Chemical compounds that affect plant physiological processes and nutrients are plant growth regulators. The plant growth regulator industry's principal technique of increasing global market penetration has been crop-specific product development.
The area under cultivation is diminishing, putting pressure on limited cultivable land to meet rising food demand. As a result, revenues of plant growth regulators, which aid in the management of plant development, are predicted to surge to meet the rising demand for agricultural products. Additionally, growing agricultural investment, mostly in developing countries, would most likely provide profitable opportunities for market participants in the forecast period.
The plant growth regulators market has been segmented based on origin, form, mode of application, function, crop type, product type, and region. By mode of application, the market is categorized as foliar and fertigation. The market is segregated into powder, granules, and liquids based on the form. The market is segregated based on crop type as pulses oilseeds, turf ornaments, fruits vegetables, and grains cereals. The plant growth regulators market has been classified as synthetic and natural by origin. Based on function, the global plant growth regulators market is segmented into plant growth inhibitors and plant growth promoters. The global plant growth regulators market has been classified as gibberellins, auxins, cytokinins, abscisic acid, and ethylene by product type.
Detailed Regional Analysis
Due to various market participants in the region and rising agricultural exports, Asia-Pacific is predicted to develop at the fastest CAGR during the forecast period. Europe is predicted to have the greatest revenue share in the global market for plant growth regulators. The rise in consumer preference for natural and organic food products can be ascribed to the region's dominance. Furthermore, an increase in crop production and increased government initiatives in Europe's agriculture business boost market expansion in the region.
The new growth endeavors are expected to boost the company's future goal attainment trend and are thus regarded as critical to its expansion. Businesses in the market are expected to incorporate social impact aims shortly, ushering in a new planning phase in the industry. In the coming years, digital aspects of business operations are expected to become more prominent. In the next year, the increase in business interests is expected to put market competitors in a better position during the forecast period. Because of the government's involvement in re-energizing the international market, the different regional markets will continue to grow steadily. During the projection timeframe, the market is expected to gain a lot from market signals while also examining its customer base to suit their wants better. The market's players are anticipated to seek supply chain revisions to encourage the market's expansion into new sectors and demographics. The global market's reaction to increased efficiency levels is projected to unleash fresh and dramatic transformations in the approaching future.
Platform Specialty Products Corporation (U.S.), Bayer AG (Germany), NIPPON SODA CO., LTD. (Japan), FMC Corporation (U.S.), DowDuPont (U.S.), Nufarm Limited (Australia), Sumitomo Chemical Co., Ltd. (Japan), China National Chemical Agrochemical Corporation (China), BASF SE (Germany), Xiny (H.K.) Industrial Co., Ltd. (China), and Tata Chemicals Ltd. (India), are some of the important key plant growth regulators market players.
Apr 2022 Dharmaj Crop Guard Limited, an agrochemicals company that manufactures, distributes, and markets a wide range of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers, and antibiotics to B2C and B2B customers, received the Securities and Exchange Board of India's (Sebi) approval to raise Rs 300 crore through an initial public offering on Monday (IPO). In January 2022, the company filed a draft prospectus.
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