The global aquafeed market size is anticipated to reach USD 85.17 billion by 2028 and exhibit a CAGR of 5.59% during the forecast period. The increasing popularity of aquafeed and the rising investments in the research and developments activities are projected to foster growth for the market.
The global agritourism market size is anticipated to exhibit astonishing growth in the near future because of the rising government initiatives to refine agriculture economy through agritourism.
The global probiotics in animal feed market share is expected to reach USD 6.24 billion by the end of 2026, exhibiting a CAGR of 7.30% during the forecast.
Growing need to improve accessibility to nutritious food across the globe is expected to be the key factor driving this market in the foreseeable future. Food security is one of the greatest challenges faced by the world today, underpinned by insufficient agricultural productivity and a steadily rising world population.
The global seed treatment market size hit USD 10.15 billion in 2021. The market value is slated to rise from USD 11.32 billion in 2022 to USD 26.01 billion by 2029, exhibiting a CAGR of 12.62% during the forecast period.
The global pet food market size is expected to gain momentum by reaching USD 136.82 billion by 2028 while exhibiting a CAGR of 4.96% between 2023 to 2028. In its report titled “Pet Food Market, 2023-2028,” Fortune Business Insight mentions that the market stood at USD 93.94 billion in 2020.
Plant Growth Regulators Market Growth, Size, Share, Demand, Trends and Forecasts to 2028
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. This information is provided by Fortune Business Insights™, in its report titled, “Plant Growth Regulators Market, 2021-2028.”
The growing demand for high-quality food grains is expected to amplif... morePlant Growth Regulators Market Growth, Size, Share, Demand, Trends and Forecasts to 2028
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. This information is provided by Fortune Business Insights™, in its report titled, “Plant Growth Regulators Market, 2021-2028.”
The growing demand for high-quality food grains is expected to amplify the demand for plant growth regulators during the mentioned time frame.
COVID-19 Impact
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.
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.
Report Coverage
We offer our reports which are directed with an all-inclusive examination approach that majorly emphasizes on delivering accurate material. Our scholars have applied a data navigation method which further aids us to offer reliable predictions and test the general market dynamics precisely. Further, our analysts have gained admittance to several international as well as domestically funded catalogues for providing the up-to-date material so that the stakeholders and business professionals capitalize only in fundamental zones.
Driving Factors
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.
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.
Asia Pacific is projected to display substantial growth prospects for the market, owing to the growing flexible income and refining the standard of living in the region.
Competitive Landscape
Inventive Product Launch Declarations by Crucial Players to Boost Market Growth
The important players implement numerous tactics to boost their position in the market as leading companies. One such notable stratagem is procuring companies to boost the brand value among users. Another fundamental strategy is intermittently presenting inventive products with comprehensive study of the market and its target audience.
Industry Development
March 2021: Sumitomo Chemical Co., Ltd., a Japanese chemical company, presented its novel series of plant growth inhibitors in Brazil under the FYSIUM brand. The novel product was designed to ripen apples and delay their post-harvest quality to last for longer time.
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