Plant Growth Regulators Market Expected to Reach USD 6.7 Billion by 2030
The plant growth regulators market was valued at USD 3.4 billion in 2022 and is projected to show significant growth, reaching USD 6.7 billion by 2030. This translates to a compound annual growth rate (CAGR) of 10.2% during the forecast period (2023-2030).
Plant growth regulators, also known as PGRs, are used to promote or inhibit plant growth. The global plant growth regulators market is a highly fragmented market with numerous small-scale and large-scale players operating in both regional and international market. Owing to which the market is exhibiting intense competition among the players. In order to gain a competitive edge, market players are differentiating their products based on product quality, shelf-life, ease of application, price, and product effectiveness among few other attributes. In addition, prominent vendors are also focusing on mergers & acquisitions, new product launches, and expansion to gain market dominance.
By origin, the global plant growth regulators market has been classified as natural and synthetic. The synthetic segment gained the highest market share in 2021 owing to the high sales volume. The ease of production and immediate & efficient results of synthetic plant growth regulators is driving the segment growth. However, the natural segment is expected to grow at a higher CAGR owing to the adoption of organic agricultural practices.
Based on crop type, the market is segregated as pulses & oilseeds, grains & cereals, fruits & vegetables, turf & ornaments, and others. The grains & cereals segment is anticipated to lead the global plant growth regulators market during the assessment period due to the higher production of grains & cereal crops. However, fruits & vegetables segment is expected to experience a higher growth rate during forecast period owing to the increasing demand for horticultural produce.
By product type, the global plant growth regulators market has been classified as auxins, gibberellins, ethylene, cytokinins, abscisic acid, and others. The cytokinins segment is anticipated to gain major share in the global plant growth regulators market due to ability to delay leaf senescence. However, the gibberellins segment is anticipated to project a higher CAGR during the forecast period due to its increasing use in horticulture.
On the basis of form, the market is segregated into granules, powder, and liquid. The granules segment gained the highest market share in 2021 as they are comparatively less toxic, easy to handle & transport, and is a stable form of product. However, the liquid segment is expected to register a higher CAGR due to the rising adoption of foliar spray as a mode of application.
Based on function, the global plant growth regulators market is segmented into plant growth promoters and plant growth inhibitors. The plant growth promoters segment is expected to dominate the global market as plant growth regulators are mainly used to promote plant growth rather than inhibit. PGRs are used to enhance flowering and fruiting in various fruits and vegetables. The same segment is projected to grow with the higher growth rate during the forecast period owing to the surging consumption of horticultural produce.
By mode of application, the market is categorized as fertigation, foliar, and others. The fertigation segment is anticipated to exhibit a larger market share due to the major preference of farmers towards fertigation-based operations as it requires less resources and is not a time-consuming process. However, foliar segment is expected to register a higher CAGR as it is emerging as an effective mode for the application of plant growth regulators.
Regional Analysis
On the basis of region, the global plant growth regulators market share has been segmented into North America, Europe, Asia-Pacific, and RoW. Europe is anticipated to account for the largest revenue share in the global plant growth regulators market due to the rising production of agricultural produce in the region. Moreover, the adoption of new technologies and methodologies in agriculture is also boosting the market growth in the region.
North America is also expected to garner a significant share in the global market due to a rise in the cultivation of horticultural crops in the region, especially grapes. Asia-Pacific is anticipated to project the highest growth rate during the forecast period as market players are expanding their operations in the Asia-Pacific market.
Key Players
Some of the key players in the global plant growth regulators market are China National Chemical Agrochemical Corporation (China), Platform Specialty Products Corporation (US), BASF SE (Germany), Bayer AG (Germany), DowDuPont (US), NIPPON SODA CO., LTD. (Japan), Nufarm Limited (Australia), Sumitomo Chemical Co., Ltd. (Japan), FMC Corporation (US), Tata Chemicals Ltd. (India), and Xiny(H.K.) Industrial Co., Ltd. (China).
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