Plant Growth Regulators Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Plant Growth Regulators Market
The plant growth regulators market size was valued at USD 4.23 billion in 2023, and the market is now projected to grow from USD 4.67 billion in 2024 to USD 11.50 billion by 2032, exhibiting a CAGR of 11.91% during the forecast period of 2023-2032.
COVID-19 has affected farmers immensely through social distancing and market closures, especially in developing countries, especially the smallholder farmers. While some big companies like Corteva managed to minimize disruptions by closely monitoring their supply chain, overall, the pandemic has brought challenges to the plant growth regulators market growth.
Governmental policies to increase the productivity of crops associated with increased demand from all over the world stipulate in the plant growth regulators market share. There is an increased demand for cereals in the world especially in the big producers such as China, India, and the U.S. The biggest factor that pushed this demand is the concern over the safety and security of the food supply.
Another significant trend in the PGR market is the presence of top plant growth regulators market share that are expanding their market share in major fruit-producing countries such as Australia and Japan to maximize profit. The growth of Australia's avocado industry is set to drive PGR demand. Eurostat's report reveals EU countries harvested about 8.6 million tons of summer fruits in 2022, with Spain leading in watermelon and muskmelon production. Historical fruit production and trade data suggest ongoing significant plant growth regulators market use in fruit cultivation.
Comprehensive Analysis of Plant Growth Regulators Market
The market is experiencing rapid growth driven by its segmented approach. Detailed regional evaluations are conducted, focusing on the dominant factors influencing the agricultural benefit management sector. Segmentation includes systematic categorization by types and crop varieties. The types include, Cytokinins, Auxins, Gibberellins, Ethylene, and Others. The crop types include, Cereals, Oilseeds & Pulses, Fruits & Vegetables, Turf & Ornamentals, and Others.
North America was in the top position in the market with consumption of materials like grains, oilseeds, and legumes elevated by consumers in the United States such as maize, cotton, fruit, and soybeans. Canada, majorly involved in agriculture exports, requires nearly 100,000 tonnes each year of growth regulators for these substances, especially in its western region where farming is undergoing changes from conventional least productive types like non-GMO oats to high-yielding ones for instance sunflowers which make use of ethylene-releasing agents as well as gibberellin inhibitors.
Major suppliers are instrumental to the development of agriculture and the standards set for the market and promoting a fair competitive market. Such players comprise of BASF SE (Mannheim, Germany), Bayer AG (Leverkusen, Germany), Corteva, Inc. (Delaware, U.S.), Syngenta AG (Basel, Switzerland), Nufarm Ltd. (Melbourne, Australia), Sumitomo Chemical Co. Ltd. (Ehime, Japan), UPL Limited (Mumbai, India), FMC Corporation (Pennsylvania, U.S.), Tata Chemicals Ltd. (Mumbai, India) and Sichuan Guoguang Agrochemical Co., Ltd (Sichuan, China).
In August 2023, Plant growth regulator Mandolin used on citrus, was introduced to the already massive product range of AMVAC which is a global issuer of agricultural innovations.
Segmentation Table
GlobalPlant Growth Regulators Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Growth Rate CAGR of 11.91% from 2024 to 2032
Historical Period 2019-2022
Unit Value (USD Billion)
Segmentation By Type, Crop Type, and Region
By Type Cytokinins
Auxins
Gibberellins
Ethylene
Others
By Crop Type Cereals
Oilseeds & Pulses
Fruits & Vegetables
Turf & Ornamentals
Others
By Region North America (By Type, Crop Type, and Country)
- U.S.
- Canada
- Mexico
Europe (By Type, Crop Type, and Country)
- France
- Germany
- U.K.
- Spain
- Italy
- Rest of Europe
Asia Pacific (By Type, Crop Type, and Country)
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
South America (By Type, Crop Type, and Country)
- Brazil
- Argentina
- Rest of South America
Middle East & Africa (By Type, Crop Type, and Country)
- U.A.E.
- South Africa
- Rest of the Middle East & Africa
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