The Plant growth regulators market is experiencing significant growth due to the increasing demand for food production, sustainable agriculture practices, and advanced crop management techniques. PGRs are chemicals that influence the growth and differentiation of plant tissues, effectively acting as plant hormones. They are widely used in agriculture, horticulture, and floriculture to enhance crop yield, improve quality, and optimize resource utilization.
Plant
Growth Regulators Industry Analysis
The global plant growth regulators market is anticipated to
grow from USD 3.3 billion in 2024 to USD 4.6 billion by 2029, reflecting a
compound annual growth rate (CAGR) of 7.2% during the forecast period. This
growth is driven by the rising demand for high-value crops, which is boosting
the use of natural PGRs in agriculture. Additionally, the increasing focus on
sustainable agricultural practices and the expansion of organic farming are key
factors contributing to market growth. The shift in dietary preferences and the
emphasis on sustainable farming methods are also fueling the adoption of plant
growth regulators. These trends underscore the growing importance of PGRs in
modern agriculture, supporting their expanding market presence.
How does the agricultural industry in the Asia-Pacific
region contribute to the growth of the plant growth regulators industry?
The plant
growth regulators industry is expanding in the Asia-Pacific region
due to several key factors. Firstly, the region is home to a major agricultural
industry, with a significant share of the world’s agricultural output coming
from Asia-Pacific countries. To meet the rising food demand driven by
population growth and evolving dietary preferences, these countries are focused
on boosting agricultural productivity, creating a growing demand for effective
solutions like plant growth regulators. Additionally, the region is experiencing
rapid technological advancements and a greater adoption of modern agricultural
practices, including the use of plant growth regulators to maximize crop yields
and enhance quality.
Key Plant
Growth Regulators Market Growth Drivers
Growing Global Population and Food Demand: With the
global population continuously rising, there is an increasing need for food
production. PGRs help in enhancing crop productivity and ensuring food security
by promoting faster growth, improving fruit size, and enhancing stress
resistance.
Shift Towards Sustainable Agriculture: Farmers and
agricultural businesses are increasingly adopting sustainable practices to
reduce environmental impact. PGRs, which can help reduce water use and improve
nutrient uptake, align well with this shift towards sustainable farming.
Know
about the assumptions considered for the study
Technological Advancements in Agriculture: The
integration of PGRs with modern agricultural technologies such as precision
farming and vertical farming is driving market growth. These advancements help
optimize the use of PGRs, making them more effective and reducing wastage.
Increasing Horticulture and Floriculture Practices:
The growing popularity of horticulture and floriculture in both developed and
developing countries is fueling the demand for PGRs. These practices require
specialized growth regulators to control plant growth, flowering, and fruiting,
which enhances product quality.
What factors are expected to propel the fruits and
vegetables segment to the forefront of growth within the plant growth
regulators market?
The global demand for fruits and vegetables is rising,
driven by factors such as population growth, urbanization, and increasing
health consciousness among consumers. To keep up with this demand, farmers are
turning to advanced agricultural practices, including the use of plant
growth regulators, to boost yield, improve quality, and extend the
shelf life of their produce. At the same time, consumers are becoming more
selective, seeking fruits and vegetables that are not only abundant but also of
high quality, free of blemishes, and longer-lasting. PGRs are essential in
meeting these expectations by regulating plant growth, enhancing fruit set,
improving color development, and delaying the aging process. The fruits and
vegetables segment includes a wide variety of crops, from fragile berries to
robust root vegetables, each with unique growth requirements and challenges.
Maximizing Crop Yields: The Role of Plant Growth
Regulators in Sustainable Agriculture
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.
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BASF SE’s Global Reach: Leveraging 234 Production Sites
to Serve Diverse Industries
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.
In August 2022, BASF SE launched a new production facility
in Singapore, investing USD 38.04 million, aimed at providing farmers in the
Asia Pacific region with cutting-edge crop protection solutions. This endeavour
is expected to broaden BASF SE’s consumer base for its agricultural offerings,
including plant growth regulators, thereby facilitating business expansion in
the region.
Insights from the Plant
Growth Regulators Industry Report
- Key
Industry Leaders: What are the major plant growth regulators companies?
- Which
region is expected to hold the highest plant growth regulators market
share?
- What
are the key technology prevailing in the plant
growth regulators market trend?
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