Plant growth regulators (PGRs) are chemical compounds that are used to control the growth and development of plants. They are used in a variety of agricultural applications, including fruit and vegetable production, ornamental horticulture, and turf grass management.
The global PGR market is growing rapidly, due to a number of factors, including the increasing global population, the changing climate, and the growing demand for organic food. The market is expected to reach a value of $4.5 billion by 2028.
Current Industry Trends:
Some of the current trends in the PGR market include:
- The increasing use of PGRs in organic farming.
- The development of new PGRs that are more effective and have fewer side effects.
- The growing use of PGRs in controlled-environment agriculture.
Upcoming Trends:
Some of the upcoming trends in the PGR market include:
- The use of PGRs to improve the nutritional quality of crops.
- The use of PGRs to develop new varieties of crops that are more resistant to pests and diseases.
- The use of PGRs to reduce the environmental impact of agriculture.
Current Market Scenario
The global PGR market is currently dominated by the Asia Pacific region, which accounts for over 40% of the market share. The other major regions in the market are North America, Europe, and Latin America.
Predicted Market Scenario
The global PGR market is expected to grow at a CAGR of 7.4% from 2022 to 2028. The growth of the market is being driven by the increasing demand for food, the changing climate, and the growing demand for organic food.
Global Key Players
Some of the leading companies in the global PGR market include:
- BASF
- Bayer
- Syngenta
- DowDuPont
- Monsanto
- Nufarm
- Arysta LifeScience
- Sumitomo Chemical
- Adama Agricultural Solutions
Most Demanding Regions
The most demanding regions in the global PGR market are:
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East and Africa
Conclusion
The plant growth regulators market is a growing market with a lot of potential. The market is being driven by a number of factors, including the increasing global population, the changing climate, and the growing demand for organic food. The market is expected to grow at a CAGR of 7.4% from 2022 to 2028.
Statistics and Figures
- The global PGR market was valued at $3.69 billion in 2021.
- The market is expected to reach $4.5 billion by 2028.
- The Asia Pacific region is the largest market for PGRs, accounting for over 40% of the market share.
- The North America and Europe regions are the second and third largest markets for PGRs, respectively.
- The most demanding crops for PGRs are fruits, vegetables, and cereals.
- The most common type of PGRs are auxins, gibberellins, cytokinins, and ethylene.
