Global Plant Growth Regulator Market Size, Share, Opportunities, And Trends By Type (Auxins, Cytokinins, Gibberellins, Others), By Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Others), By Function (Yield Improvement, Stress Management, Quality Enhancement, Harvest Management), And By Geography- Forecasts From 2024 To 2029

Plant growth regulators can be defined as chemicals or naturally occurring substances that modify the growth behaviours of the plant or crop. These behaviours include increasing branching, increased return bloom, suppression of shoot growth, removal of excess fruit, or alteration of fruit maturity.   

Introduction:

The global plant growth regulators market is expected to witness a significant increase in growth in the forecasted period of 2024-2029, with factors affecting the market, such as the increasing demand for food. This is influenced by the increase in global population, and the increase in awareness of the benefits of plant growth regulators, which is expected to increase in growth with the increasing growth of the agricultural biotechnology sector.

Market Drivers:

• Increasing demand for food: The rising population globally poses an increase in demand for food security, which further increases the need for improved crop seeds and other kinds of produce improvement in the market. Plant growth regulators are known for increasing the growth rate of the plant while using a lesser number of resources for growth. As per the Office of the Director of Intelligence, the global population during the upcoming few years is expected to increase from 1.4 billion people to an estimated 9.2 billion people by 2040. This increase in growth will drive the increase in demand for food security in the market, leading to an increase in demand for crop improvement products such as plant growth regulators and many others. It has also been stated that India and China account for the increase in growth of the population worldwide, which is expected to increase significantly by 2027. This increase in the global population will drive the increased need for plant growth regulators in the market, further increasing the plant growth regulators market growth during the forecasted period.
• Various benefits of plant growth regulators: Plant growth regulators are known for having a wide range of benefits. The benefits of such products will help increase the production and yield in agriculture, further helping farmers improve production and reduce costs, increasing their incomes from agriculture. The wide range of benefits of using plant growth regulators includes an increase in the quality and health of produce, increased environmental protection from disasters or harmful conditions such as extreme heat, droughts, and many others, fewer pruning cycles, less green waste, less fuel consumption, fewer dumping fees, less disruption to the property, less wear and tear on equipment, less wear and tear on labourers, improved safety for workers by reducing ladder usage, low maintenance, and increased yield.

Key Players:

• FMC Corporation: A global chemical manufacturing company known for the development, marketing, and sale of crop protection chemicals, biologicals, and many others. These chemicals have a wide range of applications in agriculture, such as controlling insects, weeds, and diseases, and they are also used to enhance crop yield and quality.
• Sumitomo Chemical Co., Ltd: A Japanese Company known for the production and distribution of fertilizers that help increase agricultural production and solve environmental issues globally.

Regional Analysis:

The Asia Pacific region is expected to witness significant growth in the plant growth regulating market during the forecasted period due to several factors, such as the increasing regional population, further influencing the demand for food security, coupled with the increasing advancements in agricultural technology. The increase in the regional population is one of the largest growth drivers for the increase in demand for regional food. It is also one of the factors that increase the need for improved produce and higher yield capabilities in the agricultural sector, leading various companies to research and develop better crop seeds that provide higher yield in less crop seeds, containing higher nutritional value. Plant growth regulators are known to be natural or synthetic substances that help influence plant hormones, further assisting the behaviour of growth in plants. As per the United Nations Population Fund, the Asia-Pacific region is home to about 60% of the world's total population, accounting for an estimated 4.3 billion people. Furthermore, China and India contribute to the high rate of increase in population size in the region. This relevance of the large population size drives the demand for more food in the market, further driving the need for plant growth regulators in the regions.

Furthermore, the increase in the agricultural sector growth in the region drives the market growth as well. The agricultural sector growth can be linked to the increasing developments and advancements of biotechnology and agriculture-related innovations in the market, providing opportunities for plant growth regulators market growth. For instance, as per the Ministry of Finance, the net export value of agricultural products during 2021-22 accounted for a record estimate of US$50.2 billion, which was an increase in annual growth of 4.6% from 2016 to 2022. This increase in sector growth can be linked to improved yield from fertilizers, modified crop seeds, plant growth regulators, and many others.

In conclusion, the plant growth regulator market is expected to witness growth due to the increase in the regional demand for food, which is driven by the increasing growth of the regional population. This further influences the increase in growth of agricultural production and R&D for improved crop seeds in the market.

Market Developments:

• March 2023: Sumitomo Chemical India Ltd. announced the launch of their plant growth regulator product dubbed Promalin. This product was produced through extensive research by Valent Biosciences, Illinois, USA, a subsidiary of Sumitomo Chemical Company, Japan. This product has been dubbed a game changer for apple-growing communities, further empowering Himachal Pradesh, Jammu & Kashmir, and Uttarakhand apple growers with quality produce, further expanding the export capabilities of the regions.

Segmentation:

• By Type:
  • Auxins
  • Cytokinins
  • Gibberellins
  • Others
• By Crop Type:
  • Cereals & Grains
  • Fruits & Vegetables
  • Oilseeds & Pulses
  • Others
• By Function:
  • Yield improvement
  • Stress management
  • Quality enhancement
  • Harvest management
• By Geography:
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others