Plant Growth Regulators Market is Dazzling Worldwide and Forecast to 2031

Global plant growth regulators market is anticipated to grow at a moderate CAGR of 13.1% during the forecast period (2024-2031). The market growth is attributed to the increasing superior product technology and high plant growth regulators usage per hectare of cultivated area globally driving the growth of the market. Plant growth regulators are growing increasingly in demand as sustainable farming methods, such as organic farming, gain greater popularity. These regulators support sustainability objectives by maximizing plant growth and reducing environmental impact. According to the Food and Agriculture Organization (FAO), in 2021, the global utilization of PGRs surged from 29,419.52 tons in 2003 to 745,667.62 tons in 2021.

Plant growth regulators (PGRs) are used to change a plant's development in a variety of ways, including promoting branching, decreasing shoot growth, increasing return bloom, removing extra fruit, or changing the maturity of the fruit. For instance, in July 2021, Sumitomo Chemical received US regulatory approval for the registration of its new plant growth regulator (PGR) AccedeTM (active ingredient 1-aminocyclopropane-1-carboxylic acid (ACC)), for the improvement of fruit quality for peaches and apples.  Once Accede is applied to the crop, the active ingredient ACC is converted to ethylene*3, a substance that accelerates fruit drop, within the crop and does not remain in the fruit at harvest.

To provide much-needed solutions for farmers to overcome local and crop system-specific pest pressures, climate challenges, changing regulatory requirements, and rising consumer expectations market players are investing to improve outcomes for crops.  For instance, in March 2023, BASF SE invested €7.5 billion ($8.1 billion) in its innovations to improve outcomes for major regional crops. BASF is advancing several weed management solutions, matching new plant growth regulators' modes of action active ingredients with innovative traits and precision farming technologies in major crops such as soybean.

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Market Coverage

• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031

Segment Covered- 

• By Function
• By Formulation
• By Hormones Type
• By Crop Type

Regions Covered-

• North America
• Europe
• Asia-Pacific
• Rest of the World

Competitive Landscape- BASF SE, Bayer AG, Nippon Soda Co., Ltd., Sumitomo Chemical Co., Ltd., Syngenta Corp. among others.

Plant Growth Regulators Market Report Segment

By Function

• Plant Growth Inhibitors
• Plant Growth Promoters

By Formulation

• Water-dispersible & Water-Soluble Granules
• Wettable Powder
• Solutions

By Hormones Type

• Cytokinins
• Auxins
• Gibberellins
• Ethylene
• Others (Abscisic Acid (ABA))

By Crop Type

• Cereals & Grains
• Oilseeds & Pulses
• Fruits & Vegetables
• Turf & Ornamentals

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Plant Growth Regulators Market Report Segment by Region

North America                                                                                                           

• United States
• Canada

Europe

• UK
• Germany
• Spain
• France
• Italy
• Rest of Europe

Asia-Pacific

• India
• China
• Japan
• South Korea
• Rest of APAC

Rest of the World

• Latin America
• Middle East and Africa 

Company Profiles

• Agriplex
• Corteva Agriscience™ 
• Crystal Crop Protection Ltd.
• DeSangosse
• DHANUKA AGRITECH LTD. 
• Dora Agri-Tech
• Indigo Ag Inc. 
• Philagro
• Royal Brinkman
• Sichuan Guoguang Agrochemical Co., Ltd. 
• Sipcam Oxon S.p.A. 
• Tata Chemicals Ltd. 
• Tokyo Chemical Industry Co., Ltd.
• Valent U.S.A. LLC
• WinField United (Land O’Lakes, Inc.)
• Zagro 

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Article source: https://article-realm.com/article/Business/63365-Plant-Growth-Regulators-Market-is-Dazzling-Worldwide-and-Forecast-to-2031.html