Plant Growth Regulators Market Expected to Reach $7.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Plant Growth Regulators Market," The plant growth regulators market was valued at $2.2 billion in 2021, and is estimated to reach $7.4 billion by 2031, growing at a CAGR of 13.9% from 2022 to 2031.

Plant growth regulators (PGRs) are chemicals that are used to manipulate plant growth by increasing branching, suppressing shoot growth, increasing return bloom, removing excess fruit, or changing fruit maturity.

The plant growth regulators market is anticipated to expand steadily throughout the course of the projected period. The plant growth regulators market is driven by the increasing requirement for food safety and security to fulfill population growth demands. Additionally, it is now more important than ever to boost crop yields and protect produce from damage from pests or other elements. The demand for plant growth regulators has been significantly boosted by rising flood and drought incidences combined with dwindling arable area for cultivation. Moreover, new product launches by the dominant player in the market and innovations in agricultural methods are anticipated to drive the plant growth regulators market size.  

However, the high cost of plant growth regulators may hinder market growth throughout the forecast period. A lack of understanding among farmers regarding plant growth regulators and their benefits limits market expansion. Additionally, the unexpected emergence of the COVID-19 pandemic has resulted in a nationwide lockdown, effectively shutting down agrochemical manufacture. This will have an effect on food production and agricultural productivity. In order to preserve seasonal agricultural activity, the government has reduced restrictions on the production of fertilizers and plant growth regulators.

Plant growth regulator chemicals are being developed by manufacturers to provide for the rise in plant yields. These include food crops such as cereals and grains, as well as fruits and vegetables. Plant growth regulators on the market include auxins, gibberellins, and cytokinin as plant growth promoters. Abscisic acid is utilized as an inhibitor, while ethylene is used as a growth stimulator and inhibitor. Growing adoption of organic farming will drive market demand in the forecast period. These factors are anticipated to boost the market growth in the upcoming years.

The global plant growth regulators market share is segmented based on type, crop type, and region. By type, it is classified into auxins, gibberellins, cytokinins, absicisic acid, and ethylene. As per crop type, it is classified into cereals, oilseeds and pulses, fruits and vegetables, turf and ornamentals, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the plant growth regulators market report include BASF SE, Bayer Crop Science, Corteva Agriscience, Crop Care Australasia Pty Ltd., Barclay Crop Protection, Sumitomo Chemical Australia Pty Ltd., NuFarm Ltd., Redox Industries Ltd., Xinyi (H.K.) Industrial Co. Ltd., and Sichuan Guoguang Agrochemical Co. Ltd.

The report offers a comprehensive analysis of the global plant growth regulators market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. The report also sheds light on plant growth regulators market analysis in terms of  the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of Covid-19 on the Global Plant Growth Regulators Industry

• Sales of plant growth regulators are directly proportional to the demand from agriculture and chemicals industry. However, various sectors such as chemicals and agriculture were negatively impacted by the COVID-19 pandemic that has affected the production and demand for plant growth regulators due to disrupted supply chain.
• COVID-19 impacted almost all industries and the plant growth regulators producing companies ceased their operations owing to import-export restrictions, lockdown imposed across several countries, shortage of labor; the fear of contracting the novel coronavirus led to sluggish demand in the market.
• Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market.

Key Findings of the Study

• Based on type, the auxins sub-segment emerged as the global leader in 2021 and  cytokinins sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on crop type, the cereals sub-segment emerged as the global leader in 2021 and fruits and vegetables  sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, the Europe market registered the highest market share in 2021 and Asia-Pacific is anticipated to show the fastest growth during the forecast period.