Plant Growth Regulators Market Segmentation Analysis

 Meticulous Research®—a leading global market research company, published a research report titled, ‘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.’

In terms of value, the plant growth regulators market is expected to reach $5.41 billion by 2031, at a CAGR of 9% 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 growth of this market is being propelled by factors such as 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. 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.

Key Players

Some of the key players operating in the plant growth regulators market are 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), and Sikko Industries Limited (India).

The plant growth regulators market is segmented based on type (cytokinins, auxins, gibberellins, ethylene, abscisic acid, and other types), formulation (water-dispersible & water-soluble granules, solutions, and wettable powders), function (plant growth promoters and plant growth inhibitors), crop type (cereals & grains {maize/corn, wheat, rice, and other cereals & grains}, fruits & vegetables, oilseeds & pulses, turf & ornamentals, and other crops), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, 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 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. Moreover, it is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by its uniform application through irrigation systems or foliar sprays.

Based on function, 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. Moreover, this segment is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising demand for organic farming practices and growing concerns about food safety and environmental sustainability.

Based on crop type, 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.

Based on geography, 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.

However, the market in Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this regional market is driven by factors such as the region's significant agricultural lands, rapid population growth, increasing demand for improved agricultural productivity and yields, and the rising preference for high-quality agricultural products and organic produce. These factors are anticipated to drive the utilization of plant growth regulators in countries across Asia-Pacific, with notable emphasis on China and India.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5687

Key Questions Answered in the Report:

·         Which are the high-growth market segments in terms of type, formulation, function, crop type, and geography?

·         What is the historical market size for plant growth regulators across the globe?   

·         What are the market forecasts and estimates for the period 2024–2031?  

·         What are the major drivers, restraints, opportunities, and challenges in the plant growth regulators market?  

·         Who are the major players in the market, and what are their market shares?   

·         Who are the major players in various countries, and what are their market shares?

·         What is the competitive landscape like in the plant growth regulators market?  

·         What are the different strategies adopted by the major players in the plant growth regulators market?   

·         What are the key geographic trends, and which are the high-growth countries?

·         Who are the local emerging players in the plant growth regulators market, and how do they compete with other players?

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