Market Size of Plant Growth Regulators Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Plant Growth Regulators Market Analysis
The Plant Growth Regulators Market is poised to grow at a CAGR of 8.5% during the forecast period.
- Plant growth regulators (PGRs) are chemicals that act like phytohormones and affect the plant's physiological processes. There has been an increasing demand for fruits, and the application of plant growth regulators (PGRs) on fruits is continuously increasing to enhance crop yield. In Africa, plant growth regulators are highly used for vegetables, such as potatoes, tomatoes, and onions. Fruits are enhanced by the application of PGR, especially apples, pears, and peaches.
- Globally, cytokinins are witnessed to have high growth due to the increased production of fruits and commercial vegetables. Factors like increasing organic farming and the need for sustainable agriculture are driving the market. The market studied is anticipated to have a better growth rate in the future, as farmers are inclining towards the latest technology in the agricultural sector.
- Currently, the penetration of plant growth regulators products is observed to be relatively high in field crops, such as cotton, in Middle East & Africa. Such high adoption in the cotton crop is particularly attributed to the higher need for maintenance in the vegetative and reproductive growth balance in the cotton crop, as compared to other crops. Plant growth regulators are also used to increase the boll size, boll retention, harvest efficiency, as well as to reduce plant height and increase the canopy size in the cotton production.
- To maintain market competitiveness, many companies are engaged in new product development, innovation, and acquisition. For instance, Syngenta Canada registered Moddus, a new plant growth regulator that helps reduce lodging risk in wheat, barley, and oats. Moddus contains trinexapac-ethyl, an active component that has been used for years to control lodging in grain crops across the world.
