Plant Growth Regulators Market

Plant Growth Regulators Market Insights

"The global plant growth regulators market size was estimated at USD 2.26 billion in 2022 and is likely to grow at a CAGR of 7.79% during 2023-2028 to reach USD 3.58 billion in 2028."

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Introduction

The chemical substances that control the growth aspects and development within the plant completely are called plant growth regulators. They are used to modify aspects line increasing branching, suppressing the growth of shoots, increasing return bloom, removal of excess fruit, or altering fruit maturity.

There are numerous factors affecting the performance of plant growth regulators such as how well the plant absorbs the chemical, vigor, and age of the tree, dosage, timing, and the weather conditions before, after, and during the application.

Plant Growth Regulators Market Dynamics

Plant Growth Regulators Market Drivers

Increasing food demand

The global population is estimated to grow from 8.2 billion in 2024 to over 10.3 billion by the mid-2080s as per the United Nations Department of Economic and Social Affairs, Population Division. To serve the growing population, the food demand will also grow, that is forecasted to surge 35-56% between 2010 to 2050. Plant growth regulators enhance crop quality and yield while improving post-harvest shelf life. With rising global food needs and climate challenges, the need for plant growth regulators will also grow to boos agricultural productivity.

Widespread adoption of precision farming

Precision farming is expanding globally due to increasing technological advancements. Integrating plant growth regulators (PGRs) with precision farming leads to substantial growth of agricultural productivity. PGRs are used in almost every step of precision farming including crop breeding for desirable traits, crop management for early or late harvesting, disease resistance for inducing tolerance in plants, targeted fertigation of PGRs in required plant parts, etc. The widespread usage further drives the market globally.

Shrinking cropland

With the growing population and urbanization, arable land continues to reduce and convert for other purposes to meet other demands. PGRs here plays a significant role enabling intensive, climate-resilient agriculture, addressing food demand without proportional land expansion. PGRs also manage crop height, regulating ripening and early harvesting in a restricted areas by manipulating plant hormones leading to compact plant growth in space-constrained environments.

Plant Growth Regulators Market Challenges

Easy availability of alternatives

The growing popularity of plant growth regulators’ alternatives in the market and lack of awareness are hampering the global need of PGRs especially in the Asian market, which is primarily ruled by agricultural production and export still uses a traditional method of farming.

Plant Growth Regulators Market Opportunities

Increasing infrastructure and landscaping

Rapidly changing global economic growth and increasing infrastructure globally is promoting landscaping, recreation and beautification of the surroundings. Earlier PGRs have been used for professional turf and sports industries, but now they are being considered more often for residential and recreational use because of its potential benefit in lawn turfing, gardening, and aestheticization.

Growing demands for medicinal and aromatic plants

The growing trend of herbal, organic, and essential oils is expected to drive the medicinal and aromatic plants market in the near future with increasing demand of natural care products globally. Medicinal plants and derivates are also tremendously operating the pharmaceutical industry because of consumers’ shift towards ayurveda and traditional care products. Usage of fertilizers and pesticides can diminish the quality of produce and affect the authenticity of the product, to overcome this issue PGRs can be used in an adequate amount to induce desired qualities without deteriorating the harvest, therefore to meet the global demand and to maintain the supply chain market PGRs will play a crucial role in production technology of the medicinal and aromatic plants.

Segments' Analysis

Product Trends

"The cytokinins segment accounted for the largest market share."

The market is segmented as cytokinins, auxins, gibberlins, and ethylene. Cytokinin is estimated to be the largest product type in the market over the forecast period on account of its wide range of applications, making it useful in cell division, delay in senescence, dormancy breaking, and it also being as a growth stimulant.

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Application Trends

"The fruits & vegetables segment accounted for the largest market share."

The market is segmented as fruits & vegetables, cereals & grains, oil seeds & pulses, and turf & ornaments. Fruits & vegetables are estimated to be the fastest-growing application type in the plant growth regulators market during the forecast period. Further, growing population resulting in an increased demand for food and its production is the major factor fueling the segment growth over the forecast period.

Regional Insights

"Europe accounted for the largest market share."

Europe is estimated to account for the major share of the market during the forecast period owing to growing consumer awareness regarding product usage and advantages, and rising disposable incomes in the region. On the other hand, Asia-Pacific is estimated to register the highest growth rate in the market on account of increase in favorable agricultural policies for farmers made by the government and increase in product knowledge among consumers, fueling the regional market growth over the forecast period.

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Key Players

The following are the key players in the plant growth regulators market (arranged alphabetically).

• Adama Agricultural Solutions Ltd.
• Arysta Lifescience Corporation
• BASF SE
• Bayer AG
• DuPont de Nemours, Inc.
• Nippon Soda Co Ltd.
• Nufarm Limited
• Syngenta AG
• Tata Chemicals Ltd.
• Valent Biosciences LLC.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at [email protected].

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

The market is segmented into the following categories:

By Product Type

• Cytokinins
• Auxins
• Gibberlins
• Ethylene

By Application Type

• Fruits & Vegetables
• Cereals & Grains
• Oil Seeds & Pulses
• Turf & Ornaments

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s plant growth regulators market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].