Plant Growth Regulators Market Size, Share and Trends 2024 to 2034

Plant Growth Regulators Market Size and Forecast 2024 to 2034

The global plant growth regulators market size is projected to be worth around USD 14.74 billion by 2034 from USD 4.78 billion in 2024, at a CAGR of 11.92% from 2024 to 2034. Decreasing agricultural areas along with increasing demand for organic food is likely to be one of the key trends in the plant growth regulators market growth.

Plant Growth Regulators Market Key Takeaways

• Europe dominated the plant growth regulators market with the highest market share of 35% in 2023.
• By product, the cytokinin segment dominated the global market in 2023
• By product, the auxins segment is expected to experience notable growth in the market during the forecast period.

Europe Plant Growth Regulators Market Size and Growth 2024 to 2034

The Europe plant growth regulators market size was exhibited at USD 1.49 billion in 2023 and is projected to be worth around USD 5.23 billion by 2034, poised to grow at a CAGR of 12.09% from 2024 to 2034.

Europe dominated the global plant growth regulators market in 2023. The region's dominance is linked to the innovative agricultural practices carried out since the technological advancement in this sector. The region’s dominance is due to the adoption of plant growth regulators by many farmers to enhance the quality and yields. Furthermore, the country's favorable regulatory conditions, rising emphasis on sustainable agriculture, and advanced R&D activities are driving the growth of the region's market.

Additionally, the rising demand for high-value crops and higher consumption of natural plant regulators systems in agriculture sector have promoted the expansion of the market in Europe. Most of the pesticide manufacturers and dealers such as Bayer is headquartered in Europe. This has significant potential for the market to grow in European countries.

Asia Pacific is expected to grow at the fastest rate in the plant growth regulators market over the forecast period. The region is experiencing strong growth due to rising food requirements and the adoption of modern agricultural practices. Also, the growing population in the region has driven the demand for food, fueling the market's growth further. China, India, and Japan are the key market contributors in the region due to significant investments made by the governments of the respective countries in advanced agricultural practices.

List of 10 Leading Agricultural States in India (2024)

Market Overview

Plant growth regulators are synthetic chemicals that mimic the hormones that plants naturally make. They usually do this by controlling and modifying plants' physiological processes to get desired results like enhancement in yield and quality. Some examples of this plant's growth regulators are auxins, cytokinins, and gibberellins. These chemicals also impact the overall development of plant cells, organs, and tissue. In the plant growth regulators market, growth inhibitors can increase crop productivity substantially, which can lead to high-yield formation in a short period.

Role of AI in the Plant Growth Regulators Market

The integration of innovative imaging technologies with AI has launched as a powerful technique for real-time and non-invasive monitoring of plant health technologies such as deep learning and neural networks, along with pattern recognition, enabling the automated analysis of large datasets, which improve the precision and speed for plant stress detection. Furthermore, the ability of AI in plant stress physiology and its capability to overcome the limitations of conventional methods can transform the plant growth regulators market in the upcoming years.

• In September 2023, ICL Group, a leading global specialty minerals company, announced its agrifood innovation and investment platform, ICL Planet Startup Hub, which led an investment round in Agrematch, an artificial intelligence (AI) agriTech startup. The two companies agreed to launch a joint, multi-year program to use Agrematch’s AI system to discover novel crop nutrition solutions and bring innovative products to ICL’s global offerings.

Plant Growth Regulators Market Growth Factors

• A rise in the need for food production is expected to drive the plant growth regulators market growth shortly.
• Focusing on sustainable agricultural methods can contribute to market expansion further.
• Growth of the floriculture and horticultural sectors can fuel the plant growth regulators market growth.
• Research and development activities in the biotechnology sector will also have a positive impact on the plant growth regulators market growth soon.

Market Scope

Market Dynamics

Driver

Growing demand for food due to growing population

increasing demand for food due to rising global population growth is one of the key factors driving the plant growth regulators market growth. The demand for food is rising in proportion to the increase in population worldwide, and to fulfill this need, it is important to cultivate more quality crop yields, which can only be possible by adapting to efficient agricultural practices. Additionally, plant growth regulators are extensively used in the farming sector to improve the quality of yield and protect crops from diseases and pests, which can propel market growth further.

• In December 2022, Dubai-based agrochemical company AgFarm introduced its entire product range in the Chhattisgarh market, which consists of herbicides, insecticides, fungicides, and plant growth regulators. The launch coincides with the Rabi crop sowing season in India, which typically starts in the winter season. AgFarm entered the Indian market almost a year ago and presently enjoys a presence in Punjab, Haryana, Uttar Pradesh, Rajasthan, Andhra Pradesh, Madhya Pradesh, and Telangana.

Restraint

Farmers' low awareness and education

Farmers might be unaware of the proper usage, benefits, and utilization of plant growth regulators, and there are some differences in their understanding of these tools. This can hurt the adoption rate, particularly with conventional and small-scale farmers. Moreover, Concerns related to the effect of the environment on plant growth regulators can hinder the plant growth regulators market growth soon.

Opportunity

Growth in the pharmaceutical industry

The growth in the pharmaceutical industry is the latest trend in the plant growth regulators market. The sector is mainly driven by unhealthy eating habits, changing lifestyles, and an aging population. Which then can lead to the prevalence of chronic diseases. Furthermore, this growth in the pharmaceutical market is also accomplishing the greater demand for herbal medicines, which is a substitute for expensive allopathy medicines. Key pharma companies are also investing in R&D to develop plant-derived medicines and tackle the growing need for herbal medicines. This trend is expected to create lucrative opportunities for the market in upcoming years.

• In April 2022, Mankind Pharma launched Mankind Agritech to assist Indian farmers by providing new-age technologies and helping them for the betterment of the rural sector. With the launch of Mankind Agritech, the company will be providing crop care solutions to Indian farmers, including weedicides, insecticides, fungicides, plant growth regulators, and biologicals. Mankind Agritech will work towards ensuring the country's food safety. The company will invest in new technological tools and aim to deliver them to the farmers to support them.

Product Insights

The cytokinin segment dominated the plant growth regulators market in 2023. The growth of the segment can be attributed to the rising consumer awareness regarding the positive effects of delaying senescence, branching, nutrient remobilization, and growth of flowers & seeds. Cytokinins are plant hormones that maintain different processes of plant growth, such as cell division & differentiation, delay of senescence, shoot & root, and fruit & seed development. Moreover, it delays the natural aging process, which causes death in plants. It is also used to cure the wounded part of the plant.

• In December 2022, Kribhco launched an innovative and sustainable product, SIVARIKA, which is a Seaweed Bio-stimulant. The SIVARIKA granules are fortified with seaweed extract derived from red and brown algae. The SIVARIKA Seaweed functions as a metabolic bio enhancer as it contains proteins, carbohydrates, inorganic salts, and other inherent nutrients, vitamins, plant growth hormones like auxin, cytokinin, gibberellins, betaines, mannitol, etc., says a press release from Kribhco.

The auxins segment is expected to experience notable growth in the plant growth regulators market during the forecast period. Auxins are plant hormones responsible for cell elongation and promote root and fruit growth. Auxins are used extensively in the farming sector to increase crop cultivation and enhance plant growth. The rising need for food because of a growing population is anticipated to propel the growth of the auxins segment throughout the forecast period.

Plant Growth Regulators Markets Top 20 Companies

• BASF SE
• Syngenta AG
• Bayer AG
• DowDuPont Inc.
• FMC Corporation
• Nufarm Limited
• Adama Agricultural Solutions Ltd.
• Tata Chemicals Limited
• Valent BioSciences LLC
• Arysta LifeScience Corporation
• Sichuan Guoguang Agrochemical Co. Ltd.
• Xinyi Industrial Co. Ltd.
• Crop Care Australasia Pty Ltd.
• WinField Solutions LLC
• Rotam CropSciences Ltd.
• NuFarm Americas Inc.
• OHP Inc.
• SePRO Corporation
• SinoHarvest Corporation
• Chemtura Corporation

Recent Developments

• In January 2023, Bayer CropScience is expected to launch ‘Verdia,’ a new plant growth regulator that helps improve plant growth, yield, and quality in various crops.
• In June 2022, Arysta LifeScience launched a new plant growth regulator called ‘Atonik’ in the Philippines, which helps in improving plant vigor, root development, and stress tolerance.
• In April 2022, Valent U.S.A. launched ‘Abound® Propiconazole,’ a new plant growth regulator that helps control diseases in fruit and vegetable crops.
• In February 2022, FMC Corporation announced the launch of ‘Focus® SC,’ a new plant growth regulator that helps promote fruit elongation and size in grapes and other fruits.
• In November 2022, Bayer AG introduced Adengo, a pre-emergent herbicide designed to target both broad-leaf plants and grasses. Adengo contains two active ingredients, isoxaflutole and thiencarbazone, each with distinct modes of action. This expansion of Bayer AG's crop protection portfolio aims to provide maize farmers with effective weed control solutions.
• In September 2022, FMC unveiled three novel solutions for soil fertility and pest management. This initiative aimed to support Indian farmers in enhancing their crop yields by promoting better-quality produce and healthier soil conditions.
• In January 2022, Bionema Limited, a prominent biocontrol technology developer, sold Syngenta Crop Protection AG, one of the leading market players in the Gibberellins Market, two next-generation bioinsecticides, namely NemaTrident® and UniSpore®.

Segments Covered in the Report

By Product

• Cytokinins
• Auxins
• Others

By Geography

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