In the ever-evolving landscape of agriculture, the role of plant growth regulators (PGRs) has emerged as a game-changer, offering farmers an arsenal of tools to enhance crop yield and quality. From modulating plant growth to regulating flowering and fruiting, PGRs exert a profound influence on various physiological processes, presenting a promising avenue for sustainable agricultural practices. The global plant growth regulators market is witnessing an unprecedented surge, fueled by various factors, including escalating demand for high-quality crops, advancements in biotechnology, and an imperative shift towards eco-friendly farming practices.
One of the key drivers propelling the growth of the plant growth regulators market is the rising demand for sustainable agricultural solutions. With mounting concerns over environmental degradation and dwindling natural resources, growers are increasingly embracing PGRs as a means to optimize resource utilization and minimize ecological footprint. By promoting efficient nutrient uptake, stress tolerance, and pest resistance, PGRs enable farmers to achieve higher yields while reducing reliance on chemical fertilizers and pesticides, thereby fostering environmentally responsible cultivation practices.
Moreover, the plant growth regulators market is witnessing a paradigm shift driven by technological innovations and research breakthroughs. From novel formulations with enhanced efficacy to precision application methods, such as microencapsulation and nanotechnology, stakeholders are continually pushing the boundaries of PGR development. This relentless pursuit of innovation not only enhances the performance and versatility of PGRs but also expands their application scope across diverse agricultural sectors, including horticulture, floriculture, and forestry. As industry players collaborate to harness the full potential of PGRs in addressing the evolving needs of modern agriculture, the market is poised for exponential growth and transformation.
Rising Demand for High-value Crops Increasing the Utilization of Plant Growth Regulators
High-value crops are generally defined as those with a high economic value per kilogram (or pound) per hectare or calorie. High-value crops include fruits, vegetables, and specialty crops like herbs and spices. The main factors boosting the demand for high-value crops (fruits, vegetables, and plantation crops) include rising incomes, rapid urbanization, and growing awareness about the health benefits of fruits and vegetables. According to the FAO Statistical Yearbook 2023 report, the production of primary crops was 9.5 billion tons in 2021, around 54% more than in 2000. Four crops accounted for half of global primary crop production—sugar cane, corn, wheat, and rice. These high-value crops are mostly grown in permanent croplands.
Plant growth regulators regulate the physiological process of high-value crops, such as rooting, flowering, growth, sprouting, and ripening. The use of PGRs in vegetable production was found to be beneficial for yields and yield-contributing characteristics. High-value crops need to meet specific quality standards to command premium prices in the market. PGRs can help regulate plant growth to ensure uniform size, color, and ripening, which is crucial for high-value crop quality. PGRs also optimize the use of water, nutrients, and other resources, making high-value crop production more efficient and environment-friendly.
Moreover, plant growth regulators can be used as an aid in hybrid seed production. Pre-showing treatment of seed with growth regulators has been reported to enhance seed emergence. Poor fruit set is a major problem in tomatoes, brinjal, and chilies, which is frequently caused by adverse weather conditions during flowering. Plant growth regulators enhance fruit sets under both normal and adverse weather conditions.
Thus, the rising demand for high-value crops due to growing awareness about their health benefits is expected to drive the adoption of plant growth regulators, boosting the growth of this market.
Emerging Countries with Agricultural Diversity and Extensive Arable Lands Creating Growth Opportunities for Market Players
Asian markets are expected to hold immense growth opportunities for the players operating in this market, as countries such as China and India are increasing their use of plant growth regulators. The market competitiveness of plant growth regulators has been increasing with the growing demand for organic food in these countries. Plant growth regulators help increase crop yield by promoting desired growth processes or mitigating the effects of stress factors.
Furthermore, Asia-Pacific has one of the largest arable lands globally. According to the World Bank (2023), India has the largest arable land area in the world, followed by the U.S., Russia, China, and Brazil. Moreover, the Indian government is undertaking initiatives to stimulate agricultural development and combine science and technology with the growing interest in plant growth regulators. Various initiatives by the Government of India like the establishment of the National Bank for Agriculture and Rural Development (NABARD), Niti Ayog Yojna, Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), Pradhan Mantri Fasal Bima Yojana (PMFBY), Pradhan Mantri Krishi Sinchai Yojana (PMKSY), and the Soil Health Cards (SHC) Scheme to strengthen the country’s agriculture sector are likely to positively influence the plant growth regulators market.
Also, Brazil is a major agricultural producer and exporter, and the country’s government is focused on improving agricultural productivity, sustainability, and crop yields. In December 2021, the Inter-American Development Bank (IDB) approved a credit line of up to USD 1.2 billion to help improve productivity and resilience in Brazil’s agriculture sector and boost revenues and access to basic services in rural areas. These measures may indirectly involve support for the responsible use of plant growth regulators, among other agricultural practices.
Thus, countries with large arable lands and agricultural diversity are expected to offer market growth opportunities.
Meticulous Research®, in its latest publication on the Plant Growth Regulators Market, states that in terms of value, the plant growth regulators market is expected to reach $5.41 billion by 2031, at a CAGR of 9% from 2024 to 2031, while in terms of volume, the market is expected to reach 126,145.1 tons by 2031, at a CAGR of 6.6% from 2024 to 2031.
Access Full Report Here @ https://www.meticulousresearch.com/product/plant-growth-regulators-market-5687
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