Plant Growth Regulators Market to Reach USD 5.76 Billion by 2032 | Straits Research

Global Plant Growth Regulators Market Growing at 6.8% CAGR

According to Straits Research, the global Plant Growth Regulators Market size was valued at USD 3.19 billion in 2023. It is projected to reach USD 3.40 billion in 2024 and further expand to USD 5.76 billion by 2032, growing at a CAGR of 6.8% during the forecast period (2024–2032).

Market Definition and Latest Trends

Plant growth regulators (PGRs) are chemical substances that influence plant growth and development. These compounds play a crucial role in cell division, root formation, flowering, fruiting, and stress resistance. The increasing adoption of sustainable agricultural practices, combined with rising demand for high-yield crops and improved plant productivity, is driving market growth.

Latest Market Trends:

1. Rising Demand for Organic Farming: The shift towards organic and sustainable agriculture is increasing the use of natural PGRs.
2. Technological Advancements in Crop Science: Innovations in biostimulants and bio-based PGRs are enhancing crop productivity.
3. Government Initiatives and Subsidies: Various governments are promoting PGR adoption to ensure food security and sustainable farming.
4. Increased Use in Horticulture and Floriculture: Farmers are increasingly utilizing PGRs for fruit and vegetable growth enhancement.
5. Growing Investment in Agricultural Biotechnology: Companies are investing in genetic research and advanced PGR formulations.

Key Opportunity

• Expansion of biological and eco-friendly PGRs as alternatives to synthetic regulators.
• Growing applications in controlled environment agriculture (CEA) and hydroponics.
• Increasing demand for climate-resistant crop solutions.

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Top Key Players in Plant Growth Regulators Market

1. Syngenta AG
2. BASF SE
3. Corteva Agriscience
4. Redox Industries Ltd.
5. Bayer CropScience
6. FMC Corporation
7. Nufarm Limited
8. Sumitomo Chemical Australia Pty Ltd.
9. Sichuan Guoguang Agrochemical Co. Ltd.

Plant Growth Regulators Market Segmentations

By Type

1. Auxins – Essential for root development, fruit setting, and cell elongation.
2. Cytokinins – Promote cell division and delay aging in plants.
3. Gibberellins – Stimulate stem elongation, seed germination, and fruit growth.
4. Ethylene – Plays a key role in fruit ripening and stress responses.
5. Others – Includes various secondary PGRs used in specialized crop applications.

By Crop Type

1. Cereals & Grains – High adoption in wheat, rice, and corn farming for enhanced yield.
2. Fruits & Vegetables – Widely used in horticulture for improved fruit quality and growth.
3. Oilseeds & Pulses – Increasing demand for PGRs in soybean, sunflower, and peanut farming.
4. Others – Covers medicinal and ornamental plants.

By Function

1. Plant Growth Promoters – Encourages faster growth and increased crop yield.
2. Plant Growth Inhibitors – Helps in crop stress management and controlled plant development.

Conclusion

The Plant Growth Regulators Market is witnessing significant growth, driven by technological advancements, sustainable farming trends, and increasing demand for high-yield crops. The market is poised for expansion as companies focus on developing innovative, eco-friendly PGR solutions to meet the evolving needs of modern agriculture.

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