Plant Growth Regulators Global Market Report 2024

The plant growth regulators market has grown strongly in recent years. It will grow from $2.96 billion in 2023 to $3.26 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth observed in the historical period was propelled by several factors a rising demand for food production, increased awareness and adoption of plant growth regulators among farmers, government initiatives and regulatory measures, a heightened focus on enhancing crop quality and yield, and the overall expansion of the agriculture industry.

The plant growth regulators market is expected to see strong growth in the next few years. It will grow to $4.63 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. Anticipated growth in the upcoming period is expected to be fueled by several factors the ongoing rise in global population, challenges posed by climate change, a heightened emphasis on sustainable agriculture practices, expanding markets in developing countries, and increased collaborations and partnerships within the industry.

The burgeoning demand for organic farming is set to drive the expansion of the plant growth regulators market. Organic farming focuses on cultivating crops and rearing livestock without the use of synthetic chemicals or genetically modified organisms. Plant growth regulators play a pivotal role in organic farming by enhancing crop quality, augmenting yield, and bolstering root growth. Notably, in 2022, the land farmed organically witnessed a 0.4% increase, totaling 509 thousand hectares, as reported by GOV.UK in May 2023. This surge in organic farming activities directly fuels the demand for plant growth regulators.

The escalating incidence of crop diseases is projected to be a driving force behind the growth of the plant growth regulators market. These diseases significantly impair plant health, productivity, and growth. Plant growth regulators contribute to disease resistance, stress tolerance, balanced growth, and expedited healing of plant lesions caused by pathogens. According to the National Institute of Food And Agriculture's February 2023 report, pests accounted for the loss of 20% to 40% of the world's crop yield in 2021. This heightened prevalence of crop diseases underscores the necessity and uptake of plant growth regulators in agricultural practices.

Innovation emerges as a prominent trend within the plant growth regulator market, with major companies focused on developing pioneering products to fortify their market presence. For example, Rightline Equipment Inc., a US-based manufacturer, introduced Prohex 27.5 WDG in May 2021. This plant growth regulator, containing the gibberellin inhibitor prohexadione calcium, aims to improve turf quality and stimulate healthy growth. Prohex 27.5 WDG, a granular product, dissolves in water and proves effective in enhancing the appearance and playability of golf course greens. It offers a safe and efficient solution for cool and warm-season turf, known for controlling Poa annua, reducing clippings, and enhancing grass density, quality, and appearance.

Major companies in the plant growth regulators sector are focusing on advanced products such as biorational solutions to drive market revenues. Biorational solutions, derived from natural sources such as plants, animals, or microorganisms, are low-impact substances. For instance, Sumitomo Chemical India Ltd., a division of Sumitomo Chemical Company, launched Promalin in March 2023. This solution is aimed at apple growers, promising high-quality produce, access to new export markets, and a revolutionary change for the apple growing community. The product incorporates distinct safety features to ensure growers receive authentic and original Promalin, signifying a shift toward sustainable and effective biorational solutions in agriculture.

In December 2022, Adama Agricultural Solutions., an Israel-based crop protection company, acquired Agrinova New Zealand Limited., for an undisclosed amount. Through this acquisition, Adama Agricultural Solutions expects to improve its position in New Zealand and open the door for its expansion into the biological market. Agrinova New Zealand Limited is a New Zealand-based crop protection company that manufactures crop protection products and plant growth regulators primarily for the horticulture segment.

Major companies operating in the plant growth regulators market report are BASF SE, Bayer Crop Science, Corteva Agriscience, Sumitomo Chemica Co. Ltd., Syngenta AG, Valent BioSciences Corporation, NuFarm Ltd., Food Machinery & Chemical Corporation, ADAMA India Private Limited, Nippon Soda Co. Ltd., Arysta LifeScience Corporation, Tata Chemicals Limited, Sichuan Guoguang Agrochemical Co. Ltd., United Phosphorus Limited, Redox Industries Ltd., Xinyi (H.K.) Industrial Co. Ltd., WinField Solutions LLC, Nissan Chemical Corporation, Sikko Industries Ltd., Crop Care Australasia Pty Ltd., Biolchim S.p.A., Novozymes A/S, Isagro S.p.A., Fine Americas Inc., Agro-K Corporation, Plant Hormones Ltd., Albaugh LLC, Westbridge Agricultural Products, Loveland Products Inc.

Europe was the largest region in the plant growth regulators market in 2023. The regions covered in the plant growth regulators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plant growth regulators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of plant growth regulators include cytokinins, auxins, gibberelins, ethylene, and other related types. Cytokinins, plant-specific hormones, play a pivotal role in regulating the plant cell cycle and numerous developmental processes. These regulators are available in various formulations such as water-dispersible and water-soluble granules, wettable powders, and solutions. Their applications span across fruits, vegetables, cereals, grains, oilseeds, pulses, turf, and ornamental plants.

The plant growth regulators market research report provides plant growth regulators market statistics, including plant growth regulators industry global market size, regional shares, competitors with a plant growth regulators market share, detailed plant growth regulators market segments, market trends and opportunities, and any further data you may need to thrive in the plant growth regulators industry. This plant growth regulators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The plant growth regulators consist of sales of paclobutrazol, gibberellic acid, salicylic acid, brassinosteroids, strigolactones, and polyamine. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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