Plant Growth Regulators Market To Reach USD 3.7 Billion By 2027

Global Plant Growth Regulators Market: Key Highlights

According to the new market research report “Plant Growth Regulators Market by Type (Plant Growth Promoters, Plant Growth Inhibitors), by Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Turf & Ornamentals, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global plant growth regulators market is estimated to reach USD 3.7 Billion by 2027 at a CAGR of around 5.7% during the review period.

Plant growth regulators are also known as plant hormones, phytohormones, or plant growth substances. They are the chemical substance which regulates the factors responsible for development and growth within plants
Plant growth regulators are derived from the different chemical components such as terpenes, gases, or carotenoid derivate
The growth regulators influence the growth and differentiation of plant tissues, cells, and organs and function as a chemical messenger for intercellular communication

Global Plant Growth Regulators Market: Key Market Dynamics

Growing consumer shift towards organic food has expected to drive the growth of the plant growth regulators market during the forecasted period
Evolution of farming practices and technologies has propelled the demand for plant growth regulators
The longer approval period for a new product has expected to hinder the growth of the plant growth regulator during the forecasted period

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Global Plant Growth Regulators Market: Regional Overview

North America

North America is expected to dominate the plant growth regulator market during the forecast period. Increasing demand for bio-based products, well-established healthcare sector, increasing agriculture expenditure, and favoraing funding & reimbursement policies are some of the factors boosting the market growth in the region. According to the United States Department of Agriculture (USDA), the 2018 Farm Act, creates permanent funding status and provided nearly USD 400 million for USDA's extramural grant program, the Organic Agriculture Research and Extension Initiative (OREI).

Europe

Europe is anticipated to be the fastest-growing region in the plant growth regulators market during the forecasted period due to the growing inclination towards organic farming. According to Eurostats, the total land under organic farming in the EU continues to increase, and in 2018 covered 13.4 million hectares of organic land. Additionally, Austria, Estonia, and Sweden are countries holding the largest organic farming share. Moreover, consumer awareness about organic food and the government’s favorable agriculture policies for agriculture practitioners and farmers are some other factors propelling the demand for the product in the region.

Global Plant Growth Regulators Market: Key Players Overview

BASF SE:

BASF SE is a German-based one of the leading chemical producers across the globe. The company operates in six business segments including, chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agriculture solution. BASF SE generated sales of around USD 69.8 billion in 2019. In April 2020, the company launched Attraxor, a new plant growth regulator with the powerful active Prohexadione calcium features. This product launch will help BASF SE to expand its product portfolio in the amenity market.

Nufarm Ltd:

Nufarm Ltd is an Australia-based, one of the leading manufacturers and developers of seeds and crop protection solutions. The company predominantly operates through the following business lines, seed technologies, and crop protection. Nufarm Ltd has a strong manufacturing and distribution network in more than 30 countries across the globe. In November 2019, the company launched a bacteriostatic growth regulator in Brazil, this product launch will help to increase the productivity of crops in the country.

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