July 2022
23 Aug 2024
The global plant growth regulators market was exhibited USD 4.27 billion in 2023 and is predicted to cross around USD 13.17 billion by 2033, expanding at a CAGR of 11.92% during the forecast period. The rising demand for natural plant growth regulators and high-value crops is due to the increasing demand for sustainable farming practices, hence driving plant growth regulators.
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With time, people's food habits have changed, leading to the increasing demand for better-quality crops. Therefore, governments across the globe are taking various initiatives to improve crop yields. As a result, the use of plant growth regulators has increased. These plant growth regulators are the chemicals humans use to regulate and modify plant growth, such as removing excess fruit, suppressing shoot growth, increasing return bloom, increasing branching, etc.
The plant growth regulators market seems to witness drastic growth in upcoming years due to the rising demand for food and the need to improve productivity in agriculture. Rapid urbanisation and global population growth have also increased the demand for food, leading to the increasing use of plant growth regulators, as they have a huge potential to increase crop yield and enhance quality.
Rising Demand for High-Quality Crops and Increasing Awareness About Sustainable Agriculture
With time, the population around the globe is increasing rapidly, and so are the food habits. As a result, the demand for high-quality crops is growing, which has led to the expansion of the plant growth regulators market. Since these plant growth regulators enhance agriculture quality and yield better crops, they are highly preferred with advanced farming practices and technologies. The growing demand for these products has driven the market.
People nowadays are more conscious of the environment; therefore, they prefer eco-friendly agriculture practices that enhance the quality of the crops while meeting the demand of the expanding market. This necessity has shifted people's focus toward sustainable agriculture practices; thus, people have started adopting the use of plant growth regulators to produce better crops that are safe for human consumption.
Recent Development by Sumitomo Chemical India Ltd.
| Company Name | Sumitomo Chemical India Ltd. |
| Headquarters | Delhi, India |
| Development | In March 2023, Sumitomo Chemical India Ltd. announced the launch of its biorational product named Promalin®, which is a growth regulator. It is available in 500ml and 1 litre packaging. |
Recent Development by AMVAC
| Company Name | AMVAC |
| Headquarters | United States |
| Development | In August 2023, AMVAC launched a product named Mandolin, which is a growth regulator developed for the thinning of citrus fruit. This plant growth regulator received EPA registration in California. |
Asia Pacific is expected to grow at the fastest rate in the plant growth regulators market over the forecast period due to the awareness among people about the benefits of using plant growth regulators. The growth in this region is majorly due to the initiatives taken by the governments of countries such as China, Japan, India, South Korea, and Thailand.
The Ministry of Agriculture, Forestry, and Fisheries of Japan announced a scheme called the Green Food System Strategy, intending to reduce 30% of chemical fertilizer by the end of 2050. To achieve this target, the government has influenced people to use biofertilizers.
The rising development of the market players in this region, which has introduced various new methods and techniques, is driving the plant growth regulators market rapidly. The continuous investment in the experiments and research studies on this sector also helps in the growth of the plant growth regulators market.
North America dominated the plant growth regulators market in 2023. The rising development in the market rapidly by the well-known market players and also the increasing investment and collaboration by the governments of countries such as the U.S. and Canada pushing the market and hence the region is dominating worldwide.
The presence of well-developed market players such as Nufarm Limited, Syngenta AG, ADAMA Agricultural Solutions Ltd., Corteva Agriscience, and many others continuously brings better quality biofertilizers to the market. Regular research in this field and upgrades have led to the development of the plant growth regulators market.
Various developments are occurring regularly in the plant growth regulators market with the rising number of market players in this sector. Several governmental funding to aware and influence people in this biofertilizers sector. By using several types, such as plant growth promotors, plant growth promotors, and many others, the market is consistently expanding. With the advancement in the chemical industry and the introduction of new water-dispersible and water-soluble granules, the plant growth regulators market is rapidly growing. In many developed countries, governments are introducing schemes to allow insurance policies, loans, and many others to promote this type of biofertilizer.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 4.78 Billion |
| Market Revenue by 2033 | USD 13.17 Billion |
| CAGR | 11.92% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | Europe |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Product
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