Plant Growth Regulators Market

[280 Pages Report] According to MarketsandMarkets, the plant growth regulators market is projected to reach USD 4.6 billion by 2029 from USD 3.3 billion by 2024, at a CAGR of 7.2% during the forecast period in terms of value. Demand for high-value crops is increasing, leading to higher consumption of natural plant growth regulators in agriculture. There is a growing need for sustainable agricultural practices and a rise in organic farming, contributing to market expansion. Changing dietary preferences and the emphasis on sustainable agriculture further propel market growth. Overall, these trends highlight the growing significance and adoption of plant growth regulators in modern agriculture, fostering market expansion.

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Market Dynamics

Driver : Rise in resistance development in certain pest and insect species to drive market.

The surge in resistance development among certain pest and insect species is poised to propel market growth. Currently, an excessive reliance on pesticides fosters the emergence of pesticide resistance in insects, weeds, and diseases. Repetitive application of the same pesticides by farmers eliminates susceptible populations initially. However, with yearly widespread application, resistant individuals proliferate rapidly, leading to overall resistance within the population. Weeds acquiring resistance to multiple herbicides evolve into superweeds, posing significant challenges to farmers. Herbicide resistance is becoming increasingly prevalent, with some regions facing numerous herbicide-resistant weed species, exacerbating weed control difficulties. In the United States alone, scientists have identified 25 weed species resistant to herbicides. Notably, a recent report highlighted that resistant black grass in the UK diminishes cereal crop yields by up to 800,000 tons annually, translating to a substantial financial loss of USD 449.2 million per year for farmers.

Restraint : Long approval period for new products

The extensive approval process for plant growth regulators is primarily due to the need for multi-location field trials and consideration of residual effects, particularly for synthetic variants. The stringent regulatory procedures often result in a prolonged timeline, exceeding ten years and requiring investments upwards of USD 100 million to bring a new crop protection product to market. Patent protection and exclusivity play vital roles in recouping research and development costs, motivating companies to continue investing in industry growth. However, the escalating costs associated with product development and the extended regulatory period contribute to higher retail prices, consequently diminishing net profit margins for growers. These reduced margins impede the expansion of plant growth regulators within the global agrochemicals market.

Moreover, even generic products face a registration period of up to five years. Manufacturers encounter substantial hurdles in navigating the complex and costly approval process, involving both state and federal regulators. Many jurisdictions lack a clear regulatory framework for these products, and regulatory bodies often struggle with insufficient resources and infrastructure, leading to delays in product registration. Additionally, unclear rules pose interpretation challenges, fostering confusion and exacerbating complexities for crop protection chemical companies. These obstacles hinder companies' ability to introduce new products to market and dampen investments in research and development efforts.

Opportunity : Increased production and yield of crops

The expansion of crop production relies heavily on resource availability and climatic conditions. Limited arable land and resources like labor, inputs, and irrigation, compounded by unpredictable weather patterns, directly impact global production goals. According to the Organisation for Economic Cooperation and Development (OECD), there's a projected limited increase in the area for coarse grains by 2023, but significant growth is anticipated in crop yields, especially for wheat, oilseeds, and sugarcane. Plant growth regulators offer benefits by enhancing crop health, unlike traditional fertilizers that may disrupt soil balance and cause toxicity.

An uptick in oilseed crop and sugarcane production is expected due to rising demands in food, feed, and fuel industries. The OECD-FAO Agricultural Outlook 2020-2029 forecasts a growth in global soybean oilseed production from 367 metric tons in 2021 to an estimated 406 metric tons in 2029. This expansion is fueled by increased demand for protein meals, notably in China, potentially improving farmers' economic conditions with appropriate government support.

Challenge: Lack of awareness among growers regarding benefits of plant growth regulators

Plant growth regulators (PGRs) are pivotal in shaping plant growth, affecting cell, tissue, and organ development. Their judicious use can significantly enhance crop yield. However, a notable proportion of farmers remain uninformed about the various types of PGRs and their correct application methods, as well as the cost-saving advantages they offer.

This lack of awareness poses a substantial challenge to the market, as PGRs are underutilized due to limited knowledge among growers. Education and marketing efforts are imperative to rectify this situation. Many farmers are unaware of the environmental benefits of PGRs and may hesitate to adopt them. Organic farming demands specialized knowledge, but knowledge exchange among farmers in developing regions is lacking. Biologically synthesized PGRs hold promise for sustainable crop production, aiding growers in meeting the escalating demand for organic produce. Manufacturer-led educational campaigns, coupled with targeted distribution, can play a pivotal role in disseminating awareness among farmers.

Plant Growth Regulators Market Ecosystem

Key players within this market consist of reputable and financially robust plant growth regulators manufacturers. These entities boast extensive industry tenure, offering diversified product portfolios, cutting-edge technologies, and robust global sales and marketing networks. Prominent companies in this market are BASF SE (Germany), Corteva Agriscience (US), Syngenta Group (Switzerland), FMC Corporation (US), Nufarm (Australia), Bayer AG (Germany), Tata Chemicals Ltd.  (India), UPL (India), Sumitomo Chemical Co., Ltd. (Japan), Nippon Soda Co., Ltd. (Japan), Sipcam Oxon Spa (Italy), De Sangosse (France), DHANUKA AGRITECH LTD (India), Sichuan Guoguang Agrochemical Co., Ltd. (China), and Zagro (Singapore).

In by type segment cytokinins segment holds the largest market share in the plant growth regulators market.

Cytokinins dominate the plant growth regulators market due to their vital role in promoting cell division, shoot growth, and overall plant development. These hormones stimulate cell enlargement and differentiation, leading to enhanced crop yield and quality. Cytokinins are widely utilized in various agricultural applications, including fruit and vegetable production, to improve plant vigor, increase flower and fruit set, and delay senescence. Their effectiveness in enhancing plant growth and yield has propelled their demand among growers globally, contributing to cytokinins holding the largest market share in the plant growth regulators segment. Additionally, advancements in biotechnology and research have led to the development of novel cytokinin formulations, further driving their adoption and market dominance.

In by function segment, plant growth inhibitors segment is expected to grow at highest CAGR during the forecast period.

Increased awareness among farmers and growers regarding the advantages of plant growth inhibitors in regulating plant growth and development is notable. Compounds like abscisic acid induce dormancy and abscission, aiding in managing excessive growth and bolstering stress tolerance in plants. The rise in abiotic stressors like drought, salinity, and extreme temperatures has spurred the adoption of plant growth inhibitors to counter their detrimental impact on crop yield. Additionally, advancements in research and development have led to the creation of more efficient and cost-effective plant growth inhibitors, stimulating their market expansion. In summary, these factors collectively drive the rapid growth of the plant growth inhibitors segment within the plant growth regulators market.

The solutions segment is expected to grow at the highest CAGR during the forecast period.

The expansion of the solutions segment in the plant growth regulators market can be attributed to multiple factors. Firstly, solutions offer ease of application and rapid absorption by plants, ensuring optimal utilization of growth regulators. Secondly, they allow for precise dosing, enabling growers to tailor concentrations to specific crops and growth stages, thereby enhancing effectiveness. Additionally, advancements in formulation technologies have led to the creation of innovative solutions with enhanced stability and bioavailability, further boosting demand. Furthermore, the solutions segment is increasingly adopted in various agricultural practices, such as greenhouse and hydroponic cultivation, where precise nutrient delivery is essential for maximizing crop yield and quality. Collectively, these factors drive the robust growth projection for the solutions segment in the plant growth regulators market during the forecast period.

The Asia Pacific region is expected to grow at the highest CAGR in the plant growth regulators market during the forecast period.

The plant growth regulators market is experiencing growth in the Asia-Pacific region due to several key factors. Firstly, the region has a significant agricultural industry, with a large portion of the global agricultural output originating from countries in Asia-Pacific. As these countries strive to enhance agricultural productivity to meet the increasing food demand driven by population growth and changing dietary preferences, there is a growing need for effective solutions like plant growth regulators. Additionally, the Asia-Pacific region is witnessing rapid technological advancements and increasing adoption of modern agricultural practices, which include the use of plant growth regulators to optimize crop yields and improve quality. Furthermore, favorable government initiatives, investments in agriculture, and supportive policies are further propelling the growth of the plant growth regulators market in the Asia-Pacific region. Overall, the convergence of these factors is driving the expansion of the plant growth regulators market in the Asia-Pacific region.

Key Market Players

The key players in the market include BASF SE (Germany), Corteva Agriscience (US), Syngenta Group (Switzerland), FMC Corporation (US), Nufarm (Australia), Bayer AG (Germany), Tata Chemicals Ltd.  (India), UPL (India), Sumitomo Chemical Co., Ltd. (Japan), Nippon Soda Co., Ltd. (Japan), Sipcam Oxon Spa (Italy), De Sangosse (France), DHANUKA AGRITECH LTD (India), Sichuan Guoguang Agrochemical Co., Ltd. (China), and Zagro (Singapore). These market participants are emphasizing the expansion of their footprint via agreements and partnerships. They maintain a robust presence in North America, Asia Pacific, South America, RoW, and Europe, and they are supported by manufacturing facilities and well-established distribution networks spanning these regions.

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Scope of the Report

This research report categorizes the plant growth regulators market based on crop type, function, formulation, type, and region.

Target Audience

• Plant growth regulators traders, retailers, and distributors.
• Plant growth regulators manufacturers & suppliers.
• Related government authorities, commercial research & development (R&D) institutions.  
• Regulatory bodies, including government agencies and NGOs.
• Commercial research & development (R&D) institutions and financial institutions.
• Government and research organizations.
• Venture capitalists and investors.  
• Technology providers to Plant growth regulators and Plant growth regulators companies.
• Associations and industry bodies.   

Plant Growth Regulators Market:

By Function

• Plant Growth Inhibitors
• Plant Growth Promoters

By Crop Type

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

By Formulation

• Water-dispersible & Water-Soluble Granules
• Wettable Powder
• Solutions

By Type

• Cytokinins
• Auxins
• Gibberellins
• Ethylene
• Other Types

By Region:

• North America
• Europe
• Asia Pacific
• South America
• Rest of the World (RoW)

Recent Developments

• In March 2023, Corteva Agriscience solidified its status as a frontrunner in the swiftly growing Biologicals sector by finalizing the acquisitions of Symborg, a specialist in microbiological technologies headquartered in Murcia, Spain, and Stoller, a prominent independent Biologicals firm based in Houston, Texas, U.S. These acquisitions bolster Corteva's presence in the market and enable it to enhance its portfolio with plant growth regulators, positioning the company to capture a significant market share.
• In December 2022, Corteva Agriscience announced a collaboration with NEVONEX, powered by Bosch, to explore the precision application of crop protection products using on-farm data, advanced analytics, and spray equipment. By merging data-driven crop protection applications with conventional machine spray technology, the collaboration aimed to add value for farmers, thereby helping the company retain clients.
• In January 2020, BASF SE launched Attraxor, a new plant growth regulator using the powerful active ingredient, prohexadione; this could reduce the longitudinal shoot growth of grass, lessening the need for mowing frequently. It would be used to manage amenity turf and grassland, including sod farms, sports turf, golf courses, airfields, and road and railway embankments. This expanded its amenity market portfolio and helped the company increase its market share in the amenity market.

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