Plant Growth Regulators Global Market Size, Share, By Type, By Crop Type, By Application, By Function, By Formulation, By Regional Forecast 2024-2033 | BASF SE, Syngenta AG, NuFarm Ltd., Biolchim S.p.A., Albaugh LLC

Overview and Scope
Plant growth regulators refer to chemical substances that completely regulate all aspects of a plant’s growth and development, such as increasing branching, reducing shoot growth, increasing return bloom, getting rid of extra fruit, or changing the maturity of the fruit.

Sizing and Forecast
The plant growth regulators market size has grown strongly in recent years. It will grow from $2.96 billion in 2023 to $3.26 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to increasing demand for food production, awareness and adoption among farmers, government initiatives and regulations, focus on crop quality and yield, expansion of agriculture industry.

The plant growth regulators market size is expected to see strong growth in the next few years. It will grow to $4.63 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to continued population growth, climate change challenges, focus on sustainable agriculture, market expansion in developing countries, collaborations and partnerships. Major trends in the forecast period include advancements in biotechnology, technological advancements in agriculture, technological advancements in pgr production, increasing demand for organic products, expanding application in various crops.

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Segmentation & Regional Insights
The plant growth regulators market covered in this report is segmented –
1) By Type: Cytokinins, Auxins, Gibberelins, Ethylene, Other Types
2) By Formulation: Water-Dispersible And Water-Soluble Granules, Wettable Powders, Solutions
3) By Application Type: Fruits And Vegetables, Cereals And Grains, Oil Seeds And Pulses, Turf And Ornaments

Europe was the largest region in the plant growth regulators market in 2023. The regions covered in the plant growth regulators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
Increasing demand for organic farming is expected to propel the growth of the plant growth regulators market going forward. Organic farming refers to producing crops, animals, and other goods without using synthetic chemical pesticides, antibiotics, transgenic species, growth-stimulating hormones, or other chemicals. Plant growth regulators are primarily used in organic farming to improve crop quality and yield, boost root growth, and raise the size and productivity of specific crops, including grapes and strawberries. These factors boost the plant growth regulators market. For instance, in May 2023, according to GOV.UK, a UK-based government digital service provider, in 2022, 509 thousand hectares of land farmed organically which is an increase of 0.4% compared to 2021. Therefore, increasing demand for organic farming is driving the growth of plant growth regulators.

Key Industry Players
Major companies operating in the plant growth regulators market report are BASF SE, Bayer Crop Science, Corteva Agriscience, Sumitomo Chemica Co. Ltd, Syngenta AG, Valent BioSciences Corporation, NuFarm Ltd., Food Machinery & Chemical Corporation, ADAMA India Private Limited, Nippon Soda Co. Ltd., Arysta LifeScience Corporation, Tata Chemicals Limited, Sichuan Guoguang Agrochemical Co. Ltd, United Phosphorus Limited, Redox Industries Ltd, Xinyi (H.K.) Industrial Co. Ltd., WinField Solutions LLC, Nissan Chemical Corporation, Sikko Industries Ltd., Crop Care Australasia Pty Ltd., Biolchim S.p.A., Novozymes A/S, Isagro S.p.A., Fine Americas Inc., Agro-K Corporation, Plant Hormones Ltd., Albaugh LLC, Westbridge Agricultural Products, Loveland Products Inc.

The plant growth regulators market report table of contents includes:
1. Executive Summary