Plant Growth Regulators Market Size (2023 - 2030)

The global plant growth regulators market size is estimated to reach USD 2.20 billion in 2018 and is expected to grow with a CAGR of 6.47% and to reach USD 3.98 billion by 2030. 

Plant growth regulators are the chemical substances that firmly esteem the growth and segregation of plant tissues, cells, and organs. These plant growth regulators are to upgrade the biological response of the plants. It aids the expansion and growth of plants including the formation of flowers and leaves, widening of stems, and enhancement of fruits. 

Plant growth regulators are the normal and artificial chemicals applied or sprinkled for a speed that provides growing disease and insect resistance. Across the horticulture and agricultural production systems, plant growth regulators have become an integral part.  

MARKET DRIVERS

Factors like rising demand for organically produced plant crops are prepared to propel market growth. Consumers choose healthier and more nutritious diet options for the fruits and vegetable market demand. Moreover, the demand for plant growth regulators is fostering due to the downturn farming is integrated with mushrooming demand for organic food. 

Ongoing research and development activities integrated with growing investments in agricultural activities provide profitable growth opportunities. 

MARKET RESTRAINTS

However, the absence of knowledge in farming in rural areas and ignorance in farmers hinders the market growth in the plant growth regulators market.

PLANT GROWTH REGULATORS MARKET REPORT COVERAGE

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Segmentation Analysis

The global plant growth regulators market has been segmented and sub-segmented based on the following categories:

Plant Growth Regulators Market - By Type

• Cytokinins
• Auxins
• Gibberellins
• Ethylene

Cytokinins type is preceding the plant growth regulators market with the highest market share. Cytokinins are mostly consumed and hold up to 40% of the market share. Cytokinins are the quickest-growing across the timeline period. Cytokinins develop stress patience and foster protein synthesis. 

Auxins segment is likely to have an average growth rate over the forthcoming years. To regulate the growth process in the plant cells, auxins are used as rooting hormones. Auxins are more efficient when collaborating with cytokinins to select their effects. 

Plant Growth Regulators Market - By Crop Type

• Fruits & Vegetables
• Cereals & grains
• Oilseeds & pulses
• Turf & ornamentals 

By crop type, the fruits and vegetable segment acquired the highest share in 2017. The demand for food is increasing enormously with the growth in the population at the global level. Most of the plant growth regulators are organic because of which the fruits and vegetable application is booming. Consumers are more knowledgeable about fruits and vegetables and their surging salary levels. 

The cereals and grains segment is expected to experience substantial growth in the plant growth regulators market. The demand for organic cereals and grains from developed and developing regions is forcing the farmers to cultivate more organic crops predicted to boost the cereals and grains segment growth. 

Plant Growth Regulators Market - By Function

• Plant growth promoters
• Plant growth inhibitors

During the plant growth stages, the promoters segment has a positive influence on the plant growth regulators market. The demand for plant growth promoters is mounting in different fruits and vegetables to amplify the flowering process for the increase in yield. The above-mentioned factors magnify the rising demand for promoter function segment growth.

The plant growth inhibitors are used to impede plant growth processes like root and stem strengthening, seed germination, and bud opening.  

Plant Growth Regulators Market - By Formulation

• Water-dispersible & water-soluble granules
• Solutions
• Wettable powders

By formulation, the water-dispersible and water-soluble granules segment accounts for the largest share in the plant growth regulators. The segment provides great stability and easy handling during the supply chain activities. 

Regional Analysis

Europe is dominating the plant growth regulators market in terms of revenue. The growth in Europe owes to the dwindling number of arable land and the endorsement of governments for organic farming. In Europe, the total area under organic farms was more than 12million hectares and is expected to grow with a strong CAGR. The demand for fruits and vegetables combined with the growing number of the organic number of certified organic farmlands urge the plant growth regulators applications to mushroom agronomic fields. 

North America accounts for the second-largest region growing in terms of revenue. The rising health issues mount the demand for fruits and vegetables as consumers select healthy and more nutritious diet options. The easy availability of advanced technologies and highly experienced professional farming are propelling the market demand. 

Asia-Pacific is scheduled to hold an immense share in the plant growth regulators globally. The endless fall in agricultural land, rising population, and the demand for food have carted growers to use organized agri-inputs like plant growth promoters. Australia, China, India, and Japan are contributing a major share to the plant growth regulators market. 

Latin America - Developing countries like Brazil have a strong production of fruits and vegetables, and cotton. 

The Middle East and African market for plant growth regulators are anticipated to grow with a CAGR of 6.2% throughout the forecast period. In Egypt and South Africa, the demand for fruits is increasing and the application for plant growth regulators on fruit crops is increasing endlessly. 

South Africa is the quickest-growing plant growth regulators market across the period. In Africa, plant growth regulators are increasingly used for vegetables like onions, tomatoes, and potatoes. The fruit cultivation is mounting which is driving the PGR market growth. The demand for plant growth hormone is high in South Africa. For example, Zagro partnered with local retailers to stimulate the plant growth regulator market share. 

Key Market Players

Syngenta (Switzerland), BASF (Germany), The Dow Chemical Company (US), Bayer CropScience (Germany), Nufarm (Australia), and ADAMA (Israel) are the top key players in the plant growth regulators market. 

Recent Market Developments

• On October 06, 2022, DOW circulated plans to build the world's first zero-carbon emissions mixed ethylene cracker and derivatives concerning the scope 1 and 2 emissions.
• On August 20, 2022, Bayer Crop Science and Pinduoduo partnered for its annual Smart Agriculture Competition. 

COVID-19 Impact on Plant Growth Regulators Market

The widespread of the novel coronavirus (COVID-19) has spread to every corner of the world. During the first half of the pandemic period and due to severe lockdowns, the supply of raw materials required for plant growth has paused. Later, once the lockdown has lifted, the agriculture sector has seen a positive impact.