Summary

Market Overview
Plant Growth Regulators Market is estimated to reach at a high CAGR 9% during the forecast period 2023- 2030.
Market Growth
Plant growth regulators (PGR) are natural formulations or synthetic chemicals that are used to modify plant growth and development. The modification includes both growth promotion and inhibition and ranges from reproductive growth, branching, flowering, and fruit growth. These chemicals are generally active at low concentrations and are used to shorten the internodes, thereby growing a small, denser plant. Plants produce some kinds of natural regulators (endogenous) referred to as plant hormones, while synthetic formulations are called growth regulators. Plant hormones can be synthesized in any plant part including stems, roots, and buds, and are translocated to another part to cause a physiological response. Auxin, one of the key plant hormones is produced in the stem tip and moves to the darker side of the plant to promote cell elongation. The performance of PGR is based on several factors such as plant vigor, weather conditions, cultivar, application rate, and absorption by the plant. PGRs are finding widespread use in fruits, vegetables, cereals, and oilseed farming practices across the world
Market Drivers
Improved productivity and enhanced quality of produce by use of PGRs is spurring the market growth
Plant growth regulators are widely in use in farming practices owing to their potential impact on plant growth, health, and overall productivity of the crop. PGRs help reduces nutrient and water requirements to the crop and decreases labor thereby providing cost advantages. Greenhouses and nursery growers are also increasing the use of PGRs for their input cost reduction and production enhancing capabilities. Horticulture evolved as the new growth avenue for the PGRs market and the rapidly growing horticulture acreage is likely to spur the growth of the market. Horticulture production in India has doubled from 146 million tons in 2002 to 314 million tons in 2019.
The use of plant growth regulators is projected to increase the profit margins of high-value fruits & vegetables. According to data published by the Organic Trade Association (OTA) for the US organic sales, “organic fruits & vegetables retained its longstanding spot as the largest of all the major organic categories.
Emerging markets such as India and Brazil have strong production of fruits & vegetables and cotton, respectively. These markets not only boost the growth of plant growth regulators in high-value crop segments, but can also improve the growth in high-volume crops such as cereals and oilseeds.
Market Restraints:
The decreased profit margins cannot help in improving the share of plant growth regulators in the global agrochemicals market. Even for generic products, it can take up to five years to get the product registered. The regulatory bodies do not have adequate resources and infrastructure to execute timely registration of products. At times, the rules are not clearly defined, creating interpretation challenges for the regulatory bodies, leading to confusion, thereby adding to the complexities for the crop protection chemical companies.
Market Opportunities:
The growing initiatives directed toward making farming more sustainable are a lucrative opportunity for plant growth regulators across the world. According to one estimate from the U.S. Department of Agriculture (USDA), the government invested over USD 146 million toward sustainable agricultural research projects in October 2021, which are expected to enhance the resilience of crops and will help produce climate-smart foods.
Plant growth regulators are proving to be an important component of advancing sustainable agriculture initiatives. Thus, the rising focus on such initiatives is expected to drive demand for plant growth regulators, thereby driving the growth of the global plant growth regulators market. According to one estimate from the National Investment Promotion and Facilitation Agency,
India has registered substantial growth in demand for its cereal products. In the period April-June 2020 to April-June 2021, the country's food exports grew by an astounding 415.36%, indicating the rapid demand for cereal production across the country. These are lucrative opportunities for the growth of the market in the world.
Market Segmentation:
Growth promoters are the dominating category. Natural growth promoters the buzz category in the market
Plant growth promoters evolved as the largest category of the global PGR market by revenue in 2020. The segment valued USD XX million in 2020 and is estimated to reach UAS XX million by 2028, growing at a CAGR of XX%. Growth promoters are intended for applications such as cell enlargement, cell division, seed formation, flowering, and fruiting. Auxins, gibberellins, and cytokinins are the most widely used growth promoters. Auxins are primarily used to prevent leaf and fruit drop from plants at early stages and promote the abscission of matured leaves. Also, it helps initiate rooting in stem cutting, an application most widely used in plant propagation. Indole-3-acetic acid (IAA) and indole butyric acid (IBA) is the largest used auxins in farming practices and these are isolated from plants. Auxins also include synthetic materials such as 2, 4-D (2, 4-dichlorophenoxyacetic), and NAA (naphthalene acetic acid)
Geographical Penetration:
According to the report, the global market is divided into five major regions such as; North America, Europe, Latin America, the Middle East, Africa, Asia Pacific, and the Rest of the global countries.
Regulators Market
North America plant growth regulators market is estimated to grow at a CAGR of 7.3% during the forecast period 2021-2029. The organic food industry, which is witnessing healthy growth rates, due to sustainable farming practices that aid in profitability, is the major driving factor for the increased demand for growth regulators. North America is the second-largest market and is expected to expand, with the increased supply of quality products from the key players.
Furthermore. through continuous research on PGRs, research scholars in universities across the United States help in the ongoing process of keeping the industry updated on the product requirements and latest advancements about the products.
The current market trends in the country, wherein the demand for premium quality crops is rapidly rising, however, input costs are being reduced, is likely to continue to propel the growth of development of new PGR products, that help growers achieve the desired marketplace balance in an effective manner.
Asia Pacific Plant Growth Regulators Market
The Asia Pacific is expected to dominate the global plant growth regulators market in the year 2020
Asia Pacific region evolved as the largest market for plant growth regulators with a share of 40% in the global sales revenue in 2020. The large-scale farming activities in countries such as India, China led to well-established market prospects in the region. Also, these countries have been largely relying on agrochemicals for crop nutrition and protection purposes and has high adoption rates of PGRs in the world. Also, countries such as Indonesia, the Philippines, Thailand, and Vietnam are posting rapid growth in the market owing to increasing awareness towards productivity benefits of PGRs and increasing demand for agrochemicals. These countries are likely to id Asia Pacific region in holding its dominance over the forecast period.
China forms the largest market for plant growth regulators in Asia-Pacific, with a market. The increasing population (particularly the middle-class consumers), growing interest in sustainability, and the popularity of organic farming have created an attractive market for plant Growth Regulators in the country.
Growth Regulators play a vital role in the advancement of agricultural technology, as they are applied in the fields to maintain food security in Japan. There are several concerns over agricultural sustainability in Japan, including forecasted water scarcity issues by 2030.
The Middle East and Africa Plant Growth Regulators Market
By prioritizing domestic food security, several countries in the Middle Eastern region, and even China, have taken up the unutilized arable land in the Sub-Saharan region for agricultural activities. To subsidize food products, Gulf countries and some Asian countries have initiated national programs to acquire farmland around the world to secure food production. Thus, with the increase in investments in the agricultural industry, farmers have increased access to various plant growth regulators, owing to the availability of better financial resources.
Plant growth regulators are used in specific crops, such as fruits and cereals. In South Africa, major fruit production is citrus, Banana, mangoes, litchi, and grapes. More than 40% of agricultural exports include fruits, which is a major contributor to South Africa’s Growth Domestic Profit (GDP) which accounts for 2.5%. The African plant growth regulator market demand is led by agriculture.
Competitive Landscape:
The increasing launches of new plant growth regulators in the market is expected to drive the competition in the market. For instance, on April 9th, 2020, BASF launched Attraxor, a new plant growth regulator (PGR). The product is new to the UK market and contains the potent active ingredient Prohexadione calcium. Attractor inhibits grass longitudinal shoot growth, reducing the frequency of mowing and the volume of clippings produced. BASF is expanding its product portfolio in the amenity market, with Attraxor being the first product introduced in 2020. On September 1st, 2020, Fine Americas launched two new plant growth regulators (PGRs) for the ornamentals industry, promoting rooting and plant development early in the production cycle. Advocate promotes plant propagation through cuttings, whereas Crest promotes seed germination, plant emergence, root growth,
and seedling development.
The global plant growth regulators market is highly fragmented with a large number of companies offering a wide range of PGRs. However, the market is witnessing severe competition among top players such as BASF, Corteva, Bayer, and Syngenta. These companies are enjoying a strong foothold in the market in terms of sales, distribution network, and brand reputation for their agrochemicals. The global market is also integrated with a large number of small to medium-sized manufacturers. FMC Corporation, Tata Chemicals, Dhanuka Agritech, Nufarm, and Valent Biosciences are some other major players in the market. The market is witnessing a large number of new product launches and geographic expansions of existing brands. Manufacturer focus is laid towards the development of organic formulations to cater to the growing demand from consumers and environmental protection bodies.
Major Market Players
Some of the major companies leading the global market are; BASF SE, Corteva, Inc., Syngenta AG, Dhanuka Agritech Ltd., Bayer AG, FMC Corporation, Valent BioSciences Corporation, Nufarm, Tata Chemicals, CANNA UK,
Recent Developments in the Plant Growth Regulators Industry:
• In July 2021, Sumitomo Chemical received U.S. regulatory approval for its Accede Plant Growth Regulator. With 1-aminocyclopropane-1-carboxylic acid (ACC) as the primary ingredient, Accede is intended for use as fruit thinners
• BASF launched its Attraxor plant growth regulator based on Prohexadione calcium in the U.K. market in April 2020
• Nufarm commissioned sales of its Impulse brand of PGRs in the Brazil market in November 2019. It is an ethephon-based bacteriostatic growth regulator that is intended for inhibiting flowering, accelerating ripening and stimulating sugarcane sprouting and tillering
COVID-19 Impact:
Pandemic posed a short-term negative impact on global PGRs market
The COVID-19 pandemic has had a considerable impact on agricultural activities and associated industries globally. The impact is largely varying in different geographies, based on the spread of the virus and subsequent restrictions imposed. Plant growth regulators as a category of agrochemicals or agricultural inputs have experienced a limited impact by the pandemic. Activities including production, distribution, and sales of agrochemicals are exempted under essential industries. Companies are recommended to work with lower operating capacities and employees to meet the COVID-19 protocols. This has led to a decline in the production of plant growth regulators to some extent. However, supply chain disruptions have been a major blow to the industry in 2020. Despite operating distribution networks and local procurement centers, the restrictions imposed on freight movement led to procurement hurdles, thereby causing availability issues to the farmers. The prices of PGRs increased in 2020 and has contributed to positive growth of the market
The global plant growth regulators market report would provide access to approximately 45 market data tables, 45 figures, and 180 pages.

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