Market Overview
Market Research Future (MRFR) projects strong growth prospects for the plant growth regulators market 2020 between 2018 and 2023 (assessment period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Growth Boosters and Deterrents
The COVID-19 outbreak has led to disruptions in the manufacturing of agrochemicals, with respect to availability of raw materials. The ongoing novel coronavirus pandemic and the worldwide lockdown have had a domino effect on crop yields and food productivity, especially in countries that are primarily agrarian. However, with the rising cases of SARS-CoV-2, governments across the globe are easing restrictions on the production of fertilizers to ensure continued agricultural activities in a bid to bring down the concerns with regard to food security. This has been particularly favorable for the plant growth regulators market and can mean uninterrupted growth in the years ahead.
In the past few decades, plant growth regulators have emerged as a crucial aspect of agricultural and horticulture production systems. The rising preference for organic food and the reducing agricultural areas across the world has bolstered the demand for these regulators. Spraying of growth regulators on eggplant, tomatoes, cucumber, pepper, pumpkin and melon in varying concentrations helps boost fruit growth as well as production. These regulators also help foster sugarcane yield, since they boost the cell length along with the rate of cell division, leading to higher sugar yield. These efficient use-cases of plant growth regulators market can result in an expanded application scope in the agriculture industry during the appraisal period.
Many of the deemed players in the market own extensive distribution networks and manufacturing units, which are mainly located in Europe and Asia Pacific. Also, most of these companies are focused on intense research and development activities to explore the application scope of various types of plant growth regulators market. For instance, in September 2020, researchers from the University of Maryland found a new application of the plant growth regulator known as ACC. The research showed that ACC has a vital role in seed production and pollination, as it activates proteins that are similar to those present in the nervous system responses in animals and humans.
Key Players
Tata Chemicals Ltd. (India), FMC Corporation (US), Bayer AG (Germany), NIPPON SODA CO., LTD. (Japan), Nufarm Limited (Australia), Platform Specialty Products Corporation (US), China National Chemical Agrochemical Corporation (China), Xiny(H.K.) Industrial Co., Ltd. (China), Sumitomo Chemical Co., Ltd. (Japan), BASF SE (Germany), DowDuPont (US), are some of the most renowned companies in the global industry.
Market Segmentation:
The plant growth regulators industry has been segmented with respect to origin, crop type, product type, form, function and mode of application.
Origin-wise, the plant growth regulators market caters to natural as well as synthetic.
The primary crop types mentioned in the report are grains & cereals, pulses & oilseeds, turf & ornaments, fruits & vegetables, and more.
Depending on product type, the global market can be considered for abscisic acid, gibberellins, auxins, cytokinins, ethylene, and others.
The various forms of plant growth regulators market include powder, liquid and granules.
In terms of function, the market has been dissected into plant growth promoters along with plant growth inhibitors.
Applications outlined in the market study are foliar, fertigation, and others.
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Regional Analysis
The plant growth regulators industry can be regionally distributed into Europe, North America, Asia Pacific/APAC, and RoW/the rest of the world.
APAC’s growth in the coming years is expected to be at the fastest rate, since the region is inundated with numerous vendors with rich expertise along with the surge in agricultural exports. The continuous reduction in agricultural lands has emerged as a key concern owing to the relentlessly expanding population and the simultaneous rise in food demand. The rising uptake of advanced technologies as well as methodologies in the agriculture sector, with the growing support of the government, is also slated to work in the APAC market’s favor over the following years.
Europe can potentially take the lead in the global market, thanks to the mounting demand for organic and natural food products among consumers. The increasing crop production combined with the rise in government initiatives favoring the region’s agriculture sector can also induce market growth in the next few years. The substantial demand for vegetables and fruits in the region and the unfavorable weather conditions across the region can bolster the use of plant growth regulators, with the aim to enhance the agricultural yield.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.