Plant Growth Regulators Market (2024-2031)
The Plant Growth Regulators Market was valued at $2.72 billion in 2023. This market is expected to reach $5.41 billion by 2031, from an estimated $2.96 billion in 2024, at a CAGR of 9% during the forecast period 2024-2031. Plant Growth Regulators Market Size & Forecast While in terms of volume, the
- Published
- Mar 2024
- Pages
- 255
- Format
- PDF + Excel
- Report ID
- MRAGR - 1041004
- Base year
- 2023
- 2023 · BASELINE
- $2.72B
- 2031
- $5.41B
- CAGR 2024–2031
- 9%
2023 baseline · 2024–2031 forecast at 9% CAGR · hover a bar for the value
Key highlights
The Plant Growth Regulators Market was valued at $2.72 billion in 2023.
This market is expected to reach $5.41 billion by 2031, from an estimated $2.96 billion in 2024, at a CAGR of 9% during the forecast period 2024-2031.
The Cytokinins Segment to Dominate the Plant Growth Regulators Market
The water-dispersible & water-soluble granules segment is expected to account for the largest share of the plant growth regulators market.
The plant growth promoters segment is expected to account for the larger share of the plant growth regulators market.
Moreover, the market in Asia-Pacific is slated to register the highest growth rate during the forecast period. The growth of this regional market is attributed to the region’s top global ranking in terms of large agricultural lands, high population growth, rising need for high agricultural productivity and yields, and growing demand for high-quality agricultural products and organic produce.
Europe's significant market share can be attributed to several key factors, including 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.
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 227 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR (Value) | 9% |
| CAGR (Volume) | 6.6% |
| Market Size (Value) | USD 5.41 Million by 2031 |
| Market Size (Volume) | 126,145.1 Tons by 2031 |
| Segments Covered | By Type · Cytokinins · Auxins · Gibberellins · Ethylene · Abscisic Acid · Other Types · By Formulation · Water-dispersible & Water-soluble Granules · Solutions · Wettable Powders · By Function · Plant Growth Promoters · Plant Growth Inhibitors · By Crop Type · Cereals & Grains · Maize/Corn · Wheat · Rice · Other Cereals & Grains · Fruits & Vegetables · Oilseeds & Pulses · Turf & Ornamentals · Other Crops |
| Countries Covered | Europe (France, Germany, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia-Pacific), North America (U.S., Canada), Latin America (Brazil, Argentina, Mexico, and Rest of Latin America), and the Middle East & Africa |
| Key Companies | 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). |
Report overview
Segments covered: type, formulation, function, crop type. Regions: Europe, Asia-Pacific, North America, Latin America.
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. 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.
The agriculture sector has transformed significantly over the past 50 years. Advances in machinery have expanded the scale, speed, and productivity of farm equipment, leading to more efficient cultivation of more land. Seeds, irrigation methods, crop protection chemicals, and fertilizers have also vastly improved, helping farmers increase yields. The adoption of sustainable agricultural practices using crop protection chemicals has increased in recent years. These practices aim to improve crop yield, minimize the environmental impacts of farming, and ensure food safety.
Integrated Pest Management (IPM) combines various pest management strategies to reduce reliance on chemical pesticides. It involves the use of biological control agents, crop rotation, habitat manipulation, and the careful monitoring of pests. By integrating different methods, farmers can minimize the use of chemical pesticides while effectively managing pests. In addition, precision agriculture technologies, such as satellite imagery, remote sensing, and Global Positioning Systems (GPS), have enabled farmers to identify and treat specific areas of their fields. This has allowed for the targeted application of plant growth regulators, reducing overall usage and minimizing environmental impacts.
Moreover, natural plant growth regulators, such as gibberellic acid, abscisic acid, and naphthaleneacetic acid, are gaining popularity as safer alternatives to synthetic plant growth regulators. Natural plant growth regulators are considered environment-friendly and can reduce chemical inputs in crop protection.
Furthermore, climate change, coupled with depleting natural resources, is expected to significantly impact agriculture, affecting populations in low-income countries, particularly in Africa and South Asia. The adoption of sustainable agricultural practices can increase both agricultural productivity and incomes, enabling farmers to raise yields, manage inputs more efficiently, adopt new crops and production systems, improve the quality of their products, conserve natural resources, and adapt to climate challenges. Thus, the increasing need for sustainable agricultural practices is increasing the adoption of plant growth regulators, driving the growth of this market.
Report infographic
Table of contents
12 chapters · 140 sections · 255 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Type | Cytokinins | Gibberellins |
| By Formulation | Water-dispersible & Water-soluble Granules | — |
| By Function | Plant Growth Promoters | — |
By Type
- The Cytokinins Segment to Dominate the Plant Growth Regulators Market
- The cytokinins segment is expected to account for the largest share of the plant growth regulators market.
- The large market share of this segment can be 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 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.
By Formulation
- The water-dispersible & water-soluble granules segment is expected to account for the largest share of the plant growth regulators market.
- The large market share can be 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.
By Function
- The plant growth promoters segment is expected to account for the larger share of the plant growth regulators market.
- The large market share of this segment can be 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.
Geographic analysis
Asia-Pacific
Fastest growthMoreover, the market in Asia-Pacific is slated to register the highest growth rate during the forecast period. The growth of this regional market is attributed to the region’s top global ranking in terms of large agricultural lands, high population growth, rising need for high agricultural productivity and yields, and growing demand for high-quality agricultural products and organic produce. These factors are expected to increase the utilization of plant growth regulators in Asia-Pacific countries, particularly China and India. Asia-Pacific: Fastest-growing Regional Market
Europe
Europe's significant market share can be attributed to several key factors, including 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.
Competitive landscape
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the plant growth regulators market are 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).
- BASF SE · Germany
- Corteva, Inc. (U.S.)
- 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
- Sikko Industries Limited · India
Frequently asked questions
This report covers the market sizes & forecasts of the plant growth regulators market based on type, formulation, function, crop type, and geography. This report also provides the value & volume analysis of various segments and subsegments of the plant growth regulators market at the regional and country levels.
Cite this report
Meticulous Research. (2024). Plant Growth Regulators Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRAGR - 1041004). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/plant-growth-regulators-market-5687