April 26, 2023, New York, USA (GLOBE NEWSWIRE) — According to a report published by Research Dive, Global plant growth regulator market teeth is expected generate revenue of $7,393.5 million Rising at a remarkable CAGR 13.9% over the entire forecast period from 2022 to 2031.
According to analysts, growing need for plant growth regulators to enhance flowering rates, delay the onset of germination in root crops and stimulate plant growth will amplify the growth of the plant growth regulators market during the analysis period. expected to be Besides, increasing demand for organic fruits and vegetables among individuals due to rising health awareness and income levels is expected to boost the market growth throughout the forecast period. Moreover, increasing initiatives taken by governments to increase agricultural sustainability are expected to drive the growth of the plant growth regulator market during the estimated period. However, lack of farmers’ awareness of plant growth regulators is likely to hinder market growth during the forecast period.
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Segments of the plant growth regulator market
The report has segmented the market based on type, crop type, and region.
Type: Most auxin subsegments Productive
The Auxin sub-segment posted the highest revenue in 2021. Auxins play an important role in regulating plant growth. Increasing use of auxin as a rooting hormone that controls plant cell growth is expected to boost the growth of the market sub-segment during the analysis period.
Crop Type: Cereal Subsegment Most Profitable
The grain sub-segment held the largest market share in 2021. Population growth and consumer lifestyle changes are increasing demand for all types of crops, especially cereals, which is expected to enhance the growth of the market sub-segments over the estimated period.
Europe Region to Hold Largest Market Share in 2021
The European region of the plant growth regulator market is anticipated to post the highest revenue in 2021 and continue steady growth over the analysis period. This is mainly due to the increasing growth of organic farming and the expansion of indoor farming units such as greenhouses and greenhouses across the region. In addition, growing interest in sustainable agriculture, food security, and rural development across the region is expected to drive regional growth of the market during the forecast period.
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Impact of Covid-19 plant Growth regulator market
The rise of the Covid-19 pandemic has caused severe economic losses to various businesses. It also has a serious impact on the plant growth regulator market. This is largely due to manufacturing plant closures, supply chain disruptions and economic slowdowns in various countries around the world. Additionally, many agricultural industries have reduced operating capacities and workforces to meet Covid-19 protocols. This has affected the production, distribution and marketing of various agricultural products. All these factors have slowed market growth in the pandemic. However, enhanced government initiatives allowed the market to recover faster during the crisis.
Key players in the plant growth regulator market
Major players in the market are:
- Sumitomo Chemical Australia Pty.
- barclay crop protection
- new farm Ltd.
- Cropcare Australasia Ltd.
- Redox Industry Co., Ltd.
- Corteva Agriscience
- Xinyi (Hong Kong) Industry Co., Ltd.
- bayer crop science
- Sichuan Guoguang Agrochemical Co., Ltd.
- BASF SE
These players are mainly engaged in mergers and acquisitions, developing new business strategies such as partnerships and collaborations, and developing products to gain leading positions in the global industry.
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For example, in September 2021, BASF SE, a leading European chemical multinational, launched Attraxor®, a new plant growth regulator. This product is designed to reduce the growth of vertical shoots in grass, reducing the speed and amount of mowing. This product is completely new to the UK market and contains Prohexadione Calcium.
In addition, the report presents other important aspects such as product portfolio, financial performance of key players, SWOT analysis and latest strategic developments.
Details of the Plant Growth Regulator Market: