Plant Growth Regulators Market Outlook
According to the report by Expert Market Research (EMR), “The Global Plant Growth Regulators Market Size, Share, Analysis, Report and Forecast 2024-2032″,the global plant growth regulators market reached a value of USD 3.24 billion in 2023. Aided by rising focus on improving crop yield and changing weather patterns, the market is projected to further grow at a CAGR of 10.4% between 2024 and 2032 to reach a value of USD 5.41 billion by 2032.
Plant growth regulators, also known as plant hormones, are chemicals used to regulate a plant’s growth and development. They are widely used in agriculture to enhance the productivity, quality, and longevity of crops. Plant growth regulators play an integral role in various plant functions, including cell division, growth differentiation, flower development, and stress response. In addition to their growth-regulating properties, plant growth regulators also offer excellent protective functions, making them a key ingredient in pest and disease management.
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The rising consumer preference for high-quality and organic food products is propelling the global plant growth regulators market growth. With the growing awareness of the health and environmental benefits associated with organic farming, there has been a significant shift towards eco-friendly agricultural practices, leading to a surge in demand for plant growth regulators. Moreover, the escalating need to increase crop yield due to the rapidly growing global population has further contributed to the increasing popularity of plant growth regulators.
The expanding applications of plant growth regulators in various sectors of agriculture also significantly contribute to the plant growth regulators market development. In the fruit and vegetable industry, plant growth regulators are used to enhance fruit size, colour, and taste, and reduce pre-harvest drop. The floriculture industry utilises plant growth regulators to manipulate flowering, while the grain industry uses them to increase yield and enhance grain quality. Moreover, the protective functions of plant growth regulators make them a key component in managing pests and diseases, thereby driving the market demand in integrated pest management.
Further, the growing demand for sustainable agricultural practices has led to an increased focus on plant growth regulators as a viable solution for eco-friendly farming. With the rise of organic farming and the increasing popularity of precision agriculture, plant growth regulators have emerged as a crucial tool for sustainable crop production, thereby boosting the plant growth regulators market expansion.
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Plant Growth Regulators Market Segmentation
The market can be divided based on type, crop type, application, and region.
Market Breakup by Type
- Auxins
- Ethylene
- Gibberellins
- Cytokinins
- Abscisic Acid
Market Breakup by Crop Type
- Fruits and Vegetables
- Cereals
- Oilseeds and Pulses
- Turf and Ornamentals
- Others
Market Breakup by Application
- Plant Growth Promoters
- Plant Growth Inhibitors
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Plant Growth Regulators Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global plant growth regulators companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Sumitomo Chemical Co., Ltd
- BASF SE
- Syngenta Crop Protection, LLC
- Nufarm Ltd
- Bayer Crop Science AG
- Corteva, Inc.
- Tata Chemicals Limited
- United Phosphorus Ltd
- FMC Corporation
- WinField Solutions LLC
- Valent BioSciences Corporation
- Others
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