Global Plant Growth Regulators Market 2024-2031

Global Plant Growth Regulators Market 2024-2031

Global Plant Growth Regulators Market Size, Share & Trends Analysis Report by Function (Plant Growth Inhibitors and Plant Growth Promoters), by Formulation (Water-dispersible & Water-Soluble Granules, Wettable Powder and Solutions), by Hormones Type (Cytokinin, Auxins, Gibberellins, Ethylene, And Others (Abscisic Acid (ABA))and by Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables and Turf & Ornamentals) Forecast Period (2024-2031)

The global plant growth regulators market is anticipated to grow at a moderate CAGR of 13.1% during the forecast period (2024-2031). The market growth is attributed to the increased demand for enhanced crop yield and quality. Plant growth regulators can be applied to help delay the commencement of root crop sprouting, promote plant development, and raise the blossom rate. These change the nutrition of the plants and help commercial agribusinesses increase the amount and quality of their agricultural produce.

Market Dynamics

Increasing Adoption of Plant Growth Regulators with Precision Agriculture

Precision farming is an innovative farming method that uses sophisticated instruments and a range of scientific procedures to enhance soil quality, raise productivity, lower labor costs, and guarantee food security. PGRs increase the activities of metabolic enzymes and the uptake of nutrients by roots, which in turn stimulates plant development. They also improve photosynthesis, promoting strong growth. PGRs can be used in precision farming to increase crop yield and quality. By lowering the demand for artificial agrochemicals, fertilizers, pesticides, and water, Plant Growth Regulators (PGRs) enable farmers to adopt sustainable farming techniques. It also makes it possible for crops to grow well with less irrigation.

Growing Demand for High-Value Crops

Plant growth regulators are essential for producing desired crop qualities, such as firmness, size, and color, which improve marketability and help farmers get paid more. High-quality, imperfection-free fruits and vegetables are in greater demand from consumers. PGRs stimulate plant development by upregulating metabolic enzyme activity and root nutrient absorption. PGRs can help farmers increase both the quantity and quality of their crops. The main market drivers include the vigorous expansion of the organic food industry and the government's promotion of sustainable agriculture.

Market Segmentation

Our in-depth analysis of the global plant growth regulators market includes the following segments function, formulation, hormone type, and crop type.

Based on the function, the market is sub-segmented into plant growth inhibitors and plant growth promoters.

Based on the formulation, the market is sub-segmented into water-dispersible & water-soluble granules, wettable powder, and solutions.

Based on hormone type, the market is sub-segmented into cytokinins, auxins, gibberellins, ethylene, and others (Abscisic Acid (ABA)).

Based on the crop type, the market is sub-segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and turf & ornamentals.

Cytokinins are Projected to Emerge as the Largest Segment

Based on the hormone type, the global plant growth regulators market is sub-segmented into cytokinins, auxins, gibberellins, ethylene, and others (ABA)). Among these cytokinin, sub-segment is expected to hold the largest share of the market. The primary factors supporting the segment's growth include increasing demand for high-quality crops and the growing need for efficient agricultural practices. The market for plant growth regulators is dominated by cytokinins owing to their essential function in fostering cell division, shoot growth, and general plant development. These hormones promote the growth and differentiation of cells, which improves crop quality and production. In many agricultural uses, such as the production of fruits and vegetables, cytokinins are commonly used to boost plant vigor, enhance flower and fruit sets, and postpone senescence. To improve plant growth and output, cytokinins are in high demand among growers worldwide, which has led to them having the greatest market share in the plant growth regulators category. Novel cytokinin formulations have also been developed as a result of research and biotechnology developments, which have further fueled their acceptance and market supremacy.

Plant Growth Inhibitors Sub-segment to Hold a Considerable Market Share

Based on function, the global plant growth regulators market is sub-segmented into plant growth inhibitors and plant growth promoters. Among these, the plant growth inhibitors sub-segment is expected to hold a considerable market share.The substantial shift in farmers' and growers' understanding of the benefits of plant growth inhibitors in controlling plant growth and development. Plants can better withstand stress and manage their excessive growth when compounds such as abscisic acid are used to induce dormancy and abscission. Plant growth inhibitors have become more popular as a means of mitigating the negative effects of abiotic stresses on crop productivity, such as salinity, drought, and high temperatures. Furthermore, improvements in R&D have produced more economical and effective plant growth inhibitors, which have accelerated the market's growth.

Regional Outlook

The global plant growth regulators market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Increasing Adoption of Plant Growth Regulators in Asia-Pacific

The growth of organic farming and the demand for sustainable agriculture are the major driving factors for the plant growth regulators market in the region.According to the World of Organic Agriculture Statistics and Emerging Trends 2023, 49.0% of the global organic producers are in Asia.

The Asia-Pacific region's unparalleled population size and mounting sustenance demand make plant growth regulators indispensable for enhancing crop yield and quality. The robust demand for agricultural products from China and India is one of the key drivers for the size and growth of the Asia-Pacific PGRs market.

North America Holds Major Market Share

North America holds a significant share owing to numerous prominent plant growth regulators companies such as Fine Americas, Inc., Syngenta Crop Protection, LLC, and PBI-Gordon Corp. The growth is attributed to the increased concerted efforts of governments and governmental bodies towards organic farming and sustainable agriculture. For instance, in August 2022, the US Department of Agriculture (USDA), invested $300 million including with American Rescue Plan funds, in a new organic transition Initiative that helped build new and better markets and streams of income for farmers and producers. Through the comprehensive support provided by this initiative, USDA hopes to reverse this trend, opening opportunities for new and beginning farmers and expanding direct consumer access to organic foods through increased production.

The major companies serving the global plant growth regulators market include BASF SE, Bayer AG, Nippon Soda Co., Ltd., Sumitomo Chemical Co., Ltd., and Syngenta Corp. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in December 2022, Corteva Agriscience announced a collaboration with NEVONEX, powered by Bosch, to explore precision application of crop protection products using on-farm data, advanced analytics, and spray equipment. The collaboration intends to create value for farmers by enabling data-driven crop protection applications with standard machine spray technology.

Recent Development

In June 2023, Truvity leveraged a €8 million ($8.65 million) investment to introduce its SDK and API to take Plant Growth Regulators mainstream. Truvity’s Plant Growth Regulators toolkit allows the secure and simple building of a digital identity ecosystem including the ability to do instant identification and verification based on the plant growth regulators principles that give companies and individuals full control over their data via their digital wallets and reusable verified credentials.