The global plant growth regulators (PGR) market is experiencing substantial growth, driven by the increasing need for sustainable farming practices and the rising demand for higher crop yields. Plant growth regulators, which include hormones and chemical compounds, are used to enhance plant growth, control flowering, improve fruit set, and increase crop productivity. As global food demand increases, farmers and agribusinesses are turning to PGRs to optimize crop performance and address challenges related to environmental sustainability.
The Plant Growth Regulators Market size was valued at USD 3.2 billion in 2023. It is estimated to hit USD 5.45 billion by 2031 and grow at a CAGR of 7% over the forecast period of 2024-2031.
Key Market Drivers
- Demand for Higher Agricultural Productivity: The growing global population and the subsequent demand for food are driving the need for increased agricultural productivity. PGRs, such as auxins, gibberellins, and cytokinins, help improve crop yields by promoting better growth, reducing growth cycles, and enhancing resistance to stressors.
- Sustainability and Precision Agriculture: There is a rising trend toward sustainable farming practices, with farmers increasingly looking for solutions that improve productivity without harming the environment. PGRs enable more efficient use of resources, minimizing the need for excessive pesticide or water use while enhancing plant health and growth.
- Adoption of Advanced Agricultural Practices: Modern farming techniques, including precision agriculture and controlled-environment agriculture, are boosting the use of PGRs. The adoption of these methods, in combination with biotechnological advancements, has allowed farmers to apply PGRs in more targeted and effective ways, increasing the efficiency of their usage.
- Improvement in Crop Quality and Shelf Life: PGRs also play a vital role in enhancing the quality of agricultural products, such as improving the size, color, and shelf life of fruits and vegetables. These products cater to the growing consumer demand for high-quality and longer-lasting produce.
- Increased Use in Horticulture and Ornamentals: Beyond traditional agricultural applications, PGRs are gaining traction in the horticulture and ornamental sectors. They are used to regulate flowering, improve branching, and optimize the growth patterns of plants, resulting in aesthetically pleasing and healthy plants.
Technological Advancements and Innovations
The development of advanced PGR formulations and delivery systems is contributing to the market's expansion. New technologies, such as nanoformulations and bio-based PGRs, are offering more efficient and eco-friendly alternatives. Research and development in this field are focusing on creating PGRs that are tailored to specific crops, improving their effectiveness and reducing environmental impact.
Regulatory and Safety Standards
Regulatory agencies across the globe, such as the U.S. Environmental Protection Agency (EPA) and the European Food Safety Authority (EFSA), are playing a crucial role in ensuring the safety and efficacy of plant growth regulators. Strict guidelines on the application and usage of PGRs are in place to ensure they do not harm the environment or non-target organisms. These regulations are expected to further boost the credibility and growth of the PGR market.
Key Players
- Bayer AG
- BASF SE
- DuPont
- DSM
- Nestle
- Biosynth Carbosynth
- Syngenta AG
- Nufarm Ltd.
- Corteva, Inc.
- UPL Limited
- Tata Chemicals Ltd.
- Sumitomo Chemical Co. Ltd.
- FMC Corporation
- Sichuan Guoguang Agrochemical Co., Ltd.
- Dextra Laboratories
Conclusion
The plant growth regulators market is poised for significant growth, driven by the global demand for sustainable farming solutions, increased crop productivity, and technological advancements in agricultural practices. As farmers and agribusinesses seek innovative ways to optimize crop performance, PGRs will continue to play a pivotal role in meeting the challenges of modern agriculture, contributing to food security, and enhancing the quality of agricultural products.
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