India Plant Growth Regulators Market, By Region, Competition, Forecast & Opportunities, 2020-2030F

Report
80 Pages
October 2024
Region: India
TechSci Research
ID: 4658305

India Plant Growth Regulators Market was valued at USD 102.34 Million in 2024 and is anticipated to project impressive growth in the forecast period with a CAGR of 7.22% through 2030. Plant Growth Regulators (PGRs) are organic compounds, either produced naturally within the plants or applied artificially, that influence the growth and differentiation of plant cells, tissues, and organs. PGRs play a pivotal role in controlling the speed of growth of the plant, coordinating the growth and development of cells, and affecting the plant's responses to environmental stimuli. They include hormones such as auxins, gibberellins, cytokinin, ethylene, and abscisic acid, each having a unique role in the life of a plant.

The market for Plant Growth Regulators (PGRs) in India has observed significant growth in recent years, owing to the country's burgeoning agricultural sector. As India is an agrarian economy with a vast majority of its population engaged in farming, the demand for PGRs is high. These compounds are widely used to enhance crop yield, mitigate the effects of stress conditions, and manage the growth of ornamental plants and horticultural crops. Importantly, the introduction of organic and bio-based PGRs has opened new avenues in the market, given the increasing preference for environmentally friendly farming practices in India.

Key Market Drivers

Increased Adoption of Precision Farming & Protected Agriculture

The rising adoption of precision farming and protected agriculture in India is expected to fuel the demand for plant growth regulators (PGRs). Precision farming relies heavily on technology and data to enhance crop yields and efficiency. Plant growth regulators, a key component in this agricultural approach, help manage crop growth patterns and increase productivity. They allow farmers to control the plant's physiological processes, improving crop quality and yield.

The emergence of protected agriculture, including practices like greenhouse farming and vertical farming, further necessitates the use of PGRs. These controlled environments require specialized care for plant growth, where regulators play a critical role in maintaining optimal conditions. The convergence of these farming practices with the technological advances in PGRs is creating a conducive environment for their increased demand. As Indian farmers continue to adopt these modern agricultural practices, the market for plant growth regulators is anticipated to witness significant growth.

Rising Demand for Organic Food Products

The rising demand for organic food products in India is expected to have a significant impact on the Plant Growth Regulators (PGRs) market in the country. Consumers are becoming increasingly aware of the health benefits of organic foods, leading to a surge in demand for these products. As a result, farmers are turning to PGRs, which are known to enhance the growth and quality of crops while maintaining the organic standard.

PGRs are a group of organic compounds, either produced naturally or synthetically, that enhance overall plant physiological processes including growth, development and nutrient management. The use of these regulators in organic farming not only helps in fulfilling the rising demand for organic food products by increasing crop productivity but also ensures the sustainability of farming by reducing the reliance on chemical fertilizers and pesticides. With the ever-increasing consumer preference for organic food products, it is anticipated that the demand for PGRs in India will continue to grow at a significant pace in the coming years.

Advancements in Biotechnological Research in The Agriculture Sector

The surge in biotechnological research in India's agricultural sector is poised to increase the demand for Plant Growth Regulators (PGRs). As India grapples with the dual challenge of a burgeoning population and shrinking agricultural land, prioritizing crop yield maximization has become essential. PGRs, substances designed to enhance plant growth and productivity, have emerged as a significant tool in achieving this goal. The advancements in biotechnology play a pivotal role in this scenario.

These innovations have led to the development of tailor-made PGRs, designed to cater to the specific requirements of different plant species, thereby optimizing their yield. The application of biotechnology has also facilitated a better understanding of plant genomes, assisting in the creation of PGRs that can significantly improve crop resistance to various biotic and abiotic stresses. The ongoing research is set to enhance the efficiency and effectiveness of PGRs, creating a positive cycle of demand and development. Therefore, it can be said that as biotechnological research in the agricultural sector continues to make strides, it will significantly increase the demand for PGRs in India, thereby contributing to the country's food security and agricultural sustainability.

Increasing Investment in Research & Development

India's agricultural sector is poised for a significant transformation as Increasing Investment in Research & Development is expected to elevate the demand for Plant Growth Regulators (PGRs). These critical agricultural inputs, which influence the growth and development of crops, are gaining traction in the Indian market due to their potential to enhance agricultural yields and crop resilience. The primary force accelerating their demand is the surge in investments in R&D within the agricultural sector. This investment aims to drive innovation and develop advanced, efficient, and eco-friendly PGRs tailored to the unique needs of Indian agriculture.

Coupled with the government's push for sustainable farming, the R&D funding could lead to the creation of PGRs capable of mitigating climate change impacts, improving pest resistance, and increasing crop productivity. The advent of digital farming and precision agriculture, both R&D-driven initiatives, could facilitate the precise application of PGRs, thereby reducing wastage and enhancing their effectiveness. These factors cumulatively make a compelling case for increased R&D investment to boost the demand for PGRs in India's agricultural sector.

Key Market Challenges

High Cost

The high cost of plant growth regulators (PGRs) in India is anticipated to negatively impact their demand amongst the farming community. PGRs serve as vital tools to enhance crop yield and quality, but their steep prices make them unattainable for small and medium-scale Indian farmers, who comprise a significant portion of the farming population. These farmers, grappling with limited financial resources, often prioritize basic necessities like seeds and fertilizers over costly PGRs.

India's agriculture sector is deeply entwined with monsoons and susceptible to drastic climatic changes, leaving farmers with inconsistent income. This further exacerbates their inability to afford high-priced agricultural inputs like PGRs. Consequently, the demand for PGRs is expected to decline unless efforts are made to make them more affordable for the average Indian farmer. Strategies such as subsidizing PGRs, introducing cost-effective bio-based alternatives, or implementing government schemes that support their purchase could potentially reverse this trend and enhance the utilization of PGRs in Indian agriculture.

Existing Counterfeit Products

The proliferation of counterfeit products in the market is posing a significant threat to the demand for authentic plant growth regulators in India. Counterfeit products, often marketed as cheaper alternatives, can be enticing to farmers seeking cost-effective solutions for crop growth. However, these fraudulent products don't offer the same efficacy and safety as authentic plant growth regulators, leading to lower yield and potentially causing adverse environmental impacts.

The prevalence of such counterfeit products raises concerns about the quality and reliability of products available in the market, which can lead to a decrease in overall demand. It creates a sense of mistrust among farmers, leading them to seek other methods for plant growth regulation. As awareness of the risks associated with counterfeit products increases, farmers are likely to be more cautious in their purchases, further driving down demand for plant growth regulators. Therefore, it's necessary to strengthen regulatory oversight and promote awareness among farmers about the importance of using authentic plant growth regulators for sustainable agriculture.

Key Market Trends

Increasing Acceptance of Integrated Pest Management (IPM) Practices

Integrated Pest Management (IPM) practices are gaining increasing acceptance in India, a shift that is expected to drive demand for Plant Growth Regulators (PGRs). IPM is a sustainable, eco-friendly approach to pest control that minimizes the use of harmful pesticides and emphasizes natural and biological methods. This method aligns with the increasing emphasis on sustainable farming practices, a trend that is also catching up in India due to heightened awareness about the harmful effects of over-reliance on synthetic pesticides.

PGRs fit perfectly into this model as they help enhance crop yield, manage plant development, and are less harmful to the environment compared to traditional agrochemicals. As more Indian farmers adopt IPM, the use of PGRs should rise, contributing positively to the Indian PGR market. It's a win-win situation where farmers can improve their yield and profitability while contributing to environmental sustainability. The Indian government's support towards sustainable farming and increased training on IPM practices should further boost the acceptance of PGRs, making them an integral part of the Indian agriculture sector.

Rising Development of New Formulations with Improved Efficiency

The rise in the development of new formulations with improved efficiency is anticipated to fuel the demand for Plant Growth Regulators (PGRs) in India. With the recent surge in agricultural advancements, PGRs have emerged as an effective solution in crop management, enhancing the quality and productivity of crops. Innovative formulations are being developed with superior efficiency, ensuring optimal plant growth and reducing reliance on traditional fertilizers.

These formulations have been instrumental in addressing issues like drought, salinity, and nutrient deficiency, thus increasing crop yield and quality. The demand for these efficient PGRs is also bolstered by India's booming population, resulting in a pressing need for increased agricultural production to ensure food security. The Indian government's initiatives to promote sustainable farming practices further encourage the adoption of PGRs. The amalgamation of these factors is likely to stimulate the demand for PGRs, signifying a promising growth trajectory in the Indian market.

Segmental Insights

Type Insights

In 2024, Based on the type, Auxins, a class of plant growth regulators, is the fastest-growing segment in the India Plant Growth Regulators market. Their popularity stems from their crucial role in promoting various biological processes within plants, such as cell division, growth, and differentiation. Due to their effectiveness, auxins have become widely utilized in agricultural practices and horticulture across the country. By contributing to the improvement of crop yield and quality, auxins have established themselves as indispensable tools for farmers and horticulturists alike. Their remarkable impact on the agricultural industry underscores the significance of these plant growth regulators in sustaining food production and enhancing plant development.

Crop Type Insights

In 2024, Based on Crop Type, the Fruits & Vegetables segment is currently experiencing a significant domination in the agricultural industry. This can be primarily attributed to the remarkable surge in the consumption of a wide variety of fruits and vegetables. People are increasingly becoming aware of the numerous health benefits associated with incorporating these nutritious foods into their daily diet. There is a growing recognition of the positive impact that the utilization of plant growth regulators can have on crop yield and quality.

These regulators play a pivotal role in enhancing the growth and development of plants, ensuring optimal productivity and sustainability for farmers and cultivators alike. By utilizing these regulators, farmers can effectively manage plant growth, mitigate the impact of adverse environmental conditions, and achieve higher crop yields while maintaining the quality of their produce. Thus, the Fruits & Vegetables segment continues to thrive as consumers prioritize healthy eating habits and farmers adopt innovative agricultural practices to meet the increasing demand for fresh and high-quality produce.

Regional Insights

In 2024, North India has emerged as a dominant region in the India Plant Growth Regulators market, showcasing its potential to revolutionize the agricultural landscape. With its vast expanse of agricultural activities and the widespread adoption of modern farming practices, the region has witnessed a significant surge in the demand for plant growth regulators. These regulators, with their innovative formulations and advanced technologies, have caught the attention of farmers in North India who are increasingly recognizing their immense benefits.

The use of plant growth regulators has proven to enhance crop yields, improve crop quality, and promote sustainable farming practices, ensuring a brighter future for agriculture in the region. As a result, the market for plant growth regulators in North India is experiencing a remarkable growth trajectory, positioning the region as a key player in the agricultural industry of India. The continuous advancements and research in the field of plant growth regulators are anticipated to further fuel the growth and success of North India's agricultural sector, establishing it as a powerhouse in the realm of crop cultivation and productivity.

Key Market Players

BASF India Ltd.
Dow Chemical International Private Limited
Bayer India Ltd.
FMC India Pvt. Ltd.
Dhanuka Agritech Ltd.
Godrej Agrovet Limited
Krishi Rasayan Exports Pvt. Ltd.
Growtech Agri Science and Research Private Limited
Bharat Rasayan Limited
Aristo Biotech And Life Science Pvt. Ltd.

Report Scope:

In this report, the India Plant Growth Regulators Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

· India Plant Growth Regulators Market, By Type:

Cytokinin
Gibberellins
Auxins
Others

India Plant Growth Regulators Market, By Crop Type:

Fruits & Vegetables
Ornamentals
Others

India Plant Growth Regulators Market, By Function:

Stimulators
Promoters
Inhibitors
Retardants

India Plant Growth Regulators Market, By Chemical Formulation:

IAA
IBA
GA1
GA4
Others