Global Plant Growth Regulators Market Assessment, By Type [Auxins, Cytokinin, Gibberellins, Ethylene, Others], By Crop Type [Cereals and Grains, Fruits and Vegetables, Oilseeds and Pulses, Turf and Ornamentals], By Function [Promoters, Inhibitors], By Region, Opportunities and Forecast, 2017-2031F

Global plant growth regulators market is projected to witness a CAGR of 7.22% during the forecast period 2024-2031, growing from USD 3.28 billion in 2023 to USD 5.73 billion in 2031. Plant growth regulators, or PGRs, are chemicals that regulate plant growth and development. They alter features such as enhanced branching, shoot growth suppression, return bloom increase, excess fruit removal, or fruit maturity. Furthermore, various factors influence the performance of plant growth regulators, including how well the plant absorbs the chemical, the vigor and age of the tree, dosage timing, and the weather conditions before, during, and after application.

The market for plant growth regulators has grown steadily in recent years, driven by rising demand for increased agricultural productivity and crop yield optimization. Farmers and growers employ PGRs to control plant growth, improve crop quality, increase yield, and offset the effects of harsh environmental conditions. Furthermore, using PGRs in horticulture, floriculture, and grass management has boosted market growth. Factors influencing the global market for plant growth regulators include population increase, changing dietary choices, and the need for sustainable agriculture techniques.

As a result, the industry will likely continue growing, driven by rising food demand and the desire to increase agricultural productivity while reducing resource consumption. Additionally, the plant growth regulators market is expanding due to the growing popularity of organic farming. As more farmers switch from traditional to organic agricultural methods, there is an increased demand for PGRs, particularly those generated from natural resources. These natural PGRs are sought after as they are compatible with organic agricultural practices and can promote plant growth while maintaining environmental sustainability. Furthermore, with major players investing in research and development, the future market for PGRs appears favorable, with great opportunities to improve agricultural production and sustainability.

For example, in July 2022, the United States Department of Agriculture (USDA) launched Organic Transition Initiative (OTI). This USD 300 million investment offers technical assistance to producers interested in transitioning to organic farming.

Technological Advancements in the Agriculture Sector

Technical innovations have altered the agricultural sector, particularly the market for plant growth regulators. These advances have paved the way for creating more effective and efficient PGRs, which play an important role in increasing crop output, improving crop quality, and mitigating environmental stress factors. Precision farming has helped to drive up demand for plant growth regulators in the market. The modern strategy relies largely on innovative technology to improve resource utilization, reduce environmental impact, and increase crop yields. In this setting, PGRs have evolved into an essential component of precision farming, assisting farmers in achieving optimal agricultural results. Thus, the global plant growth regulators industry is seeing increased demand, particularly for PGRs with protective qualities. As more farmers recognize the benefits of integrating PGRs into their farming methods, the demand for new and efficient plant growth regulators is expected to increase.

For instance, in March 2023, Sumitomo Chemical Co., Ltd. launched a plant growth regulator called Promalin in Himachal Pradesh, India. It is a game-changer for apple growers and is expected to boost the production of apples in Himachal Pradesh, Jammu & Kashmir, and Uttarakhand.

Adoption of Sustainable Farming Methods

Organic farming and novel indoor farming methods, such as greenhouses and glass houses, are becoming increasingly popular. These approaches perfectly align with sustainable agriculture's ideals, as they prioritize resource efficiency, reduce environmental impact, and promote healthy crop development. Plant growth regulators stimulate crop yield by reducing environmental stressors and increasing crop resistance. Farmers can use PGRs to improve yields, optimize input management, and greatly contribute to the agricultural sector's overall productivity.

For instance, in February 2024, The Agriculture and Farmer’s Welfare Minister of the state government of Tripura, announced the establishment of two new organic farming research institutes to boost organic farming in Tripura, India.

Auxins Dominate the Market

Auxins are a class of plant growth regulators that control many aspects of plant development, including cell division and vascular tissue production. They are essential in stimulating root initiation, enabling shoot maturation, and preserving apical dominance, which refers to the main stem's inclination to grow taller while not forming side branches. Furthermore, Auxins help fruits develop and ripen by controlling cell expansion, cell division, and hormone synthesis. Given their critical function in plant growth and development, auxins are projected to be the primary driver of the global plant growth regulators market. Their versatile application and modulation capabilities make them an indispensable tool for farmers, horticulturists, and researchers.

For instance, in December 2022, Krishak Bharati Cooperative (KRIBHCO) launched SIVARIKA, a seaweed bio simulant. Its granules are fortified with seaweed extract derived from red and brown algae. It functions as a metabolic bioenhancer containing proteins, carbohydrates, inorganic salts and other nutrients, vitamins, and plant growth hormones, including auxins, cytokinin, gibberellins, etc.

Europe Dominates Plant Growth Regulator Market

Europe dominates the global plant growth regulators market due to the region's increased embrace of sustainable agriculture techniques. Europe has a robust agricultural business producing diverse commodities, including fruits, vegetables, grains, and ornamentals. Farmers and producers in the region are employing innovative agricultural strategies to improve crop output, quality, and sustainability. Plant growth regulators have been crucial in reaching these objectives. European farmers increasingly use PGRs to control plant growth, increase fruit and vegetable yields, and improve crop uniformity.

Furthermore, Europe's well-established horticulture industry, which includes floriculture and vineyards, relies heavily on PGRs to deliver high-quality harvests while meeting market demands. Furthermore, European pesticide and herbicide use is governed by tight rules and standards. Plant growth regulators are considered safer and more ecologically friendly crop management tools. Farmers are drawn to PGRs because of the region's emphasis on sustainable agriculture and low chemical inputs. European authorities have aggressively encouraged the responsible use of PGRs, accelerating their uptake. These efforts have helped to advance the growth and development of plant growth regulators in the region.

For instance, in January 2023, the European Union launched the NUTRI-KNOW initiative, which aims to modernize the agricultural industry by gathering data from 11 organizations in six countries, including Spain, Belgium, Ireland, and Italy. The groups have developed a variety of solutions, including technologies, tools, fertilizer products, and recommendations for the sustainable farming value chain.

Future Market Scenario (2024 – 2031F)

·         Increasing investment in the agriculture sector and the increasing trend of organic farming is expected to boost the demand for plant growth regulators.

·         Global demand for all crops, including cereals and grains, is increasing as the world's population grows and consumer lifestyles change, likely boosting the global plant growth regulators market.

·         Technological breakthroughs such as new growth hormones and nano sensors for rapid testing of PGRs have the potential to change agricultural productivity, which is projected to fuel market growth in the future.

Report Scope

“Plant Growth Regulators Market Assessment, Opportunities, and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global plant growth regulators market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2023
Historical Period	2017-2022
Forecast Period	2024-2031
Projected Growth Rate	CAGR of 7.22% between 2024 and 2031
Revenue Forecast in 2031	USD 5.73 billion
Segments Covered	Type, Crop Type, Function
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profile	BASF SE, Bayer AG, CHR Hansel Holdings A/S, Corteva, Inc., FMC Corporation, NuFarm Agriculture, Inc., Sumitomo Chemical Co., Ltd., Syngenta AG, Tata Chemicals Ltd., Xinyi (H.K.) Industrial Co., Ltd.,
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In this report, global plant growth regulators market has been segmented into the following categories: 

·         By Type

o   Auxins

o   Cytokinin

o   Gibberellins

o   Ethylene

o   Others

·         By Crop Type

o   Cereals and Grains

o   Fruits and Vegetables

o   Oilseeds and Pulses

o   Turf and Ornamentals

·         By Function

o   Promoters

o   Inhibitors

·         By Region

o   North America

o   Europe

o   Asia-Pacific

o   South America

o   Middle East and Africa

Key Players Landscape and Outlook

Major market players in global plant growth regulators market are eager to introduce new crop-targeted goods, especially in the fruit and vegetable category. Market leaders invest in R&D for affordable and effective products. Multinational corporations employ strategic techniques such as mergers and acquisitions to expand their footprint in developing markets.

In January 2023, Valiant Biosciences LLC announced the acquisition of FBSciences Holding, Inc. With the acquisition, Valent BioSciences and its parent company, Sumitomo Chemical Co., Ltd., have expanded their product portfolio with integrated biorational solutions, such as bio stimulants, biopesticides, and crop nutrition solutions.

Key Players Operating in the Global Plant Growth Regulators Market are:

·         BASF SE

·         Bayer AG

·         CHR Hansen Holdings A/S

·         Corteva, Inc.

·         FMC Corporation

·         NuFarm Agriculture, Inc.

·         Sumitomo Chemical Co., Ltd.

·         Syngenta AG

·         Tata Chemicals Ltd.

·         Xinyi (H.K.) Industrial Co. Ltd.

Markets and Data’s reports answer the following questions:

·         What is the current and future market size of the product/service in question globally or specific to different countries?

·         How are the markets divided into different product/service segments and the market size and growth of each segment?

·         What is the market potential of different product segments and their investment case?

·         How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

·         What is the business environment and regulatory landscape specific to the product/service?

If you can't find what you're searching for or have any custom requirements for global plant growth regulators market, you may approach our team at info@marketsandata.com