Plant Growth Regulators Market Size was valued at USD 3.70 billion in 2023. The Plant Growth Regulators market industry is projected to grow from USD 4.03 Billion in 2024 to USD 7.74 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.50% during the forecast period (2024-2032). Given the increased demand for premium food grains, the market size is anticipated to grow significantly over the next several years. The Indian Council for Agricultural Research (ICAR) reports that food grains consumed in India by 2032 will total 345 million tonnes, driving market drivers, enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
To increase their profit margins, well-known PGR enterprises focus on big fruit-producing and consuming nations like Australia and Japan. In this regard, the demand for PGRs is anticipated to increase throughout the forecast period due to the expansion of the Australian avocado industry.
Australia produced 87,546 tonnes of avocados during 2019–20, a 2% increase compared to 2018–19, according to a September 2020 report released by Avocados Australia Limited (AAL), an industry organization representing the Australian avocado sector. The use of PGRs in fruit production will likely be significant shortly, notwithstanding lower fruit output and trade during the COVID-19 crisis, according to worldwide fruit production and trade trends. The market for plant growth regulators is expected to increase due to the rising demand for improving agricultural yield and rising global consumption. The COVID-19 pandemic has increased the demand for cereals globally. The principal producers of cereals worldwide are China, India, the United States, Russia, Brazil, Argentina, Indonesia, and France. The most common cereals in the world are corn, wheat, sorghum, rice, oats, and rye. Therefore, such prominent conditions are promoting the Plant Growth Regulators' market CAGR globally in recent years.
Due to the rising population and shifting consumer habits, there is a significant demand for all types of crops, most notably grains. The increased availability of high-productive cereal varieties and significant advancements in crop production techniques are responsible for the expanding cereal production in Asian nations like China and India, pushing the growth of the Plant Growth Regulators market revenue.
The Plant Growth Regulators Market segmentation based on Crop Type includes pulses and oilseeds, fruits & vegetables, and turf & ornamentals. The fruits and vegetables segment held the majority share in 2022, contributing to around ~42-45% of the Plant Growth Regulators Market revenue. When it comes to producing fruits and vegetables, plant growth regulators are the most commonly used goods. Even though these products are more commonly employed in European nations, the licensing of novel plant growth regulators and the expansion of fruits and vegetables in other international markets, such as Western Canada, are signs of the growing usage of these regulators globally.
April 2021: For the registration of its innovative plant growth regulator (PGR) AccedeTM (active ingredient 1-aminocyclopropane-1-carboxylic acid (ACC)), Sumitomo Chemical has received US regulatory approval. A bio rational in Sumitomo Chemical's A2020 pipeline, Accede is a fruit thinner classified as a PGR.
The Plant Growth Regulators Market segmentation, based on Product Type, includes auxins, gibberellins, and ethylene. Ethylene is expected to dominate the Plant Growth Regulators Market regarding revenue and share during the forecast period. Several aspects of plant growth and development, including shoot and root growth, cell division and differentiation, senescence, apical dominance, sensitivity to abiotic and biotic stresses, and fruit and seed development, are known to be favorably impacted by the use of ethylene. The rising utilization of ethylene-based plant-based growth regulators positively impacts market growth.
The Plant Growth Regulators Market data has been bifurcated by Mode of Application into Fertigation and Foliar. Foliar application is the most commonly helpful tool for distributing plant growth regulators. Factors such as ease of use and offering superior agronomic advantages over other methods will increase the footprint of the segment. Additionally, it is anticipated that foliar spray's sales will expand as more significant and less significant conventional and organic farmers utilize it.
April 2020: In the UK, BASF debuted Attraxor, a plant growth regulator for turf and other kinds of grasses. Prohexadion(10%w/w) is the primary component. This is expected to widen the growth of the Plant Growth Regulators industry.March 2020: Moddus, a brand-new plant growth regulator that lowers the risk of lodging in oats, barley, and wheat, was registered by Syngenta Canada. Trinexapac-ethyl, an active ingredient in Moddus, has been used successfully for many years to manage lodging in grain crops worldwide.
Figure 1: Plant Growth Regulators Market, by Mode of Application, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Plant Growth Regulators market accounted for USD 1.6 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The North American market is being pushed by rising produce crop consumption, particularly in the U.S. The main produce crops in the United States are corn, cotton, fruit, tree nuts, soybean & oil crops, wheat, and pulses. Given that it is one of the top exporters of agricultural goods worldwide, Canada is likewise experiencing a significant increase in demand for all PGRs.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: PLANT GROWTH REGULATORS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Plant Growth Regulators market accounts for the second-largest market share because Western Europe’s agriculture industry has evolved in terms of what is farmed and how it is grown. In Western Europe, two main PGRs are commercially available: ethylene-releasing agents and gibberellin inhibitors. Further, the Germany Plant Growth Regulators market held the largest market share, and the UK Plant Growth Regulators market was the fastest-growing market in the European region
The Asia-Pacific Plant Growth Regulators Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increasing discretionary income and raising the region's living standards. Plant growth regulators are most often used in the Asia Pacific and China. High agricultural production is required due to the nation's rapidly growing population, which increases product demand. Moreover, China Plant Growth Regulators market held the largest market share, and the India Plant Growth Regulators market was the fastest-growing market in the Asia-Pacific region
For instance, India Plant Growth Regulators market is expected to grow with the fastest-growing CAGR during the forecast period in terms of revenue and share. In India, agricultural land has been shrinking by 30,000 hectares a year. Due to the growing population, the ongoing loss of agricultural land has become an issue. The leading cause of the drop is the utilization of arable land for non-agricultural activities. Over the projected period, it is anticipated that the product will be in higher demand due to the declining area of land used for cultivation.
Major market players focus on expanding their product portfolio by investing heavily in their research and development departments. The market leaders are focused on increasing their footprint by advancing with strategies such as key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. The market leaders in the global Plant Growth Regulators industry are also offering their products at a moderate price, due to which a broader consumer base has access.
One of the primary business strategies manufacturers adopt in the global Plant Growth Regulators industry is to increase their reliance on reducing operating costs to increase their profit margins. In recent years, the Plant Growth Regulators industry has provided various products offering a competitive advantage over its predecessor. The Plant Growth Regulators market major player such as China National Chemical Agrochemical Corporation (China), Platform Specialty Products Corporation (US), BASF SE (Germany), Bayer AG (Germany), DowDuPont (US), and others are working on expanding the market demand by investing in research and development activities.
Éleuthère Irénée du Pont de Nemours, a French-American chemist and industrialist, founded the international chemical company DuPont de Nemours, Inc., or simply DuPont, in 1802. The business began as a significant supplier of gunpowder and later played a significant part in establishing Delaware. Vespel, neoprene, nylon, Corian, Teflon, Mylar, Kapton, Kevlar, Zemdrain, M5 fiber, Nomex, Tyvek, Sorona, Corfam, and Lycra are just a few of the polymers that DuPont created in the 20th century. Its scientists also created numerous chemicals, notably Freon (chlorofluorocarbons), for the refrigerant industry. Moreover, it created synthetic paints and pigments like ChromaFlair.
Founded in 1883 as an insecticide manufacturer and headquartered in Philadelphia, Pennsylvania, FMC Corporation is a multinational American chemical manufacturing company. The US Department of War gave the company a contract to design and construct amphibious tracked landing vehicles in 1941, at the start of the US involvement in World War II. Subsequently, the company continued to diversify its product offerings. FMC has 7,000 employees worldwide, generating US$4.7 billion in gross sales in 2018.
Key Companies in the Plant Growth Regulators market include
Plant Growth Regulators Industry Developments
April 2020: Brazil, Argentina, Chile, and Columbia-based South African businesses of Nufarm Ltd were acquired by Sumitomo Chemical Co., Ltd. The company intends to establish its own regional sales and development network to supply plant growth regulator products there because South America is one of the fastest-growing crop protection markets.
April 2021: In the United States, Canada, Brazil, and Argentina, Corteva, Inc. and Symborg, a leader in microbiological technology, announced a deal for a product that uses microbes to fix nitrogen. The Corteva product, known as Utrisha N nutrient efficiency optimizer, functions in natural field circumstances, adjusting to the needs of the plant's growth and assisting in sustainably increasing crop output potential.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 3.70 billion |
| Market Size 2024 | USD 4.03 billion |
| Market Size 2032 | USD 7.74 billion |
| Compound Annual Growth Rate (CAGR) | 8.50% (2024-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2020 - 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Crop Type, Product Type, Mode of Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | China National Chemical Agrochemical Corporation (China), Platform Specialty Products Corporation (US), BASF SE (Germany), Bayer AG (Germany), DowDuPont (US), NIPPON SODA CO. LTD. (Japan), Nufarm Limited (Australia), Sumitomo Chemical Co. Ltd. (Japan), FMC Corporation (US), Tata Chemicals Ltd. (India), and Xiny(H.K.) Industrial Co. Ltd. (China) |
| Key Market Opportunities | The emergence of Enhancing Crop Resistance |
| Key Market Dynamics | Rising Fruit Export on a Global Presence Increasing Need for Crop Productivity |
Plant Growth Regulators Market Highlights:
Frequently Asked Questions (FAQ) :
The Plant Growth Regulators Market size was valued at USD 3.70 Billion in 2023.
The global market is projected to grow at a CAGR of 8.50% during the forecast period 2024-2032.
North America had the largest share in the global market
The key players in the market are China National Chemical Agrochemical Corporation (China), Platform Specialty Products Corporation (US), BASF SE (Germany), Bayer AG (Germany), and DowDuPont (US),
The fruits and vegetables crop type category dominated the market in 2023.
The foliar Mode of Application had the largest share in the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
