The global plant growth regulators market size is estimated to be US$ 4.27 billion in 2023, is expected to reach US$ 4.78 billion in 2024, and is expected to reach approximately US$ 14.74 billion by 2034. The market is expected to grow at a CAGR of 11.92% from 2024 to 2034.
The global plant growth regulators market size is expected to increase from USD 4.78 billion in 2024 to approximately USD 14.74 billion by 2034, growing at a CAGR of 11.92% from 2024 to 2034. Decreasing agricultural land area and increasing demand for organic food are likely to be one of the major trends driving the growth of the plant growth regulators market.
The European plant growth regulators market size was worth USD 1.49 billion in 2023 and is expected to reach approximately USD 5.23 billion by 2034, growing at a CAGR of 12.09% from 2024 to 2034.
Europe dominated the global plant growth regulators market in 2023. The dominance of the region is attributed to the innovative farming practices introduced with the technological advancement in the field. The dominance of this region is due to the application of plant growth regulators by many farmers to improve the quality and yield. Additionally, the favorable regulatory environment in the country, increasing focus on sustainable agriculture, and advanced research and development activities are driving the market growth in this region.
In addition, the growing demand for high-value crops in the agricultural sector and the increasing consumption of natural plant regulator systems are also contributing to the expansion of the European market. Most pesticide manufacturers and distributors, including Bayer, are headquartered in Europe. This opens up huge potential for market growth in European countries.
The plant growth regulator market in Asia Pacific is expected to grow at the fastest rate during the forecast period. The region is witnessing strong growth due to the rising demand for food and the adoption of modern farming practices. Moreover, the growing population in the region is also driving the demand for food grains, which is further driving the market growth. China, India, and Japan are the major market participants in this region as governments have made significant investments in advanced farming practices.
Plant growth regulators are synthetic chemicals that mimic the hormones naturally produced by plants. They often do this by controlling and altering the physiological processes of the plant to produce desired results, such as increased yield and quality. Some examples of such plant growth regulators are auxins, cytokinins, and gibberellins. These chemicals also affect the overall development of plant cells, organs, and tissues. In the plant growth regulator market, growth inhibitors can significantly increase crop productivity, allowing for high yields in a short period of time.
The combination of innovative imaging technologies with artificial intelligence has become a powerful technology for non-invasive, real-time monitoring of plant health, such as deep learning and neural network technologies, and pattern recognition to enable automated analysis of large data sets. thereby improving the accuracy and speed of plant stress detection. In addition, the capabilities of artificial intelligence in plant stress physiology and its ability to overcome the limitations of traditional methods may transform the plant growth regulator market in the coming years.
The increasing demand for food due to the growing world population is one of the key factors driving the growth of the plant growth regulators market. As the world population grows, so does the demand for food, and to meet this demand, it is important to grow more and quality crops, which can only be achieved by adopting efficient farming practices. Furthermore, plant growth regulators are widely used in the agricultural sector to improve crop quality and protect crops from pests and diseases, which can further boost the market growth.
Farmers may not be aware of the proper use, benefits, and applications of plant growth regulators, and there are some gaps in understanding these tools. This may affect the adoption rate, especially among traditional and smallholder farmers. In addition, concerns about the environmental impact of plant growth regulators may soon hinder the growth of the plant growth regulator market.
The growth of the pharmaceutical industry is the latest trend in the plant growth regulator market. The growth of this industry is mainly driven by unhealthy eating habits, changing lifestyles, and aging population. This may lead to an epidemic of chronic diseases. Moreover, the growth of the pharmaceutical market has also led to an increase in the demand for herbal medicines, which serve as an alternative to expensive allopathic drugs. Large pharmaceutical companies are also investing in the research and development of herbal medicines to meet the growing demand for herbal medicines. This trend is expected to create lucrative opportunities for the market in the coming years.
In 2023, the cytokinin segment dominated the plant growth regulator market. The growth in this segment can be attributed to increasing consumer awareness of the positive effects of delayed aging, branching, nutrient remobilization, and flower and seed growth. Cytokinins are plant hormones that support various plant growth processes such as cell division and differentiation, aging, shoots and roots, and fruit and seed development. In addition, it slows down the natural aging process that leads to plant death. It is also used to treat damaged plant parts.
The auxin segment of the plant growth regulators market is expected to witness significant growth during the forecast period. Auxins are plant hormones responsible for cell elongation and promote root and fruit growth. Auxins are widely used in agriculture to enhance crop growth and promote plant growth. The increasing demand for food due to population growth is expected to drive the growth of the auxin segment throughout the forecast period.
Post time: Dec-16-2024