Plant Growth Regulators Market Forecast 2024-2031 Growth Dynamics, Key Trends and Revenue Projections

According to the report, the global plant growth regulators (PGR) market was valued at $2.2 billion in 2021 and is projected to reach $7.4 billion by 2031, growing at a CAGR of 13.9% from 2022 to 2031. The study offers a comprehensive analysis of market trends, top segments, competitive landscape, value chain, and investment opportunities across various regions.

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Key Growth Drivers:-

The market is witnessing robust growth due to:

- Innovations in agricultural practices
- New product launches by key players
- Rising drought incidences and increasing concerns over food security
- Growing global population and demand for higher crop yields

However, market expansion is somewhat constrained by:

- Limited farmer awareness about the benefits of PGRs
- High costs associated with their application

Despite these hurdles, the market is poised for lucrative growth, driven by:

- Increasing consumer focus on healthy lifestyles
- Rising demand for floriculture, seed production, and medicinal crops

Segment Highlights:-

By Type

- Auxins led the market in 2021, accounting for nearly one-third of global revenue. Their role in cell division, differentiation, and root initiation makes them critical in plant propagation and tissue culture.

- The Cytokinins segment is expected to register the fastest CAGR of 14.8% due to its ability to delay plant aging, promote bud initiation, and enhance protein synthesis under stress conditions.

By Crop Type:

- Cereals dominated the market in 2021, driven by population growth and improved farming practices in countries such as India and China.

- The Fruits and Vegetables segment is projected to grow at the highest CAGR of 14.9%, thanks to the increasing use of PGRs in enhancing the yield and quality of produce globally.

Regional Insights:

- Europe held the largest market share in 2021-approximately two-fifths of the global market-due to high adoption of sustainable agriculture practices and widespread use of PGRs in fruits and vegetables.

- Asia-Pacific is anticipated to be the fastest-growing region, registering a CAGR of 15.0%. Countries such as China, India, Indonesia, and Vietnam are leading in PGR adoption, propelled by increasing agrochemical demand and awareness of yield-boosting solutions.

Leading Market Players:

- Sumitomo Chemical Australia
- Corteva Agriscience
- Arysta LifeScience
- Syngenta AG
- BASF SE
- UPL Limited
- Nufarm
- Bayer CropScience AG
- FMC Corporation
- TATA Chemicals Limited

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