Plant Growth Regulators Market Outlook: Major Company Strategies and Emerging Trends Through 2031

The global plant growth regulators (PGR) market is witnessing robust growth driven by advancements in agricultural practices, increased adoption of innovative agro-inputs, frequent drought and food scarcity incidences, and the rising need for food safety and security to meet global population demands. In addition, continuous product innovation by leading agrochemical companies is accelerating market expansion.

According to Allied Market Research, the plant growth regulators market was valued at $2.2 billion in 2021 and is projected to reach $7.4 billion by 2031, registering a strong CAGR of 13.9% from 2022 to 2031.

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Key Growth Drivers and Challenges:-

Growth Drivers:

- Innovations in modern agricultural techniques
- Rising global food demand and population growth
- Increasing drought frequency and climate stress on crops
- Growing focus on crop productivity, yield optimization, and food security

Market Restraints:

- Limited awareness among farmers regarding PGR benefits
- High cost associated with plant growth regulator products

Opportunities:

- Rising consumer preference for healthy lifestyles
- Growing demand for flowers, seeds, and medicinal crops
- Expanding application of PGRs in horticulture and specialty crops

Market Segmentation Insights:-

By Type:

- Auxins held the largest market share in 2021, accounting for nearly one-third of total revenue, and are expected to maintain dominance through 2031 due to their critical role in cell division, root development, and tissue culture.

- Cytokinins are projected to witness the fastest growth, registering a CAGR of 14.8%, supported by benefits such as delayed plant aging, stress resistance, protein synthesis, and improved branching.

By Crop Type:

- Cereals dominated the market in 2021 with nearly one-third share, driven by rising population, changing dietary patterns, and increasing cereal production in countries such as India and China.

- Fruits and Vegetables are expected to grow at the fastest rate, posting a CAGR of 14.9%, owing to higher adoption of PGRs and rising global production of horticultural crops.

Regional Outlook:

- Europe accounted for nearly two-fifths of global revenue in 2021 and is expected to retain market leadership due to strong emphasis on sustainable agriculture, food security, and widespread PGR use in fruits and vegetables.

- Asia-Pacific is projected to grow at the fastest pace with a CAGR of 15.0%, driven by high adoption of agrochemicals in China and India, along with increasing demand in Southeast Asian countries such as Indonesia, Vietnam, Thailand, and the Philippines.

Key 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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