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By type, the gibberellins segment is expected to grow at the highest CAGR during the forecast period in terms of value.
Gibberellins play a pivotal role in regulating various plant processes, including seed germination, stem elongation, flowering, and fruit development. With the evolution of agricultural practices towards efficiency and sustainability, there's a rising demand for plant growth regulators that enhance crop yield and quality. Gibberellins meet this demand by fostering faster and more consistent growth, thereby improving crop productivity and marketability.
Furthermore, the increasing cultivation of high-value crops like fruits, vegetables, and ornamentals intensifies the need for precise growth control to meet market standards. Gibberellins offer growers the means to achieve this by stimulating desired growth patterns and optimizing plant performance throughout the crop cycle. Additionally, heightened awareness among farmers about the benefits of plant growth regulators, coupled with supportive government policies promoting sustainable agriculture, drives the growth of the gibberellins market. As farmers aim to maximize yield while minimizing environmental impact, gibberellins emerge as a valuable asset, fueling their adoption and market expansion.
By crop type, fruits & vegetables are estimated to grow at the highest CAGR during the forecast period.
There is an increasing global demand for fruits and vegetables driven by factors such as population growth, urbanization, and rising health consciousness among consumers. To meet this growing demand, farmers are increasingly adopting advanced agricultural practices, including the use of plant growth regulators, to enhance the yield, quality, and shelf life of fruits and vegetables. Additionally, consumers are becoming more discerning, demanding produce that is not only plentiful but also of high quality, free from blemishes, and with longer shelf life. Plant growth regulators play a crucial role in achieving these quality standards by regulating plant growth processes, improving fruit set, enhancing color development, and delaying senescence. Furthermore, the fruits and vegetables segment encompasses a wide variety of above crops with diverse growth requirements and challenges, ranging from delicate berries to hearty root vegetables. As such, there is a growing need for tailored plant growth regulator solutions to address the specific needs of different crops within this segment. This demand for specialized products is expected to drive innovation and investment in research and development within the plant growth regulator industry, further fueling the growth of the fruits and vegetables segment. Overall, the convergence of these factors is poised to propel the fruits and vegetables segment to the forefront of growth within the plant growth regulators market in the coming years.
By form, the Water-Dispersible & Water-Soluble Granules segment is estimated to dominate the plant growth regulators market.
These granules offer greater stability and ease of handling compared to other formulations like liquids or powders. Their water-dispersible nature allows for uniform distribution when mixed with water, ensuring consistent application across fields, which is crucial for achieving optimal plant growth and yield. Moreover, water-soluble granules dissolve quickly and completely in water, eliminating the risk of clogging spray nozzles or uneven application. This characteristic enhances the efficiency of application, saving time and resources for farmers. Additionally, water-dispersible & water-soluble granules often come in pre-measured packaging, facilitating accurate dosing and minimizing the risk of over or under-application. This precision in application is essential for maximizing the efficacy of plant growth regulators while minimizing the potential for crop damage or environmental impact. Furthermore, the convenience offered by water-dispersible & water-soluble granules aligns with the increasing adoption of mechanized and precision agriculture practices. These granules can be easily integrated into automated irrigation systems or applied using modern spraying equipment, allowing for efficient and precise application even over large agricultural areas.
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The Asia Pacific region is projected to have the fastest growth in terms of value.
The Asia Pacific region boasts diverse climates and agricultural terrains, spanning from tropical to temperate zones. This ecological variety enables year-round cultivation of a broad spectrum of crops, driving the need for specialized PGRs tailored to distinct crop varieties and growth conditions. Moreover, the region's sizable population actively participates in agriculture, amplifying the demand for PGRs. Governments in Asia Pacific are prioritizing agricultural modernization and food security initiatives to meet escalating population needs, propelling the adoption of PGRs. Policies promoting sustainable farming practices and technological advancements further spur PGR utilization. Additionally, there's a notable shift towards intensified and commercialized farming methods in the region, particularly focusing on high-value crops like fruits, vegetables, and floriculture. To satisfy both local and international market demands for top-tier produce, growers rely on PGRs to enhance yields, uniformity, and post-harvest attributes. This collective scenario propels the Asia Pacific region's rapid expansion in the plant growth regulators market, attracting significant attention from industry stakeholders and investors.
Key players in the plant growth regulators market include BASF SE (Germany), Corteva Agriscience (US), Syngenta Group (Switzerland), FMC Corporation (US), Nufarm (Australia), Bayer AG (Germany), Tata Chemicals Ltd. (India), UPL (India), Sumitomo Chemical Co., Ltd. (Japan), Nippon Soda Co., Ltd. (Japan), Sipcam Oxon Spa (Italy), De Sangosse (France), DHANUKA AGRITECH LTD (India), Sichuan Guoguang Agrochemical Co., Ltd. (China), and Zagro (Singapore).
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