REDDING, Calif., Sept. 12, 2024 /PRNewswire/ -- According to a new market research report titled, 'Plant Growth Regulators Market [https://www.meticulousresearch.com/product/plant-growth-regulators-market-5687?utm_source=PRnewswire&utm_medium=Paid&utm_campaign=Product&utm_content=12-09-2024] by Type (Cytokinins, Auxins, Gibberellins, Ethylene, Abscisic Acid), Formulation (Wettable Powders, Solutions), Function (Promoters, Inhibitors), Crop Type (Cereals & Grains, Fruits & Vegetables)--Global Forecast to 2031.
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The plant growth regulators market is projected 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 tons by 2031, at a CAGR of 6.6% from 2024 to 2031.
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The increasing need for sustainable agricultural practices, growth in organic farming, rising demand for organic food, rising investments from leading market players, and the growing demand for high-value crops are key factors driving the growth of the plant growth regulators market. However, the regulatory and financial hurdles for new market entrants, along with farmers' limited awareness of plant growth regulators, are factors restraining the growth of this market.
Furthermore, emerging countries with agricultural diversity and extensive arable lands are expected to generate growth opportunities for the market players. However, the lengthy product registration and approval procedures are a major challenge impacting market growth.
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Plant Growth Regulators (PGRs): Increasing Adoption in Modern Agriculture
Plant Growth Regulators (PGRs) are natural or synthetic compounds that affect developmental or metabolic processes in plants, usually at low concentrations. Unlike fertilizers, PGRs do not supply nutritional value. Instead, they are crucial for enhancing agricultural productivity by influencing various aspects of plant growth and development.
Naturally extracted PGRs are highly specific in their action, targeting only certain cells or tissues, which allows for precise control over plant development processes. Additionally, when used as directed, natural PGRs are non-toxic to humans and animals, presenting a safer alternative to synthetic chemicals concerning environmental impact and human health. Recently, there has been a growing shift towards chemical-free agricultural practices, driven by increasing consumer awareness of the potential health risks associated with chemical residues in food products.
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The rising demand for Plant Growth Regulators (PGRs) has driven leading market players to significantly increase their investments in research and development (R&D). These investments are expected to yield more effective and advanced PGR formulations, resulting in innovative products that address the evolving needs of the modern agricultural sector. Moreover, heightened R&D investment by major players supports the adoption of modern farming practices, including precision agriculture and smart farming. PGRs can be integrated into these practices to enhance crop yield, improve crop quality, and optimize resource efficiency, thereby driving market demand.
Additionally, several leading companies are expanding their PGR portfolios through increased investments, strategic partnerships, new product launches, and geographic expansions. For instance, in August 2023, Bayer AG (Germany) made its largest single investment in its crop protection business by committing USD 238.1 million (EUR 220 million) to R&D at its Monheim site. Similarly, in June 2023, Corteva, Inc. (U.S.) opened an integrated R&D center in Eschbach, Germany, focusing on developing sustainable solutions for farmers.
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Among the various types of PGRs, gibberellins are critical plant hormones that regulate growth and development. Widely utilized in agriculture and horticulture, gibberellins are particularly effective in enhancing the yield and quality of crops such as apples and grapes. The increasing demand for high-quality fruits and vegetables has led to greater use of gibberellins. Farmers appreciate gibberellins for their ability to promote plant growth even under unpredictable and challenging environmental conditions. In the ornamental plant sector, gibberellins are used to improve plant size, shape, and color, further fueling the growth of the gibberellin market.
Overall, the growth of the gibberellin market is driven by the rising demand for high-quality crops and the need for improved agricultural practices. Given their effectiveness in promoting plant development under varied and often adverse conditions, farmers' growing preference for gibberellins is expected to significantly contribute to market growth in the coming years.
Plant Growth Regulators Market Analysis: Key Segmental Findings
-- By Type: In terms of value, in 2024, the cytokinins segment is expected
to account for the largest share of 39.3% of the plant growth regulators
market. However, the gibberellins segment is expected to register the
highest CAGR during the forecast period from 2024 to 2031.
-- By Formulation: In terms of value, in 2024, the water-dispersible &
water-soluble granules segment is expected to account for the largest
share of the plant growth regulators market. Moreover, this segment is
estimated to register the highest CAGR of 9.6% during the forecast
period from 2024 to 2031.
-- By Function: In terms of value, in 2024, the plant growth promoters
segment is expected to account for the dominant share of the plant
growth regulators market. Moreover, this segment is further projected to
register a higher CAGR during the forecast period from 2024 to 2031.
-- By Crop Type: In terms of value, in 2024, the cereals & grains segment
is expected to account for the major share of 32.3% of the plant growth
regulators market. However, the fruits & vegetables segment is
anticipated to register the highest CAGR during the forecast period from
2024 to 2031.
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Geographic Analysis:
Europe to Dominate the Plant Growth Regulators Market
By geography, the plant growth regulators market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2024, Europe is expected to account for the largest share of 38.4% of the market. This market is expected to reach $2,033.5 million by 2031.
Europe's leadership in the plant growth regulators market is attributed to the growing population, diminishing arable land, rising demand for increasing crop production, advances in agricultural technology and practices, and government initiatives supporting organic farming. Organic farming is gaining momentum within Europe's agricultural sector. In March 2021, the European Commission introduced an Organic Action Plan aimed at converting 25% of Europe's agricultural land to organic farming by 2030. Furthermore, the Common Agricultural Policy (CAP) supports these goals by providing financial incentives through rural development programs and offering technical assistance, best practices, and innovations in organic farming. These government-backed efforts are expected to boost the demand for natural plant growth regulators in Europe during the forecast period.
In 2024, France is expected to account for the largest share of the plant growth regulators market in Europe. The country's significant market share can be attributed to its extensive crop cultivation area, leading position as a top grain producer, largest organic production with a substantial organic acreage, and the increasing demand for sustainable agricultural practices aimed at enhancing yields.
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Asia-Pacific: The Fastest-growing Regional Market
The plant growth regulators market in Asia-Pacific is projected to register the highest CAGR of 12.0% during the forecast period. The Asia-Pacific region is important for both the production and consumption of agricultural products, driven by its large population and the presence of prominent agricultural producers and farmers. The growing demand for high-quality agricultural and organic products and the rising need for enhanced agricultural productivity and yield are anticipated to boost the consumption of plant growth regulators in APAC countries, particularly in China, India, and Japan.
In 2024, China is expected to account for the major share of the plant growth regulators market in Asia-Pacific. The country's large market share is driven by a growing population, decreasing arable land, increasing demand for high-quality crops and yield optimization, the adoption of precision agriculture practices, an increasing emphasis on sustainable agriculture and environmental stewardship, and advancements in technology and product innovation. In China, the growth of the plant growth regulators market is primarily fueled by the need to enhance farm productivity and growing concerns about the environmental impact of chemical use.
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The U.S. Continues to Dominate the Plant Growth Regulators Market in North America
In 2024, the U.S. is expected to account for the largest share of the plant growth regulators market in Europe. Factors contributing to the country's largest market share include decreasing arable land, expanding government initiatives to enhance organic agriculture, and the need for improved agricultural productivity. Additionally, the growing emphasis on organic farming and the rising consumption of organic products further drive market growth in the country.
The U.S. government is actively supporting precision farming initiatives. The U.S. Department of Agriculture's National Institute of Food and Agriculture (NIFA) has invested approximately USD 15 million in programs focused on integrating artificial intelligence and big data into agriculture. Additionally, in March 2023, the Senate Agriculture Committee introduced two bills aimed at expanding farmers' access to precision agriculture equipment. This growing government support is driving the increased use of smart spraying technologies, including drone sprayers and tractor-mounted sprayers. Consequently, enhanced access to innovative technologies and advanced application equipment is expected to boost the adoption of plant growth regulators in the U.S.
Plant Growth Regulators Market: Competition Analysis
This report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies adopted over the past three to four years. Major companies in the plant growth regulators market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the plant growth regulators market were product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships. The key players 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).
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Plant Growth Regulators Industry Overview: Latest Developments from Key Industry Players
-- In August 2023, Bayer AG (Germany) committed USD 238.1 million (EUR 220
million) to a new R&D facility at its Monheim site, marking the
company's largest single investment in its Crop Protection business.
Scheduled to be operational by 2026, this facility will concentrate on
developing the next generation of crop protection chemicals.
-- In June 2023, Corteva Inc (U.S.) inaugurated its integrated R&D center
in Eschbach, Germany. The center is dedicated to advancing innovative
crop protection and seed solutions for farmers. Corteva has invested
approximately USD 6.5 million (EUR 6 million) in the expansion of this
R&D facility.
-- In March 2023, Sumitomo Chemical India Ltd. launched Promalin, a plant
growth regulator in India.
-- In July 2022, Nufarm Limited (Australia) expanded its partnership with
crop health company Enko (U.S.) for further innovation and development.
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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
-- North America
-- U.S.
-- Canada
-- Europe
-- France
-- Germany
-- U.K.
-- Italy
-- Spain
-- Rest of Europe (RoE)
-- Asia-Pacific
-- China
-- India
-- Japan
-- Australia
-- Rest of Asia-Pacific (RoAPAC)
-- Latin America
-- Brazil
-- Argentina
-- Mexico
-- Rest of Latin America
-- Middle East & Africa
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Plant Growth Regulators Market Report Summary:
Particulars Details --- Number of Pages 227 Format PDF 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 Countries Covered Europe (France, Germany, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific , North America (U.S., Canada), Latin America (Brazil, Argentina, Mexico, and Rest of Latin America), and the Middle East & Africa
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