Global Plant Growth Regulators Market: Trends, Insights, and Projections

According to a research report titled "Plant Growth Regulators Market by Type (Auxins, Cytokinins, Gibberellins, Ethylene), Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Turf & Ornamentals), Formulation, Function and Region - Global Forecast to 2028" published by MarketsandMarkets, the global plant growth regulators market reached a value of USD 2.9 billion in 2022 and is anticipated to grow to USD 4.5 billion by 2028, with a projected CAGR of 7.4% during the forecast period. Plant growth regulators (PGRs) are chemical substances that modify plant growth, influencing processes such as branching, shoot suppression, fruit enlargement, and altering fruit maturity.

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The report indicates that gibberellins are extensively used in crops, particularly fruits and vegetables, contributing to a significant market share. Cytokinins, on the other hand, accounted for the largest market share in 2022 globally, followed by auxins and gibberellins.

Key factors driving the market include the strong demand for high-value crops, increased trading requirements for industrial activities, and the rise in resistance developments among pests and insects. PGRs play a crucial role in agriculture, enhancing plant growth and productivity in response to changing climate conditions and the need for sustainable agricultural practices.

The report also highlights challenges such as damage and loss of agricultural land due to factors like rapid industrialization, urbanization, and disasters. Natural disasters, including droughts, floods, and pest infestations, contribute to significant economic losses in the agriculture sector, emphasizing the need for solutions like plant growth promoters to mitigate the impact.

One of the significant contributors to the plant growth regulators market is BASF SE (Germany), a key player offering a diverse product portfolio. BASF SE provides a range of plant growth regulators that target the hormonal system of plants, promoting advantageous growth and increased crop yield.

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The Asia Pacific region is expected to grow at a CAGR of 8.2% during the forecast period, accounting for a substantial share of the total market. Countries such as China, India, and Japan are witnessing investments from multinational manufacturers, with agriculture playing a pivotal role in the region's economy. The demand for plant growth regulators in the Asia Pacific is driven by the need for high-quality agricultural produce and the adoption of advanced agricultural technologies.

Key players in the global plant growth regulators market include Sumitomo Chemicals Co., Ltd. (Japan), Xinyi Industrial Co., Ltd. (China), Sichuan Guoguang Agrochemical Co., Ltd. (China), Tata Chemicals Ltd. (India), and UPL (India).

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This release was published on openPR.