Driving Sustainable Agriculture: Trends, Developments, and New Launches in the Plant Growth Regulators Market
The global market for plant growth regulators (PGRs) has been witnessing remarkable growth in the last few years, driven by the increasing demand for high-quality crops, the need for improved agricultural productivity, and the rising focus on sustainable farming practices.
Increasing Adoption of Bio-Based PGRs: With the growing emphasis on environmentally friendly agriculture practices, there is a rising preference for bio-based plant growth regulators. These products, derived from natural sources, offer effective and sustainable solutions for crop enhancement while minimizing adverse environmental impacts. Manufacturers are investing in research and development to expand their portfolio of bio-based PGRs, catering to the evolving demands of the market.
Focus on Precision Farming: Precision farming techniques, such as vertical farming, hydroponics, and aeroponics, are gaining traction worldwide. These practices require precise control over plant growth and development, which has led to a surge in the demand for plant growth regulators. PGRs help optimize crop yields, enhance fruit quality, and enable efficient resource utilization, making them an integral part of precision farming operations.
Increasing Awareness of Plant Stress Management: Climate change and other environmental factors have heightened the occurrence of plant stress conditions. As a result, there is a growing awareness among farmers and agricultural professionals about the importance of plant stress management. Plant growth regulators play a crucial role in mitigating the adverse effects of stress on crops by improving stress tolerance, enhancing nutrient uptake, and promoting overall plant health.
As per a recent report by Allied Market Research, the global plant growth regulators market is projected to lay forth a considerable CAGR from 2022 to 2031.
The World of Organic Agriculture (FiBL) 2022 report reveals that organic farming covered only 1.6 percent of the world's agricultural land in 2020. Oceania emerged as the leading region in terms of organic land share, with an impressive 9.7 percent, followed by Europe at 3.4 percent and Latin America at 1.4 percent. Within the European Union, organic farming claimed a notable 9.2 percent of total agricultural land, while other regions lagged below the one percent mark. Encouragingly, organic agricultural land experienced growth across all continents in 2020. Latin America witnessed the highest absolute growth at 19.9 percent, with Europe close behind at 3.7 percent, and Asia following suit with a respectable 7.6 percent increase. These advancements are expected to further propel the expansion of sustainable agricultural practices in the market, fostering a promising future for the industry.
Technological Advancements in Formulations: Manufacturers are investing in advanced formulation technologies to enhance the efficacy and delivery of plant growth regulators. Encapsulation techniques, nanotechnology, and smart release systems are being incorporated into PGR formulations to ensure targeted application, prolonged effects, and improved crop response. These developments contribute to better performance, reduced application frequency, and increased convenience for end-users.
Expansion of Product Portfolios: Leading companies in the plant growth regulators market are continuously expanding their product portfolios through strategic acquisitions, collaborations, and in-house research and development. By offering a comprehensive range of PGRs catering to various crop types and growth stages, these companies aim to capture a larger market share and meet the diverse needs of agricultural professionals.
European countries are taking proactive measures to promote sustainable agriculture, ensure food security, and foster rural development. With a strong commitment to the Farm to Fork Strategy, spearheaded by the European Commission, the emphasis is on organic farming. The EU has set an ambitious target of designating 25% of its agricultural land for organic farming by 2030. Consequently, there has been a surge in the demand for plant growth regulators in Europe, specifically in the context of large-scale organic farming. These regulators, such as cytokinins, auxins, and gibberellins, are utilized strategically in diverse farming methods to optimize crop yield while prioritizing ecological sustainability.
National governments are expected to increase their investments in organic farming to bolster the resilience of their food industries. The promotion of organic farming aligns with their goals of reducing pesticide usage and improving soil fertility. In May 2020, the EU announced an ambitious target of achieving 25% organic farmland by 2030 as part of the European Green Deal. The farm-to-fork strategy within the deal aims to enhance food security in Europe and mitigate the environmental impact of the European food system. To achieve these objectives, the strategy sets out goals such as reducing chemical pesticide use by 50%, hazardous pesticide use by 50%, fertilizer use by 20%, and nutrient losses by 50% by 2030.
The substantial demand for plant growth regulators is driven by the expanding organic farming sector and the growing prevalence of indoor farming units like greenhouses and glasshouses. Vegetables and fruits, in particular, are increasingly reliant on these regulators, thereby propelling the market forward. In response to this escalating demand, companies are introducing new products to the market. For example, in 2020, BASF launched Attraxor in the United Kingdom. This innovative plant growth regulator features the potent active ingredient prohexadione-calcium.
In June 2022, Valent Canada Inc. and Nufarm Agriculture Inc. solidified their partnership extension in Canada, spanning an additional five years. Since 2011, the collaboration between Valent and Nufarm has successfully supplied a diverse range of plant growth regulators across Canada through Nufarm's well-established distribution channels.
In July 2021, Sumitomo Chemical achieved regulatory approval from the United States for its latest plant growth regulator, AccedeTM. This innovative product, featuring the active ingredient 1-aminocyclopropane-1-carboxylic acid (ACC), serves as a fruit thinner and falls under the PGR category. Sumitomo Chemical's development of Accede as part of its A2020 pipeline demonstrates their commitment to bio rationales.
Back in April 2020, BASF introduced a pioneering plant growth regulator called Attraxor in the United Kingdom. This remarkable product specifically caters to turf and various grass types, offering Prohexadion (10%w/w) as its primary ingredient. BASF's introduction of Attraxor showcases its dedication to enhancing growth and maintenance practices for lawns and similar vegetation in the UK.
Here, it’s worth mentioning that the COVID-19 pandemic had profoundly influenced the plant growth regulators market, causing substantial disruptions in demand, supply, import-export, and overall availability across various industries. The impact of COVID-19 on this market was characterized by an unparalleled disruption in the interplay of both demand and supply forces. Distribution bottlenecks and short-term labor shortages led to a significant mismatch between the required workforce for production and the available personnel. Consequently, the scarcity of growers in large-scale plantations hindered the production of organic crops as well. These multifaceted challenges during the pandemic greatly impeded the growth of the plant growth regulators market. However, the market has now got back on track.
To conclude, it can be asserted that the global plant growth regulators market is experiencing remarkable growth, driven by the demand for high-quality crops and sustainable farming practices. The industry's future also looks promising as it meets the evolving needs of agriculture and enhances crop productivity.
Source: Allied Market Research