The global plant growth regulators market size was USD 3.23 billion in 2020. The market is anticipated to grow from USD 3.69 billion in 2021 to USD 7.16 billion by 2028 at a CAGR of 9.94% in the 2021-2028 period.
The growing demand for high-quality food grains is expected to amplify the demand for plant growth regulators during the mentioned time frame.
Segments
On the basis of type, the market is categorized into Cytokinins (CKs), auxins, gibberellins, ethylene, and others. The cytokinins segment held a dominant share of the market in 2020.
By crop type, the market is classified into cereals, oilseeds & pulses, fruits & vegetables, turf & ornamentals, and others.
In terms of region, the global market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights
The U.K. is anticipated to develop as a prime market for plant growth regulators over the forecast period. France emerged as the biggest market for PGRs in Europe in 2020 with 21.97% plant growth regulators market share. The country is estimated to preserve its position over the forecast period.
The U.S. dominated the North America PGRs market in 2020. Various producers are present in the U.S. market.
Growing Requirement for Improved Crop Productivity Stoked by Government Sustenance
The rising necessity for refining crop productivity pooled with growing consumption across the world is bolstering the plant growth regulators market growth. The COVID-19 pandemic has further amplified the demand for cereals globally. India, China, Russia, the U.S., Indonesia, Brazil, Argentina, and France are among the prime cereal-producing nations across the globe. Moreover, rising population and fluctuating consumer lifestyles are creating prime demand for all sorts of crops, most remarkably cereals across the globe. This is expected to boost market growth.
Commotions in Supply Chain Management amid COVID-19 Pandemic to Decelerate Growth
Farmers of all kinds have been facing the influence of the COVID-19 disaster from social distancing guidelines to travel constraints and market closures. From a utilization viewpoint, smallholder farmers throughout emerging nations are among those at larger risk of an economic effect triggered by the COVID-19 pandemic, as even the least price instabilities in product price can have considerable effects on their businesses.
Source: Fortune Business Insights