ID: MRFR/AGR/5729-HCR | February 2023 | Region: Global | 90 Pages
Plant Growth Regulators Market is projected to register a CAGR of 10.23% and reach a value of USD 6.79 billion by 2030.
$6.79 Billion
10.23%
Asia-Pacific
2022-2030
Plant growth regulators market is expected to reach approximately USD 6.79 billion by 2030, at a CAGR of 10.23% from 2022 to 2030. Plant growth regulators are chemical substances that alter plant physiological processes and nutrients. Crop-specific product development has been the primary method used by the plant growth regulator business to increase global market penetration. The shrinking area under cultivation worldwide is putting pressure on scarce cultivable land to fulfill rising food demand. As a result, sales of plant growth regulators are expected to skyrocket to fulfill increased demand for agricultural products as they aid in the regulation of plant development. Furthermore, increased investment in agriculture, mostly in developing nations, will likely generate profitable prospects for market participants during the projection period.
Due to their ability to control shoot heights, avoid lodging in intensive cereal production, and stimulate latex flow in rubber plants. Compared to traditional fertilizers, these properties stimulate plant development and quicken the manufacturing process, which is projected to benefit market growth in the next years. Plant growth regulators are valuable production tools that can increase product quality and marketability while cutting labor costs for trimming, pinching, and maintenance. Over the last few decades, they have been a vital component of many horticulture and agricultural production systems.
Segmentation
The plant growth regulators market has been segmented based on origin, crop type, product type, form, function, mode of application, and region.
By origin, the global plant growth regulators market has been classified as natural and synthetic.
Based on crop type, the market is segregated as pulses & oilseeds, grains & cereals, fruits & vegetables, turf & ornaments, and others.
By product type, the global plant growth regulators market has been classified as auxins, gibberellins, ethylene, cytokinins, abscisic acid, and others.
On the basis of form, the market is segregated into granules, powder, and liquid.
Based on function, the global plant growth regulators market is segmented into plant growth promoters and plant growth inhibitors.
By mode of application, the market is categorized as fertigation, foliar, and others.
The global plant growth regulators market has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American plant growth regulators market has further been segmented into the US, Canada, and Mexico. The European plant growth regulators market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The plant growth regulators market in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The plant growth regulators market in the rest of the world has been segmented into South America, the Middle East, and Africa.
Regional Market Summary
Global Plant Growth Regulators Market Share (%), by Region, 2021
Source: Secondary Sources and MRFR Analysis
Asia-Pacific is expected to grow with the highest CAGR during the forecast period due to the presence of several market players in the region and surging agricultural exports. Europe is expected to account for the largest revenue share in the global plant growth regulators market. The regions dominance can be attributed to the rising preference of consumers towards natural and organic food products. In addition, surge in crop production and increasing government initiatives in Europe’s agriculture industry are also driving the region’s market growth.
Global Plant Growth Regulators Market, by Origin
Global Plant Growth Regulators Market, by Crop Type
Global Plant Growth Regulators Market, by Product Type
Global Plant Growth Regulators Market, by Form
Global Plant Growth Regulators Market, by Function
Global Plant Growth Regulators Market, by Mode of Application
Global Plant growth regulators Market, by Region
Key Players in the Plant Growth Regulators Market
Intended Audience
Report Attribute/Metric | Details |
---|---|
Market Size | USD 6.79 Billion |
CAGR | 10.23% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Crop Type, Product Type, Mode of Application, Origin, Form, Function, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | China National Chemical Agrochemical Corporation (China), BASF SE (Germany), Platform Specialty Products Corporation (US), Bayer AG (Germany), NIPPON SODA CO., LTD. (Japan), DowDuPont (US), Nufarm Limited (Australia), FMC Corporation (US), Sumitomo Chemical Co., Ltd. (Japan), Xiny(H.K.) Industrial Co., Ltd. (China), and Tata Chemicals Ltd. (India) |
Key Market Opportunities | Increased investment in agriculture, mostly in developing nations |
Key Market Drivers | Ease of production and immediate & efficient results achieved by the application of these regulators |
Fertigation is the largest application segment in the global plant growth regulators market.
Ease of production and immediate & efficient results achieved by the application of these regulators, are major tailwinds pushing the growth of the global plant growth regulators market.
China National Chemical Agrochemical Corporation (China), BASF SE (Germany), Platform Specialty Products Corporation (US), Bayer AG (Germany), NIPPON SODA CO., LTD. (Japan), DowDuPont (US), Nufarm Limited (Australia), FMC Corporation (US), Sumitomo Chemical Co., Ltd. (Japan), Xiny(H.K.) Industrial Co., Ltd. (China), and Tata Chemicals Ltd. (India), are some of the top players operating in the global plant growth regulators market.
Europe holds the largest share in the global plant growth regulators market, followed by North America and the Asia Pacific, respectively.
High costs of the product is a major growth impeder for the global plant growth regulators market.