Green Revolution 2.0: The Power of Plant Growth Regulators in Modern Agriculture | Market to be Worth $4.89 Billion by 2030

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 2030.'

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The plant growth regulators market is expected to reach $4.89 billion by 2030, at a CAGR of 8.9% from 2023 to 2030. The growth of this market can be attributed to several factors, including the increasing need for sustainable agricultural practices, a rise in the adoption of organic farming methods, the growing demand for organic food products, increased investments in the agriculture sector, and the high demand for high-value crops. Moreover, emerging countries with agricultural diversity and extensive arable land offer significant growth opportunities for market players.

However, regulatory and financial hurdles for new market entrants and limited awareness among farmers about plant growth regulators restrain the growth of this market. Additionally, lengthy product registration and approval procedures pose a major challenge to market growth.

Key Players

The key players operating in the plant growth regulators market include 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 study presents historical market data in terms of value & volume (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented by type, formulation, function, crop type, and geography.

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Based on type, the plant growth regulators market is segmented into cytokinins, auxins, gibberellins, ethylene, abscisic acid, and other types. In 2023, the cytokinins segment is expected to account for the largest share of the plant growth regulators market. Cytokinins play a pivotal role in enhancing 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. Their extensive applications in mature plants to support their growth and aid in the recovery of wounded plant parts contribute to the increased demand for cytokinins.

Based on formulation, the plant growth regulators market is segmented into water-dispersible & water-soluble granules, wettable powders, and solutions. In 2023, the water-dispersible & water-soluble granules segment is expected to account for the largest share of the plant growth regulators market. The large market share can be attributed to the numerous advantages offered by water-dispersible & water-soluble granules, including ease of handling and mixing, rapid dissolution, minimal dust generation, compatibility with various formulations, improved stability, and longer shelf life when compared to certain liquid alternatives. Furthermore, these granules provide an effective means of delivering solid active ingredients to target organisms. They enable the creation of highly concentrated formulations that readily disintegrate upon contact with water. These granules reduce dust production, making them a viable alternative to wettable powder (WP) formulations.

Based on function, the plant growth regulators market is segmented into plant growth promoters and plant growth inhibitors. In 2023, the plant growth promoters segment is expected to account for the larger share of the plant growth regulators market. The large market share of this segment can be attributed to the increasing adoption of plant growth promoters, driven by 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.

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Based on crop type, the plant growth regulators market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, turf & ornamentals, and other crops. In 2023, the cereals & grains segment is expected to account for the largest share of the plant growth regulators market. The large market share of this segment can be attributed to the growing need to increase cereal & grain production, the need to minimize losses in cereal & grain crops due to pests and diseases, 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 2023-2030. 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, mitigate disease risks, 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 2023, Asia-Pacific is expected to account for the largest share of the plant growth regulators market. Asia-Pacific's significant market share can be attributed to several key factors, including rapid population growth, an increase in disposable incomes, improving living standards, a decrease in arable land, the growing demand for high-quality agricultural products and organic produce, and the rising need for high agricultural productivity and yields. Moreover, these factors are expected to increase the utilization of plant growth regulators in Asia-Pacific, particularly in China and India.

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Moreover, the market in Asia-Pacific is slated to register the highest growth rate during the forecast period. The growth of this regional market is attributed to the extensive areas dedicated to organic cultivation, the presence of major market players, and supportive government policies and initiatives aimed at expanding the organic industry.

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 2023-2030?
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?
How is the competitive landscape for 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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This release was published on openPR.