The plant growth regulator market is expected to reach US$5.41 billion by 2031, growing at a CAGR of 9.0% from 2024 to 2031, and in terms of volume, the market is expected to reach 126,145 tons by 2031 year with an average annual growth rate of 9.0%. from 2024. Annual growth rate is 6.6% until 2031.
Increasing demand for sustainable farming practices, rise in organic farming, rising demand for organic food products, rising investments by key market players and rising demand for high-value crops are the key factors driving the growth of the plant growth regulators market factor. However, regulatory and financial barriers to new market entrants and limited awareness of plant growth regulators among farmers are factors limiting the growth of this market.
Additionally, developing countries with agricultural diversity and vast arable land are expected to create growth opportunities for market participants. However, lengthy product registration and approval procedures are major challenges affecting market growth.
Plant growth regulators (PGRs) are natural or synthetic compounds that affect plant development or metabolic processes, usually in low concentrations. Unlike fertilizers, plant growth regulators do not have nutritional value. Rather, they are essential for increasing agricultural productivity by influencing various aspects of plant growth and development.
Plant growth regulators of natural origin act with a high degree of specificity, affecting only certain cells or tissues, which allows precise control of plant development processes. In addition, natural plant growth regulators are non-toxic to humans and animals when used as directed, making them a safer alternative to synthetic chemicals in terms of environmental impact and human health. Recently, there has been an increasing shift towards chemical-free farming methods due to growing consumer awareness of the potential health risks associated with chemical residues in food.
The growing demand for plant growth regulators (GGRs) has prompted leading market players to significantly increase investment in research and development (R&D). These investments are expected to lead to the development of more effective and advanced PGR formulations, resulting in innovative products that meet the changing needs of the modern agricultural sector. In addition, major players are investing more in research and development to support the adoption of modern farming methods, including precision farming and smart farming. Plant genetic resources can be integrated into these practices to increase yields, improve crop quality, and optimize resource use efficiency, thereby stimulating market demand.
In addition, several leading companies are expanding their PGR product portfolios through increased investments, strategic partnerships, new product launches and geographic expansion. For example, in August 2023, Bayer AG (Germany) committed $238.1 million (€220 million) to research and development at its Monheim site, the largest single investment in its crop protection business. Likewise, in June 2023, Corteva, Inc. (USA) has opened a comprehensive research and development center in Eschbach, Germany, focused on developing sustainable solutions for farmers.
Among the various types of plant growth regulators, gibberellins are key phytohormones that regulate growth and development. Gibberellins are widely used in agriculture and horticulture and are particularly effective in increasing the yield and quality of crops such as apples and grapes. The growing demand for high quality fruits and vegetables has led to an increase in the use of gibberellins. Farmers appreciate the ability of gibberellins to stimulate plant growth even in unpredictable and difficult environmental conditions. In the ornamental plant sector, gibberellins are used to improve the size, shape and color of plants, further boosting the growth of the gibberellins market.
Overall, the growth of the gibberellins market is driven by the growing demand for quality crops and the need for improved agricultural practices. Increasing preference among farmers for gibberellins is expected to contribute significantly to market growth in the coming years, given their effectiveness in promoting plant development under varied and often unfavorable conditions.
By Type: In terms of value, the cytokinin segment is expected to hold the largest share of the plant growth regulator market at 39.3% by 2024. However, the gibberellin segment is expected to register the highest CAGR during the forecast period from 2024 to 2031.
Post time: Oct-29-2024