Global Plant Growth Regulators Market to Generate $7,393.50 Million by 2031 Due to Increasing Adoption of Sustainable Agricultural Practices

Plant growth regulators are organic chemicals used to regulate and govern plant growth and development. Plant growth regulators use a targeted approach to stimulate or restrict growth at specific stages of plant’s lifecycle such as seed development, xylem differentiation, flowering, etc. Plant growth hormones are mainly classified into plant growth promoters and plant growth inhibitors and can be found naturally or are manufactured artificially using synthesis techniques.

Forecast Analysis of the Global Pant Growth Regulators Market

Over the years, there has been a steep increase in the adoption of sustainable agricultural practices which is expected to be the primary growth driver of the global plant growth regulators market in the forecast period. Along with this, rising food demand and shrinking arable land area is predicted to boost the plant growth regulators market in the analysis timeframe. Moreover, a wide range of applications for plant-growth regulators is expected to offer numerous growth opportunities to the market in the forecast years. However, according to the market analysts, lack of awareness among farmers regarding plant growth regulators may become a restraint in the full-fledged growth of the plant growth regulators market in the 2022-2031 timeframe.

Regionally, the plant growth regulators market in the Europe region is expected to be the most dominant in the forecast period. The rising scale of organic farming and the expansion of indoor farming units are predicted to be the main contributing factors to the growth of the market in this region.

As per a report by Research Dive, the global plant growth regulators market is expected to reach a revenue of $7,393.50 million in the 2022–2031 timeframe, thereby growing at CAGR of 13.9% by 2031. Some prominent market players include BASF SE, Barclay Crop Protection, Redox Industries Ltd., Bayer Crop Science, Sumitomo Chemical Australia Pty Ltd., Xinyi (H.K.) Industrial Co. Ltd., Corteva Agriscience, NuFarm Ltd., Sichuan Guoguang Agrochemical Co. Ltd., Crop Care Australasia Pty Ltd., and many others.

Covid-19 Impact on the Market

The Covid-19 pandemic and the subsequent lockdowns have had a catastrophic impact on various businesses and markets worldwide. The plant growth regulators market, too, faced a negative impact of the pandemic. During the pandemic, almost all plant growth regulator manufacturing companies were shut down which affected the production cycles of these companies. Moreover, there was a lack of availability of raw materials which further affected the manufacturing of plant growth regulators. All these factors affected the growth rate of the plant growth regulators market during the pandemic causing a fall in its growth rate.

Significant Market Developments

The key players of the market are adopting various business strategies such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the plant growth regulators market to flourish. For instance:

• In September 2021, BASF, a leading global chemicals company, announced the launch of Attraxor®, an advanced plant growth regulator with active Prohexadione calcium. This product launch is expected to help BASF to address the demands of the market comprehensively and in turn increase its market share in the near future.
   
• In December 2022, ADAMA, a crop protection technology provider, announced the acquisition of Agrinova New Zealand Limited, a supplier of differentiated crop protection products. This acquisition is predicted to increase the footprint of the acquiring company, i.e., ADAMA in the next few years.
   
• In March 2023, Sumitomo Chemical India Ltd., a chemical company based in India, announced the launch of its flagship product Promalin®, a plant growth regulator. The plant growth regulator is specifically designed to boost the apple production in the Himalayan region and as a result, this product is expected to be a huge success in the states of Jammu and Kashmir, Himachal Pradesh, Uttarakhand, etc.