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Plant Growth Regulators Market Drivers: Rise in resistance development in certain pest and insect species to drive market.
The surge in resistance development among certain pest and insect species is poised to propel market growth. Currently, an excessive reliance on pesticides fosters the emergence of pesticide resistance in insects, weeds, and diseases. Repetitive application of the same pesticides by farmers eliminates susceptible populations initially. However, with yearly widespread application, resistant individuals proliferate rapidly, leading to overall resistance within the population. Weeds acquiring resistance to multiple herbicides evolve into superweeds, posing significant challenges to farmers. Herbicide resistance is becoming increasingly prevalent, with some regions facing numerous herbicide-resistant weed species, exacerbating weed control difficulties. In the United States alone, scientists have identified 25 weed species resistant to herbicides. Notably, a recent report highlighted that resistant black grass in the UK diminishes cereal crop yields by up to 800,000 tons annually, translating to a substantial financial loss of USD 449.2 million per year for farmers.
Plant Growth Regulators Market Opportunities: Increased production and yield of crops
The expansion of crop production relies heavily on resource availability and climatic conditions. Limited arable land and resources like labor, inputs, and irrigation, compounded by unpredictable weather patterns, directly impact global production goals. According to the Organisation for Economic Cooperation and Development (OECD), there’s a projected limited increase in the area for coarse grains by 2023, but significant growth is anticipated in crop yields, especially for wheat, oilseeds, and sugarcane. Plant growth regulators offer benefits by enhancing crop health, unlike traditional fertilizers that may disrupt soil balance and cause toxicity.An uptick in oilseed crop and sugarcane production is expected due to rising demands in food, feed, and fuel industries. The OECD-FAO Agricultural Outlook 2020-2029 forecasts a growth in global soybean oilseed production from 367 metric tons in 2021 to an estimated 406 metric tons in 2029. This expansion is fueled by increased demand for protein meals, notably in China, potentially improving farmers’ economic conditions with appropriate government support.
By crop type, fruits & vegetables are estimated to grow at the highest CAGR during the forecast period.
There is an increasing global demand for fruits and vegetables driven by factors such as population growth, urbanization, and rising health consciousness among consumers. To meet this growing demand, farmers are increasingly adopting advanced agricultural practices, including the use of plant growth regulators, to enhance the yield, quality, and shelf life of fruits and vegetables. Additionally, consumers are becoming more discerning, demanding produce that is not only plentiful but also of high quality, free from blemishes, and with longer shelf life. Plant growth regulators play a crucial role in achieving these quality standards by regulating plant growth processes, improving fruit set, enhancing color development, and delaying senescence. Furthermore, the fruits and vegetables segment encompasses a wide variety of above crops with diverse growth requirements and challenges, ranging from delicate berries to hearty root vegetables. As such, there is a growing need for tailored plant growth regulator solutions to address the specific needs of different crops within this segment. This demand for specialized products is expected to drive innovation and investment in research and development within the plant growth regulator industry, further fueling the growth of the fruits and vegetables segment. Overall, the convergence of these factors is poised to propel the fruits and vegetables segment to the forefront of growth within the plant growth regulators market in the coming years.
The Asia Pacific region is projected to have the fastest growth in terms of value.
The Asia Pacific region boasts diverse climates and agricultural terrains, spanning from tropical to temperate zones. This ecological variety enables year-round cultivation of a broad spectrum of crops, driving the need for specialized PGRs tailored to distinct crop varieties and growth conditions. Moreover, the region’s sizable population actively participates in agriculture, amplifying the demand for PGRs. Governments in Asia Pacific are prioritizing agricultural modernization and food security initiatives to meet escalating population needs, propelling the adoption of PGRs. Policies promoting sustainable farming practices and technological advancements further spur PGR utilization. Additionally, there’s a notable shift towards intensified and commercialized farming methods in the region, particularly focusing on high-value crops like fruits, vegetables, and floriculture. To satisfy both local and international market demands for top-tier produce, growers rely on PGRs to enhance yields, uniformity, and post-harvest attributes. This collective scenario propels the Asia Pacific region’s rapid expansion in the plant growth regulators market, attracting significant attention from industry stakeholders and investors.
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Leading Plant Growth Regulators Companies:
Key players in the plant growth regulators market include BASF SE (Germany), Corteva Agriscience (US), Syngenta Group (Switzerland), FMC Corporation (US), Nufarm (Australia), Bayer AG (Germany), Tata Chemicals Ltd. (India), UPL (India), Sumitomo Chemical Co., Ltd. (Japan), Nippon Soda Co., Ltd. (Japan), Sipcam Oxon Spa (Italy), De Sangosse (France), DHANUKA AGRITECH LTD (India), Sichuan Guoguang Agrochemical Co., Ltd. (China), and Zagro (Singapore).
BASF SE (Germany)
BASF SE Group operates globally with 234 production sites, including six Verbund sites, and relies on approximately 112,000 employees worldwide. Its operations encompass diverse segments such as Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. Offering a wide array of system solutions and services, BASF SE caters to industries ranging from chemicals, automotive, and building to agriculture, oil, plastics, electrical, electronics, furniture, and paper. Within its Agricultural Solutions division, BASF SE specializes in providing plant growth regulators. These products target the hormonal system of plants, adjusting the proportions of various plant hormones to facilitate advantageous growth. With a focus on enhancing crop health and yield, BASF SE’s plant growth regulators business segment is involved in researching, developing, manufacturing, and marketing these products.
Syngenta Group (Switzerland)
Syngenta Group, a leading player in the crop protection industry, operates globally with 150 subsidiaries and a rich legacy spanning over 250 years. With around 60,000 employees across 100 countries, the company is committed to advancing agriculture through science-driven innovations, aiming for increased productivity, food quality, and environmental sustainability. Embracing Regenerative Agriculture, Syngenta collaborates closely with farmers to enhance soil health, preserve natural resources, and promote biodiversity while enhancing farm profitability. Headquartered in Shanghai, China, with administrative offices in Switzerland, Syngenta Group comprises four main divisions: Syngenta Crop Protection, Syngenta Seeds, ADAMA, and Syngenta Group China. These divisions collectively offer state-of-the-art solutions to meet diverse customer needs worldwide. In its crop protection and ADAMA segments, Syngenta Group provides a range of plant growth regulators, including renowned brands such as MODDUS, BONZI, CULTAR, PALISADE, and TOPREX.
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