Plant Growth Regulators Market Size Projected to Generate a Revenue of $7,393.50 Mn by 2031

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The Global Plant Growth Regulators Market Size is predicted to be valued at $7,393.50 million by 2031, surging from $2,196.30 million in 2021, at a noteworthy CAGR of 13.9%.

Impact Analysis of COVID-19 on the Plant Growth Regulators Market

The COVID-19 pandemic has led to severe disruptions that have affected the demand, supply, import-export, and availability of plant growth regulators across end-use industries. The impact of COVID-19 on the plant growth regulators market is characterized primarily by an unprecedented disruption in the functioning of both market forces of demand and supply. A short-term labor shortage caused by distribution bottlenecks created a large gap between the number of workers needed for production and those available. Organic crop production was also hampered by the scarcity of growers in large-scale plantations. All these factors have negatively affected the plant growth regulators market growth during the pandemic.

However, several initiatives launched by the Indian government are helping society to recover from the pandemic. For instance, in July 2021, the government of India launched a digital platform called 'Kisan Saarathi,' available in Hindi and other regional languages, allowing farmers to interact with scientists from Krishi Vigyan Kendra (KVKs). These nodal centers ensure farmers benefit from research and technology and receive personalized advice on agriculture and related topics.

Global Plant Growth Regulators Market Analysis

Plant growth regulators (PGRs) are widely used in agricultural practices due to their potential impact on plant growth, health, and overall crop productivity. PGRs help reduce crop nutrient and water requirements, as well as labor requirements, resulting in cost savings. Greenhouse and nursery growers are also increasing their use of PGRs to reduce input costs and boost production. Horticulture has emerged as a new growth avenue for the PGRs market, and the rapidly expanding horticulture acreage is expected to drive market growth. India's horticulture output has more than doubled, from 146 million tonnes in 2002 to 314 million tonnes in 2019. These are the major factors anticipated to boost the plant growth regulators market share during the analysis timeframe.

Regulatory barriers are a major market restraint for PGRs. Manufacturers must go through a lengthy and costly approval process with both state and federal regulators in order to bring a new PGR to market. Many jurisdictions currently lack a clear regulatory framework for these products. This makes it difficult for businesses to commercialize new products and reduces investment in R&D.

Given the growing popularity and need for the use of PGRs in fruit plants, the increasing global fruit trade and production is favoring market growth. The United States is one of the world's largest fruit exporters. The total gross farm value of fruit production in California in 2018 accounted for 37.63% of total crop production in the state, according to the CADA, a cabinet-level government agency. Over the forecast period, India's vast production base provides a lucrative opportunity for fruit exports. According to the agricultural and processed food products export development authority (APEDA), a ministry of the government of India, India exported fruits worth USD 668.75 million in 2019-20. The major export markets for Indian fruits are the United Kingdom, Sri Lanka, the United Arab Emirates, Nepal, Malaysia, Qatar, and Oman.

Global Plant Growth Regulators Market, Segmentation

The global plant growth regulators market is segmented based on type, crop type, and region.

Type:

The type segment is further classified into auxins, gibberellins, cytokinins, absicisic acid, and ethylene. Among these, the cytokinins sub-segment accounted for a highest market share in 2021. Cytokinins are N6-substituted adenine derivatives that influence many aspects of plant growth and development, such as cell division, shoot initiation and growth, leaf senescence, apical dominance, sink/source relationships, nutrient uptake, phyllotaxis, and vascular, gametophyte, and chlorophyte growth. Cytokinins improve stress tolerance and protein synthesis. They have a number of advantages, including the ability to delay plant ageing and prevent leaf senescence. They are commonly used among mature plants to promote growth. Cytokinins are used based on crop type and soil type, and they are also used to repair damaged plant parts.

Crop Type:

The Crop type industry segment is further classified into cereals, oilseeds and pulses, fruits and vegetables, turf and ornamentals, and others. Among these, the cereals sub-segment accounted for a highest market share in 2021. Plant growth regulators are used in cereal and grain production to control crop cycles, prevent crop lodging, and increase grain size and quality. They aid in the reduction of post-harvest losses by delaying the ripening process, allowing harvesting periods to be extended. Auxins and cytokinins are important in this application because of their ability to promote plant vigor and productivity, resulting in higher yields and higher quality produce.

Region:

The plant growth regulators market in the Asia-Pacific region is projected to show the fastest growth. Large-scale farming operations in nations like China and India created established market potential in the area. Additionally, these nations have one of the highest rates of PGR adoption in the world and have relied heavily on agrochemicals for crop nutrition and protection. Additionally, the market is expanding quickly in nations like Indonesia, the Philippines, Thailand, and Vietnam as a result of growing consumer knowledge of the productivity advantages of PGRs and rising agrochemical demand. These nations will probably help the Asia-Pacific area maintain its supremacy during the forecast period.

China has the largest market in Asia-Pacific for plant growth regulators. A lucrative market for plant growth regulators has developed in the nation as a result of the rising population (especially among middle-class consumers), increased interest in sustainability, and the expanding acceptance of organic farming.

Growth regulators are critical to the advancement of agricultural technology because they are used in the fields to ensure food security in Japan. In Japan, there are several concerns about agricultural sustainability, including projected water scarcity issues by 2030.

Key Players in the Global Plant Growth Regulators Market

Some of the leading plant growth regulators market players are

• BASF SE
• Bayer Crop Science
• Corteva Agriscience
• Crop Care Australasia Pty Ltd.
• Barclay Crop Protection
• Sumitomo Chemical Australia Pty Ltd.
• NuFarm Ltd.
• Redox Industries Ltd.
• Xinyi (H.K.) Industrial Co. Ltd.
• Sichuan Guoguang Agrochemical Co. Ltd.

July 2021: Sumitomo Chemical has received regulatory approval in the United States for the registration of Accede, its new plant growth regulator. According to Sumitomo Chemical Company's press release, Accede is a fruit thinner that Sumitomo Chemical developed as one of the biorationals as a result of global research and development collaboration for more than a decade in biorationals among Sumitomo Chemical and Valent BioSciences (VBC).