Dublin, April 03, 2024 (GLOBE NEWSWIRE) -- The "Plant Growth Regulators Market 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" report has been added to ResearchAndMarkets.com's offering.
Plant growth regulators market is expected 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 126,145.1 tons by 2031, at a CAGR of 6.6% from 2024 to 2031. The report provides an in-depth analysis of the plant growth regulators market across five major geographies, current market trends, size, and recent developments, and the forecast for 2031.
The growth of the plant growth regulators market is driven by 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. However, the regulatory and financial hurdles for new market entrants and farmers' limited awareness about plant growth regulators are restraining the growth of this market.
In 2024, Europe is expected to account for the largest share of the plant growth regulators market. The large share of this region is attributed to 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.
Moreover, emerging countries with agricultural diversity and extensive arable lands are expected to offer growth opportunities for the players operating in this market. On the other hand, lengthy product registration and approval procedures are a major challenge impacting market growth.
Based on type, the plant growth regulators market is segmented into cytokinins, auxins, gibberellins, ethylene, abscisic acid, and other types.
The cytokinins segment is expected to account for the largest share of the plant growth regulators market in 2024. The segment's large share is mainly 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.
Based on formulation, the plant growth regulators market is segmented into water-dispersible & water-soluble granules, solutions, and wettable powders.
The water-dispersible & water-soluble granules segment is expected to account for the largest share of the plant growth regulators market in 2024. The segment's large share is mainly 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.
Based on function, the plant growth regulators market is segmented into plant growth promoters and plant growth inhibitors. The plant growth promoters segment is expected to account for the larger share of the plant growth regulators market in 2024. The segment's large share is mainly 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.
Based on crop type, the plant growth regulators market is segmented into cereals & grains, fruits & vegetables, oilseeds & pulses, turf & ornamentals, and other crops.
The cereals & grains segment is expected to account for the largest share of the plant growth regulators market in 2024. The segment's large share is mainly attributed to the growing need to increase cereal & grain production, the need to minimize the risk of lodging in cereals & grains, and the rising production of cereals in Asian countries like India and China.
These countries have witnessed significant advancements in crop production practices and have access to high-yield cereal varieties. Furthermore, governments worldwide actively support cereals & grains production due to the critical role these crops play in ensuring food security. Government policies and subsidies often promote the use of modern agricultural practices, including the application of plant growth regulators.
However, the fruits & vegetables segment is projected to witness the highest growth rate during the forecast period of 2024-2031. This growth is driven by the increase in fruit and vegetable production globally, the rising demand for chemical-free organic fruits and vegetables, and the increasing application of plant growth regulators in fruit and vegetable crops. Furthermore, plant growth regulators are used in the cultivation of fruits and vegetables to regulate ripening and extend post-harvest shelf life. They extend harvesting periods by delaying the natural ripening process, allowing for more productive harvesting cycles.
Market Insights
- Increasing Need for Sustainable Agricultural Practices Driving the Plant Growth Regulators Market
- Growth in Organic Farming & the Rising Demand for Organic Food Boosting the Adoption of Plant Growth Regulators
- Increased Investments from Leading Market Players Supporting Market Growth
- Rising Demand for High-Value Crops Increasing the Utilization of Plant Growth Regulators
- Regulatory and Financial Hurdles for New Market Entrants Restraining Market Growth
- Farmers' Lack of Awareness Limiting the Adoption of Plant Growth Regulators
- Emerging Countries with Agricultural Diversity and Extensive Arable Lands Generating Growth Opportunities for Market Players
- Lengthy Product Registration and Approval Procedures Expected to Remain a Major Challenge for Market Stakeholders
Company Profiles (Business Overview, Financial Overview, SWOT Analysis of Top 8 Companies, Product Portfolio, and Strategic Developments)
- 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)
- Sikko Industries Limited (India)
Regulatory Landscape
- Overview
- North America
- U.S.
- Canada
- European Union
- Asia-Pacific
- China
- Japan
- India
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
Value Chain Analysis
- Overview
- Inputs/Suppliers
- Active Ingredient/Technical Manufacturers
- Formulators
- Distributors/Traders
- End Users
Porter's Five Forces Analysis
Pricing Analysis
- Overview
- Cytokinins
- Auxins
- Gibberellins
- Ethylene
- Abscisic Acid
- Other Types
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
For more information about this report visit https://www.researchandmarkets.com/r/c7yqdb
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