Plant Growth Regulators Market Size to Grow USD 7.4 Billion by 2031 at a CAGR of 13.9% | Valuates Reports

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Jan 03, 2024, 10:45 ET

BANGALORE, India, Jan. 3, 2024 /PRNewswire/ -- Plant Growth Regulators Market is Segmented by Type (Auxins, Gibberellins, Cytokinins, Absicisic Acid, Ethylene), by Crop Type (Cereals, Oilseeds and Pulses, Fruits and Vegetables, Turf and Ornamentals, Others): Global Opportunity Analysis and Industry Forecast.

The Global Plant Growth Regulators Market was valued at USD 2.2 Billion in 2021 and is projected to reach USD 7.4 Billion by 2031, growing at a CAGR of 13.9% from 2022 to 2031.

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Major Factors Driving the Growth of Plant Growth Regulators Market

Auxins help cereals establish their roots more fully, which facilitates effective nutrient and water absorption. The market for Plant Growth Regulators (PGRs) is expanding rapidly due to the rising need for food from the world's population as well as the increased focus on sustainable agriculture. Through their effects on germination, blooming, and fruiting, among other plant processes, PGRs considerably increase agricultural production.

The need for PGRs is further driven by the use of precision farming, technological developments in agriculture, and the growth of organic farming methods. The problems posed by climate change and the unpredictability of weather patterns highlight the necessity of these regulators in order to lessen the impact on agricultural production.

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TRENDS INFLUENCING THE GROWTH OF PLANT GROWTH REGULATORS MARKET

Auxins are a family of plant growth regulators that, by their effects on several developmental stages, are essential to the production of cereals. Auxins help cereals establish their roots more fully, which facilitates effective nutrient and water absorption. Additionally, they encourage cell elongation, which increases the development of stems and shoots. Furthermore, via affecting the growth of flowers and fruits, auxins aid in the production of reproductive structures like grains. Auxins improve total cereal output and quality by maximizing these physiological processes, which makes them useful instruments in contemporary agricultural techniques for maximizing grain production.

Plant Growth Regulators, or PGRs, have become indispensable instruments in contemporary agriculture, greatly augmenting agricultural output. These controllers are essential for controlling several physiological functions in plants, including germination, blooming, and fruiting. PGRs enhance total agricultural productivity and boost crop yields by skillfully controlling these processes. The need for food production is growing due to the world's population growth. Plant Growth Regulators maximize crop growth and guarantee sustainable agricultural methods, providing a tactical response to worries about global food security. As a result, as farmers and other agricultural stakeholders look for methods to fulfill the rising need for food, the market for PGRs is expanding significantly.

Due to increased emphasis on resource efficiency and technological improvements, precision farming methods are becoming more and more popular. Plant growth regulators are essential to precision farming because they provide farmers with more control over the growth of their crops and the use of their resources. Increased yields and better crop quality as a result of this enhanced management have led to the widespread use of PGRs. Growing environmental consciousness is causing a shift in farming operations towards organic and sustainable methods. Plant Growth Regulators provide environmentally responsible crop management options, which are in line with current developments. The growing demand for crops cultivated with PGRs in sustainable and organic farming techniques is a result of customers prioritizing ecologically aware products.

Because of the variable weather patterns that impact crop growth and production, climate change presents difficulties to established agricultural operations. Plant Growth Regulators allow crops to adjust to changing climatic circumstances, which helps to lessen the effects of climate change. It is anticipated that the need for PGRs as a risk reduction technique will increase as extreme weather events occur more frequently.

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PLANT GROWTH REGULATORS MARKET SHARE ANALYSIS

In terms of type, the market was led by the auxins subsegment in 2021. Plant growth hormones called auxins control the division of cells and the synthesis of vascular tissue. In addition to encouraging fruit production, they also encourage root initiation, shoot maturation, and apical dominance, the propensity for the main stem to grow tall without side branches. Auxins can be used as promoters or retarders of root development, stimulators or retarders of cut flowers, inhibitors or promoters of leafing, etc. It is anticipated that these will also be the primary drivers influencing the size of the plant growth regulators market throughout the projected period.

In terms of crop type, the global market share of plant growth regulators in 2021 was dominated by the cereals subsegment. In cereal, plant growth regulators are employed to control the crop cycle, prevent crop lodging, and enhance grain quality and size. They help to reduce post-harvest losses and enable longer harvest intervals by postponing the ripening process. Auxins and cytokinins are important in this application because of their ability to increase plant vigor and production, which leads to larger yields of superior-quality products.

Europe led the world market in terms of region in 2021. Due to the region's high demand for fruits and vegetables and the challenging climate in many of the nations, it is anticipated that the usage of plant growth regulators to increase agricultural production will increase. Due to the growing need for plant growth regulators from countries like Germany, the UK, France, Italy, and others, Europe is one of the most important markets for these products. This might be related to the growing population in the area, which is expected to support the regional market in the years of the plant growth regulators' market prediction.

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Key Companies:

● BASF SE

● UPL Limited

● Tata Chemicals Limited

● Sumitomo Chemical Australia

● Arysta Life Science

● Bayer Crop Science AG

● Syngenta AG

● Corteva Agriscience

● Nufarm Limited

● FMC Corporation

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