Plant Growth Regulators Market Size, Share, Trends, Industry Overview, Growth Drivers, and Leading Players

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
The [https://www.marketsandmarkets.com/Market-Reports/plant-growth-regulators-market-94580110.html] was valued at USD 2.9 billion in 2022 and is projected to reach USD 4.5 billion by 2028 at a CAGR of 7.4% during the forecast period. Under the changing climatic conditions, numerous biotic and abiotic stresses hamper seed germination, seedling growth, and plant development, which is resulting in severe decline in crop yield globally. The biosynthesis of PGRs, including gibberellins, auxin, cytokinin, abscisic acid, and ethylene, constitutes a potent strategy for plants to respond to stress conditions. They are required in lesser quantities than conventional fertilizers. Other advantages are that some plant growth regulators have fewer impurities and do not harm seedlings. Hence, the concept of plant growth regulators is viewed as a business opportunity in a slow-growing market. As a result, many multinational players have entered into the production of various types of plant growth regulators.

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What are plant growth regulators?

Plant growth regulators (PGRs), also known as plant hormones or phytohormones, are naturally occurring chemicals that control various aspects of plant growth and development. These regulators play essential roles in processes such as cell division, elongation, differentiation, and responses to environmental stimuli. There are several classes of plant growth regulators, each with specific functions:

Auxins: Auxins are primarily responsible for cell elongation and apical dominance, which is the tendency for the main stem to grow more vigorously than lateral branches. They also play a role in tropisms, such as phototropism (response to light) and gravitropism (response to gravity).

Cytokinins: Cytokinins promote cell division and are involved in various aspects of plant growth and development, including shoot and root growth, leaf senescence (aging), and nutrient mobilization.

Gibberellins: Gibberellins are involved in stem elongation, seed germination, flowering, and fruit development. They promote growth by stimulating cell division and elongation, particularly in stems.

Abscisic Acid (ABA): ABA regulates various physiological processes, including seed dormancy, seed germination, stomatal closure (in response to water stress), and adaptation to environmental stresses such as drought and salinity.

Ethylene: Ethylene is a gaseous hormone involved in fruit ripening, senescence, and various stress responses, including responses to mechanical stress, flooding, and pathogen attack.

Brassinosteroids: Brassinosteroids promote cell elongation, cell division, and differentiation. They are involved in various developmental processes, including stem elongation, vascular differentiation, and seed germination.

[https://www.linkedin.com/pulse/revolutionizing-crop-yield-quality-plant-growth-swati-sharma-xudaf/]

The plant growth regulators (PGRs) market has been witnessing several notable trends driven by various factors such as increasing demand for high-quality crops, growing awareness about sustainable agricultural practices, and advancements in biotechnology. Here are some of the trends shaping the plant growth regulators market:

1. Focus on Sustainable Agriculture: With the rising concerns about environmental degradation and the need for sustainable farming practices, there's a growing emphasis on using plant growth regulators to enhance crop productivity while minimizing environmental impact. PGRs offer the potential to optimize plant growth with reduced dependency on chemical fertilizers and pesticides.

2. Adoption of Bio-Based Plant Growth Regulators: There's a noticeable shift towards bio-based or organic plant growth regulators due to their perceived safety and environmental benefits. Bio-based PGRs are derived from natural sources such as seaweed extracts, microbial fermentation, and plant hormones. Farmers are increasingly opting for these alternatives to conventional synthetic PGRs.

3. Technological Advancements: Advances in biotechnology and molecular biology have enabled the development of novel plant growth regulators with enhanced efficacy and specificity. Biotechnological approaches, such as genetic engineering and genome editing, are being employed to modify plant hormones and signaling pathways, leading to the development of tailor-made PGRs for specific crops and growth conditions.

4. Increased Adoption in Horticulture and Floriculture: The use of plant growth regulators is gaining traction in horticulture and floriculture to improve crop quality, enhance flowering, and increase fruit yield. PGRs are being extensively used in the production of fruits, vegetables, ornamental plants, and turf grass to achieve desired characteristics such as uniformity in size, color, and ripening.

5. Regulatory Environment: Regulatory frameworks governing the use of plant growth regulators are evolving, with stricter regulations being implemented to ensure product safety and environmental sustainability. Compliance with regulations related to maximum residue limits (MRLs), environmental fate, and toxicology is becoming increasingly important for PGR manufacturers and users.

6. Growing Demand in Developing Regions: Rapid urbanization, changing dietary habits, and population growth in emerging economies are driving the demand for high-value crops, thereby fueling the adoption of plant growth regulators. Developing regions in Asia-Pacific, Latin America, and Africa are emerging as lucrative markets for PGRs due to the increasing focus on improving agricultural productivity and food security.

Plant Growth Regulators Market Opportunities [https://www.globenewswire.com/en/news-release/2023/04/10/2643662/0/en/Global-Plant-Growth-Regulators-Market-Size-Anticipated-to-Grow-4-5-billion-Exclusive-Report-by-MarketsandMarkets.html]: Increasing importance of sustainable food production globally

Food companies are taking notice of this environment, and efforts such as "Field to Market or Farm to Table" define sustainable farming. The concept of bio-farming is actively gaining pace as it is based on the use of organic and biofertilizers (natural and manufactured) instead of chemical fertilizers and the use of safe green pesticides and pesticides. By adopting sustainable practices, farmers reduce their reliance on non-renewable energy, minimize chemical use, and save scarce resources. Keeping the land healthy and replenished can go a long way when considering the rising population and demand for food. Food companies are strengthening their sustainable efforts, collaborating with suppliers, and fine-tuning their business models.

According to research conducted by the International Food Information Council Foundation (IFIC) 2018, 59% of consumers surveyed in 2018 said it was important that the foods they purchased and consumed be produced sustainably, up from 50% in 2017. The incorporation of biologically synthesized plant growth regulators in agricultural systems as a sustainable approach for disease management and nutrient supplements could reduce the negative effects associated with the excess application of chemical inputs. The rising awareness among consumers regarding food consumption produced through sustainable practices is expected to boost growers' use of plant growth regulators.

BASF SE (Germany) is one of the key players in the plant growth regulators market because of its diverse product portfolio.

A variety of system solutions and services are offered by BASF SE, along with goods for the chemical, automotive, building, agricultural, oil, plastics, electrical, electronics, furniture, and paper industries. Under its agricultural solutions division, BASF SE provides plant growth regulators. The company's extensive line of plant growth regulators (PGRs) targets the hormonal system of the plant and alters the proportions of various plant hormones to help the plant develop in advantageous ways. In order to increase crop health and yield, BASF SE's plant growth regulators business segment conducts research, develops, manufactures, and sells plant growth regulator products.

Asia Pacific dominated the plant growth regulators market in 2022; it is projected to grow at a CAGR of 8.2% during the forecast period.

Being the world's largest and most densely populated region, the Asia Pacific is one of the key markets for plant growth regulators. This region accounted for nearly 30% of the land available on Earth and 60% of the human population in 2021 (Source: FAOSTAT). However, it continues to remain untapped by key market players. The use of plant growth regulators has significantly increased to meet the food requirements of the densely populated countries in the Asia Pacific region.

In the Asia Pacific, the total area of agriculture is shrinking due to the high rate of industrialization and urbanization. As a result, farmers opt for plant growth promoters, which help increase the yield or productivity of crops. However, the lack of awareness and adoption of advanced technologies, adverse socio-economic conditions, and fragmented landholdings are the main hurdles to the development of the crop protection chemicals industry as well as the market in the Asia Pacific region.

Top Companies in the Plant Growth Regulators Market [https://www.marketsandmarkets.com/ResearchInsight/plant-growth-regulators-market.asp]

The key players in the 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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