensive. Moreover, the patent protection of the product further adds the approval time. The regulatory bodies have inadequate resources and infrastructure to execute timely registration of the product. Sometimes, the rules are not clearly defined, creating interpretation challenges for the regulatory bodies, leading to confusion, thereby adding to the complexities for the crop protection chemical companies. Thus, a longer approval period for a new product has expected to hinder the growth of the plant growth regulators during the forecasted period.
The report on the plant growth regulators market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
Base Year for Market Calculation |
2019 |
Forecasted Period |
2020-2027 (2021 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million), Volume (Kiloton) |
Segments Included |
Type, Crop Type, and Region |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Plant Growth Regulators Market, by Type
Plant Growth Regulators Market, by Crop Type
Plant Growth Regulators Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE PLANT GROWTH REGULATORS MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY