The global plant growth regulators market size is expected to swell at a substantial speed owing to the skyrocketing demand for food around the world, finds Fortune Business Insights™ in its report, titled “Plant Growth Regulators Market Size, Share & Industry Analysis, By Type (Cytokinins, Auxins, Gibberellins, Ethylene, Others), By Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, Others) and Regional Forecast, 2020-2027”. According to the UN Food and Agriculture Organization (FAO), world population is set to increase by 2.3 billion, or 33%, between 2009 and 2050, with sub-Saharan African countries anticipated to register the highest growth in numbers. To feed this expanding number of people, the FAO that world food production will need to increase by 70% in the next three decades, while in developing countries it will need to rise by 200%. Plant growth regulators will play an instrumental role in boosting food production and agricultural yield as they are simple, natural chemicals produced by plants, which can be utilized to manage crop development, such as promoting cell division and fruiting in plants.
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Growing Vegan Population May Create New Opportunities
An interesting trend that might prove beneficial for the plant growth regulators market growth is the increasing number of people turning vegan worldwide. In the UK, for example, the Vegan Society estimates that in 2019, there were 600,000 vegans, quadrupling from 2014 numbers. Veganism essentially means switching to diets that are devoid of meat and are strictly based on fruits and vegetables. Plant growth regulators have been increasingly employed by nursery and greenhouse owners as they reduce costs, require less labor, lower water and nutrient requirements, and most importantly, promote uniform and consistent plant growth. For example auxins can boost the elongation of shoots as well as function as herbicides, while gibberellins can increase shoot growth, improve fruit size, and prevent or reduce russetting in apples. Since these chemicals are derived from plants themselves, they contribute to organic cultivation practices, which can be an attractive food option for vegans.
Europe to Lead the Charge Backed by Rising Adoption of Vegan Diets
Europe is expected to dominate the plant growth regulators market growth in the forthcoming years on account of increasing adoption of fruit- and vegetable-based diets in the region. Furthermore, stringent implementation of environment safety norms on farming activities will also support the growth of the regional market.
In North America, the market will experience a dynamic growth period because of the spreading awareness about the health benefits of organic foods and beverages and a strong presence of highly-skilled professional farmers in the region. The market in Asia Pacific is set to surge owing to the exponential rise in population, high dependence on agriculture, and growing food insecurity in the region.
Major Participants to Focus on New Product Launches
Core competitors in PGR market are concentrating their resources on developing and introducing novel plant growth products to entrench their market position. For this, these companies are actively forging alliances with other players, strengthening their distribution networks, and investing in R & D.
- January 2020: BASF launched its new growth regulator called Attraxor, an offering that is new to the UK and contains the powerful active ingredient Prohexadione calcium. Attraxor is engineered to reduce longitudinal shoot growth of grass, which lowers the frequency of mowing and the volume of clippings.
- November 2019: Nufarm begins commercialization of Impulse, its ethephon-based bacteriostatic growth regulator, in Brazil. The main properties of the solution include stimulating sugarcane sprouting, accelerating ripening, and inhibiting flowering.
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