Plant Growth Regulators Market worth $4.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 9, 2023 /PRNewswire/ -- The Plant Growth Regulators Market was valued at USD 2.9 billion in 2022 and is projected to reach USD 4.5 billion by 2028, at a CAGR of 7.4% from 2022 to 2028 according to a new report by MarketsandMarkets™. Plant Growth Regulators are chemicals used to modify plant growth, such as increasing branching, suppressing shoot growth, increasing return bloom, removing excess fruit, or altering fruit maturity. Numerous factors affect PGR performance, including how well the plant absorbs the chemical, tree vigor and age, dose, timing, cultivar, and weather conditions before, during, and after application. Plant growth regulators can be grouped into six classes: compounds related to auxins, gibberellins, gibberellin biosynthesis inhibitors, cytokinins, abscisic acid, and compounds affecting the ethylene status.

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These PGRs are known for various functions, such as stem elongation, fruit enlargement, cell division, and root shedding. Amongst the types of PGRs, gibberellins are widely used on crops, such as fruits & vegetables. These are used on a large scale in regions with extensive production and cultivation of fruits & vegetables. The cytokinins segment accounted for the largest market share in 2022 globally, followed by auxins and gibberellins.

This market is majorly driven by the strong demand for high value crops, rise in trading requirements for industrial activities and rise in resistance developments in various pests and insect species estimated to drive the consumption of natural plant growth regulators in agriculture. Plant growth regulators are becoming increasingly popular agents that modify the physiological processes of plants in agriculture-driven economies. Plant growth regulators are in high demand as agriculture becomes more mechanized, and scientific advancement ensures the possibility of using novel inputs to improve production.

Damage and loss of agricultural land

Rapid industrialization and urbanization resulted in a decline in arable or cultivable land. Increased concerns about the limited availability of agricultural land could hamper the optimum food production requirements to feed the increasing world population. With the increase in population, the level of demand for agricultural products is increasing, which has led to the need for higher yields from limited land. The scarcity of natural resources and their competitive demand due to urbanization and industries is worsening the situation. The arable land in the world is expected to experience a similar phase of continuous decline in the coming years.

Disasters also have a direct effect on agriculture through lower-than-expected production. This causes direct economic loss for the farmers, which eventually cascades through the entire value chain, affecting the growth of the sector or the entire national economy. During 2008-2018, billions of dollars were lost in various regions due to a decline in crop and livestock production. One of the most impactful disasters was droughts. Over 34% of the crops and livestock production loss in the Least Developed Countries (LDCs) and Low-To-Middle-Income Countries (LMICs) are due to droughts costing the sector around USD 37 billion. The next vital disaster count is floods. Over 19% of total loss is due to floods and is responsible for USD 21 billion of crops and livestock production losses. Next counts the infestations caused by pests and diseases that account for approx. 19% of all crop and livestock production losses. Agriculture and climate change are internally correlated factors, as climatic change is one of the main causes of biotic and abiotic stress development, which adversely impacts plant growth and overall agriculture. Biostimulants can enhance stress tolerance levels to promote plant growth without any environmental hazards, thus supporting the concept of sustainable agriculture development. It also improves crop tolerance to heat, salinity, and drought.

Due to prevailing harsh climatic conditions, plant growth promoters help in improving productivity and enriching soil, which helps plants grow in a better and healthier way.

Plant growth promoters are substances that improve the growth and development of plants. These substances are obtained either synthetically or biologically, of which biological plant growth promoters are more effective and safer. Plant growth promoters are used to improve the quality and productivity of crops. There are various types of plant growth promoters; some of the most popular ones include auxins, gibberellins, and cytokinins. They help in growth and development during flowering, fruiting, root initiation, and an overall increase in yield. In flowering, it helps in inducing flowering & reduces flower drop. During fruiting, it helps improve fruit size, quality, and color.

The current climate has caused changes in temperature and precipitation rates, resulting in extreme drought conditions. These changes in environmental conditions contributed to an increase in global warming, increasing the demand for irrigation. Population growth, on the other hand, has resulted in significant devastation of valuable crops due to increased soil erosion and urbanization. As a result, there is an urgent need to use soils with reduced capability for agricultural development and production. For example, sandy soils have weaker plant development and less capacity to transfer water from deeper layers because sandy soil is loose and light in structure. These soils drain fast. However, the fertility and yield capacities of these soils can be increased using Plant Growth Promoters (PGP), such as Plant Growth Promoting Rhizobacteria (PGPR). To meet global food demand, there is an increasing desire to enhance drought resistance in pulses, particularly chickpeas. As a result, policies may be devised to protect agricultural plants from drought stress and to develop drought tolerance in crop plants.

The high cost of developing new chemical pesticides, the increase in insect & weed resistance to chemical treatments, and high regulatory pressure to limit chemical usage with respect to ecosystem damage have contributed to an increase in the need for these plant growth promoter products.

BASF SE (Germany) is one of the key players in the plant growth regulators market because of its diverse product portfolio.

A variety of system solutions and services are offered by BASF SE, along with goods for the chemical, automotive, building, agricultural, oil, plastics, electrical, electronics, furniture, and paper industries. Under its agricultural solutions division, BASF SE provides plant growth regulators. The company's extensive line of plant growth regulators (PGRs) targets the hormonal system of the plant and alters the proportions of various plant hormones to help the plant develop in advantageous ways. In order to increase crop health and yield, BASF SE's plant growth regulators business segment conducts research, develops, manufactures, and sells plant growth regulator products.

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Asia Pacific to grow at a CAGR of 8.2% during the forecast period.

The Asia Pacific plant growth regulators market accounted for a share of about 30.9% of the total market, in terms of value, in 2022. The region is an emerging market with investments from several multinational manufacturers, especially in countries such as China, New Zealand, and Japan. The Asia Pacific region contributes to more than 60% of the global population, with China and India being two of the most populous countries. This rising food demand from the region has led to the use of plant growth regulators. The primary occupation of the population in the Asia Pacific region is agriculture. The increasing agricultural practices and requirement for high-quality agricultural produce are expected to drive this region's plant growth regulators market. The major crops produced here are rice, sugar beet, fruits & vegetables, cereals, and grains. Cotton, sugarcane, fruits & vegetables, and cereals are the leading agricultural commodities exported from these countries.

The Asia Pacific region comprises developing countries with vast agricultural lands. The per capita income of the region depends on its agricultural activities. Advanced agricultural technologies are widely accepted and practiced in this region. According to recent figures from the World Bank, nearly 57.3% and 61.2% of the entire land area was accounted for as agricultural land in China and India, respectively, in 2021. According to the International Monetary Fund (IMF), in 2022, these two developing countries were the largest economies in the Asia Pacific, and thus, they provided significant market opportunities for global manufacturers. The key crops produced in this region include rice, sugarcane, sugar beet, fruits & vegetables, and other cereals & grains. India, China, Japan, and Australia are the key countries that play an important role in agriculture in this region. Cotton, sugar crops, fruits & vegetables, and cereals are the leading agricultural commodities exported from these countries.

The key players in this market include Sumitomo Chemicals Co., Ltd. (Japan), Xinyi Industrial Co., Ltd. (China), Sichuan Guoguang Agrochemical Co., Ltd. (China)  Tata Chemicals Ltd. (India), and UPL (India).

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