Plant Growth Regulators Market to Reach $5.41 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 7, 2024 /PRNewswire/ -- According to a new market research report titled, 'Plant Growth Regulators Market by Type (Cytokinins, Auxins, Gibberellins, Ethylene, Abscisic Acid), Formulation (Wettable Powders, Solutions), Function (Promoters, Inhibitors), Crop Type (Cereals & Grains, Fruits & Vegetables)—Global Forecast to 2030,' in terms of value, the plant growth regulators market is expected to reach $5.41 billion by 2031, at a CAGR of 9.0% from 2024 to 2031, while in terms of volume, the market is expected to reach 126,145.1 tons by 2031, at a CAGR of 6.6% from 2024 to 2031.

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Plant growth regulators (PGRs) are natural or synthetic chemicals used to modify plant growth, such as increasing branching, suppressing shoot growth, increasing return bloom, removing excess fruit, or altering fruit maturity. In agriculture and horticulture, plant growth regulators are frequently used to manipulate plant growth and development for various purposes. Farmers and gardeners use them to control the height and branching of crops, induce flowering, delay fruit ripening, and improve overall crop yield and quality.

The growth of this market can be attributed to several factors, including the increasing need for sustainable agricultural practices, growth in organic farming & the rising demand for organic food, increased investments from leading market players, and the rising demand for high-value crops. Moreover, emerging countries with agricultural diversity and extensive arable lands are expected to offer growth opportunities for the players operating in this market.

However, the regulatory and financial hurdles for new market entrants and farmers' limited awareness about plant growth regulators are restraining the growth of this market. Additionally, lengthy product registration and approval procedures are a major challenge impacting market growth.

Key Players:

The key companies operating in the plant growth regulators market include BASF SE (Germany), Corteva, Inc. (U.S.), Syngenta AG (A Part of China National Chemical Corporation/ChemChina) (Switzerland), FMC Corporation (U.S.), Nufarm Limited (Australia), Bayer AG (Germany), UPL Limited (India), Sumitomo Chemical Co., Ltd. (Japan), Tata Chemicals Ltd. (India), Nippon Soda Co., Ltd. (Japan), Barclay Chemicals Manufacturing Limited (Ireland), Fine Americas Inc. (U.S.), Hangzhou Tianlong Biotechnology Co., Ltd. (China), Sichuan Guoguang Agrochemical Co., Ltd. (China), and Sikko Industries Limited (India).

The plant growth regulators market study presents historical market data in terms of value & volume (2022 and 2023), estimated current data (2024), and forecasts for 2031. This market is segmented by type, formulation, function, crop type, and country. 

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Key Findings in the Plant Growth Regulators Market Study:

Based on type, the plant growth regulators market is segmented into cytokinins, auxins, gibberellins, ethylene, abscisic acid, and other types. The cytokinins segment is expected to account for the largest share of 40% of plant growth regulators market in 2024. The segment's large share is mainly attributed to the numerous advantages offered by cytokinins in enhancing and controlling various aspects of plant development and growth, including shoot and root growth, cell division, senescence, apical dominance, biotic stress response, differentiation, and fruit and seed development. The extensive application of cytokinins in mature plants to support growth and aid in the recovery of wounded plant parts contributes to its increased demand.

However, the gibberellins segment is projected to witness the highest growth rate of more than 11% during the forecast period of 2024–2031. This growth is driven by the increasing demand for high-quality crops and the need for improved agricultural practices. Furthermore, farmers' increasing preference for the usage of gibberellins, due to their potential to promote plant development under uncontrollable and unprecedented atmospheric conditions, is expected to boost the gibberellins market growth significantly in the next few years.

Based on formulation, the plant growth regulators market is segmented into water-dispersible & water-soluble granules, solutions, and wettable powders. The water-dispersible & water-soluble granules segment is expected to account for the largest share of 51% of the plant growth regulators market in 2024. The segment's large share is mainly attributed to the numerous advantages offered by water-dispersible & water-soluble granules, including ease of handling and mixing, rapid dissolution, minimal dust generation, improved stability, and longer shelf life when compared to certain liquid alternatives.

Based on function, the plant growth regulators market is segmented into plant growth promoters and plant growth inhibitors. The plant growth promoters segment is expected to account for the larger share of the plant growth regulators market in 2024. The segment's large share is mainly attributed to the rising concerns about soil erosion and the growing practice of organic farming across the globe. Plant growth promoters enhance various aspects of plant growth, including cell division, cell enlargement, flowering, nutrient uptake improvement, and seed formation, all of which contribute to improved crop quality and productivity.

Based on crop type, the plant growth regulators market is segmented into cereals & grains, fruits & vegetables, oilseeds & pulses, turf & ornamentals, and other crops. The cereals & grains segment is expected to account for the largest share of 32% of the plant growth regulators market in 2024. The segment's large share is mainly attributed to the growing need to increase cereal & grain production, the need to minimize the risk of lodging in cereals & grains, and the rising production of cereals in Asian countries like India and China. These countries have witnessed significant advancements in crop production practices and have access to high-yield cereal varieties. Furthermore, governments worldwide actively support cereals & grains production due to the critical role these crops play in ensuring food security. Government policies and subsidies often promote the use of modern agricultural practices, including the application of plant growth regulators.

However, the fruits & vegetables segment is projected to witness the highest growth rate during the forecast period of 2024–2031. This growth is driven by the increase in fruit and vegetable production globally, the rising demand for chemical-free organic fruits and vegetables, and the increasing application of plant growth regulators in fruit and vegetable crops. Furthermore, plant growth regulators are used in the cultivation of fruits and vegetables to regulate ripening and extend post-harvest shelf life. They extend harvesting periods by delaying the natural ripening process, allowing for more productive harvesting cycles.

Based on geography, in 2024, Europe is expected to account for the largest share of 38% of the plant growth regulators market. Europe plant growth regulators market is estimated to be worth USD 1.14 billion in 2024. The large share of this region is attributed to the region's rising population, decreasing arable land, rising need for enhanced crop productivity, advances in farming practices and technology, and increasing government initiatives to boost organic farming.

However, the Asia-Pacific plant growth regulators market is slated to register the highest CAGR of more than 12% during the forecast period. The growth of this regional market is driven by factors such as the region's significant agricultural lands, rapid population growth, increasing demand for improved agricultural productivity and yields, and the rising preference for high-quality agricultural products and organic produce. These factors are anticipated to drive the utilization of plant growth regulators in countries across Asia-Pacific, with notable emphasis on China and India.

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Scope of the Report:

Plant Growth Regulators Market Assessment—by Type

• Cytokinins
• Auxins
• Gibberellins
• Ethylene
• Abscisic Acid
• Other Types

Plant Growth Regulators Market Assessment—by Formulation                   

• Water-dispersible & Water-soluble Granules
• Solutions
• Wettable Powders

Plant Growth Regulators Market Assessment—by Function         

• Plant Growth Promoters
• Plant Growth Inhibitors

Plant Growth Regulators Market Assessment—by Crop Type

• Cereals & Grains
  • Maize/Corn
  • Wheat
  • Rice
  • Other Cereals & Grains
• Fruits & Vegetables
• Oilseeds & Pulses
• Turf & Ornamentals
• Other Crops 

Plant Growth Regulators Market Assessment—by Geography

• Europe
  • France
  • Germany
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific (RoAPAC)
• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America (RoLATAM)
• Middle East & Africa

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