Plant Growth Regulators Market Value By Type (Gibberellins, Auxins, Cytokinins, Ethylene, and Others), By Crop Type (Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses, Turf & Ornamentals), By Formulation (Wettable Powders, Water-Dispersible & Water-soluble Granules, Solutions), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Industry Analysis, Market Size, Share & Forecast, 2023 – 2032

Market Overview:

Plant Growth Regulators Market size exceeded USD 2.7 Billion in 2022 and is expected to showcase a CAGR of over 6.9% from 2023 to 2032. By the end of the forecast period, the market is anticipated to reach a valuation of around USD 5.1 Billion. 

Plant growth regulators (PGRs) are synthetic or natural compounds that are used to control plant growth and development, with the goal of improving crop yields and quality. The PGRs market includes a wide range of products, including hormones, cytokinins, gibberellins, auxins, and others. 

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Rising demand for food due to population growth and the need to improve agricultural productivity has driven the industry growth. Additionally, the trend towards sustainable agriculture practices and the growing awareness of the benefits of PGRs for crop production and quality have further fueled the business growth. The use of PGRs is becoming increasingly popular in the agricultural industry, especially in developing countries where there is a need for higher crop yields to feed growing populations. PGRs are also used in the production of ornamental plants, turfgrass, and other horticultural crops. 

Plant growth regulators market is highly competitive and is dominated by major players such as BASF, Syngenta, Dow Chemical Company, Bayer CropScience, and FMC Corporation. These companies are constantly investing in research and development to improve the efficacy of their PGR products and to expand their product portfolios.
For instance, Horta, an Italian company specializing in digital farming solutions, was acquired by BASF SE. As the agriculture sector increasingly relies on digital farming solutions, BASF SE would benefit from expanding its agriculture solutions portfolio.

Growth Factors: 

Technological advancements: Advances in technology have led to the development of new and more effective plant growth regulators. This is making it easier for farmers and growers to use these products and is driving demand. Biotechnology is being used to develop new plant growth regulators by engineering plants to produce their own hormones and other compounds. This can reduce the need for synthetic PGRs and make agriculture more sustainable.

Government support: Governments around the world are providing support for the agricultural sector, including funding for research and development of new plant growth regulators. This is driving innovation in the market and helping to expand the range of products available. Governments are providing subsidies and other incentives to farmers and growers to encourage the use of plant growth regulators. This can help to make these products more affordable and can also encourage their adoption.

Restrain Factors: 

Regulations: Regulations and restrictions on the use of plant growth regulators can limit their availability and adoption. For example, some countries have strict regulations on the use of plant growth regulators in food production.

Resistance and tolerance: Overuse or improper use of plant growth regulators can lead to resistance or tolerance by crops, making the products less effective over time. This can limit the long-term usefulness of these products and drive the need for constant innovation.

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By Type Analysis: 

The auxins segment is slated to hold the largest share of the plant growth regulators market over the predicted timeframe due to their wide range of applications in agriculture, including promoting root growth, increasing fruit size, and preventing premature fruit drop. They are widely used in the production of fruits, vegetables, and ornamental plants. Auxins are a type of plant growth regulator that control cell elongation, root formation, and fruit development. Auxins are a group of plant growth regulators that play a critical role in the growth and development of plants. They are involved in many physiological processes in plants, including cell elongation, apical dominance, root formation, and fruit development. 

Auxins are naturally occurring hormones that are produced by the plant's cells in various parts of the plant, including the shoot tips, young leaves, and developing fruits. There are several different types of auxins available in the market, including indole-3-acetic acid (IAA), naphthalene acetic acid (NAA), and 2,4-dichlorophenoxyacetic acid (2,4-D). Each of these auxins has slightly different properties and is used for different purposes in agriculture.

Regional Overview:

Asia Pacific region is slated to hold the largest market share in the plant growth regulators market during the study period, owing to the large agricultural industry in countries such as India and China, where plant growth regulators are widely used to improve crop yield and quality. Additionally, the growing population in the region has increased the demand for food, driving the adoption of plant growth regulators to increase agricultural productivity. 

In China, the market is driven by the increasing adoption of precision agriculture practices and the government's initiatives to promote sustainable agriculture practices. The market in China is dominated by local players such as Jiangsu Fengyuan Bioengineering Co., Ltd. and Beijing Gartentech Co., Ltd.

North America is anticipated to grow at the fastest CAGR in the plant growth regulators market over the period of forecasting, driven by the increasing adoption of precision agriculture practices and the need to improve crop yield and quality. The market in this region is dominated by the United States, which is the largest market for plant growth regulators in the world. 

In the United States, the plant growth regulators market is driven by the increasing demand for high-value crops such as fruits and vegetables, the need to improve crop yield and quality, and the government's initiatives to promote sustainable agriculture practices. The market in the United States is dominated by companies such as BASF SE, Syngenta AG, and Dow AgroSciences LLC.

Key Development:

• In September 2022, Corteva has signed a binding agreement to acquire Symborg, a microbiological technology expert based in Murcia, Spain. This agreement has expedited the advancement of the biological solutions portfolio, such as plant growth regulators, which will assist the company in its introduction of novel products.
   
• In May 2022, Nufarm acquired the plant growth regulator Pentia from BASF SE and completed the new Pentia product facility, where Nufarm would be the sole manufacturer and supplier of Pentia. This would enable the company to mass-produce Pentia and thus meet customer demand for this plant growth regulator.

Top companies includes in the global plant growth regulators market:

• BASF SE
• DSM
• CHR Hansen Holding A/S
• Nestle
• DUPONT 
• Biosynth Carbosynth
• Gnubiotics Sciences S.A
• Inbiose N.V
• Abbott Laboratories
• Dextra Laboratories
• Others

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In-depth analysis of plant growth regulators market along with industry coverage and forecasting for the following segments:

Market Value Insights, By Type

• Gibberellins 
• Auxins
• Cytokinins 
• Ethylene
• Others

Market Value Insights, By Crop Type

• Fruits & Vegetables 
• Cereals & Grains
• Oilseeds & Pulses
• Turf & Ornamentals

Market Value Insights, By Formulation

• Wettable Powders 
• Water-Dispersible & Water-soluble Granules
• Solutions

Market Value Insights, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America