Saudi Arabia Plant Growth Regulators Market Charting an Impressive Growth Trajectory: Growing at a CAGR of 7.0% by 2027
Published | 24 November 2021
Saudi Arabia's plant growth regulators market is registering considerable growth. The growing demand for organically produced goods is likely to boost the demand for plant growth regulators in the Kingdom during the forecast period…
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the Saudi Arabia plant growth regulators market is estimated to grow at a CAGR of 7.0% during the forecast period (2021-2027). The growth of the Saudi Arabia plant growth regulators market is attributable to the rising demand for organically produced goods. Plant growth regulators are sprayed on tomato, eggplant, pepper, pepper, melon, and pumpkin flowers to encourage fruit growth and production. Compared to standard fertilizer ingredients, these ingredients accelerate plant growth, thereby, enhancing the market's growth in the coming years.
Favorable Farming Policies Enhancing Agriculture Capabilities in Saudi Arabia
Saudi Arabia, a desert country whose fortunes soared after the discovery of oil, uses billions of dollars in oil profits to power many aspects of its economy and the lives of its residents. Saudi Arabia saw its fortune soar after oil was discovered. The desert country leverages the wealth generated from oil to power many aspects of its economy and life. Saudi Arabia is currently food secure, but agriculture has played a crucial role in raising the country's sustainability and preventing the collapse of the global food supply network. Approximately 1.5% of Saudi Arabia's land area is arable, and agriculture consumes 80% of the Kingdom's limited water supply.
The Saudi government has made combined efforts to improve its agricultural sector in its Vision 2030 program. The top priority for the Kingdom is increasing efficiency in using limited natural resources while developing rural areas. Farming is an essential source of employment in Saudi Arabia, so supporting agribusiness there improves food security and lives for many. The poorest people on earth are often farmers, so providing aid via favorable farming policies in the country are likely to enhance the agriculture sector of the country during the forecast period and ultimately increase the growth of the plant growth regulators market.
Saudi Arabia Plant Growth Regulators Market: By Product Type
The Saudi Arabia plant growth regulators market is categorized into cytokinins, auxins, gibberellins, ethylene, abscisic acid, vitamins, and others. Among these, the cytokinins segment accounted for a significant market share in 2020. The segment is likely to dominate the segment during the forecast period as well. Cytokinins are required in many plant processes, such as cell division and shoot and root morphogenesis. Among the main growth factors of the cytokinin market in Saudi Arabia are increasing demand for herbal products in pharmaceuticals and cosmetics, increasing consumption of organic food and textiles, and an expanding population and growing preference for organic food. Thus, the growing use of environmentally friendly cytokinins will likely open up new potential for the cytokinins segment during the forecast period.
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Saudi Arabia Plant Growth Regulators Market: By Formulations
The Saudi Arabia plant growth regulators market is categorized into water-dispersible & water-soluble, wettable powders, and solutions. Among these, the water-dispersible & water-soluble granules segment is estimated to witness the highest CAGR during the forecast period. This is the most commonly used form of plant growth regulator in agriculture, and it has several advantages, including being non-toxic, easy to handle, and stable during transport and storage. On the other hand, the water-dispersible & water-soluble granules segment is also gaining popularity in the industry as they can be packed and supplied in solid packets.
Impact of COVID-19 on Saudi Arabia Plant Growth Regulators Market
The COVID-19 pandemic has moderately affected the growth of the Saudi Arabia plant growth regulators market. As a result of nationwide lockdown and production pause, supply chain disruption posed a significant challenge for the market. Additionally, the rise in health consciousness has resulted in a rise in the demand for organic food products, which resulted in more plants being cultivated with plant growth regulators. The pandemic impacted overall market growth in the country, however, with rising government support and favorable policies, the market is likely to rebound in the near future.
Competitive Landscape
Saudi Arabia's plant growth regulators market is highly fragmented due to the large number of companies involved. Companies active in new product development, expansion, and acquisition can stay competitive in the market. Additionally, some of the leading players are increasing their global footprint by purchasing overseas producers. Some key players in the Saudi Arabia plant growth regulators market are Evogene, Kaiima, Hazera Genetics, BioBee, Agro-Shelef, Rootility, and other prominent players.
In January 2021, Agricultural Development Fund's Director-General, Munir bin Fahd Al Sahli stated that Saudi Arabia's Agricultural Development Fund loans have increased by 300% during 2016, totaling more than 3.7 billion riyals. The senior official stated a percentage of the fund's overseas investments went toward mitigating the impact of the COVID-19 pandemic and the fund continues to support the agricultural sector in coordination with the Ministry of Environment, Water and Agriculture and National Development Fund to advance the Kingdom's food security plan.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia plant growth regulators market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia plant growth regulators market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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