Northbrook, IL 60062 -- (SBWIRE) -- 11/28/2023 -- According to a recent research report titled "Plant Growth Regulators Market by Type (Auxins, Cytokinins, Gibberellins, Ethylene), Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Turf & Ornamentals), Formulation, Function, and Region - Global Forecast to 2028," published by MarketsandMarkets, the global plant growth regulators (PGRs) market witnessed a valuation of USD 2.9 billion in 2022. Projections indicate a growth trajectory, with expectations to reach USD 4.5 billion by 2028, reflecting a compound annual growth rate (CAGR) of 7.4% during the forecast period.

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Key Insights:

1. Diverse Applications of Plant Growth Regulators:

- PGRs serve various functions such as stem elongation, fruit enlargement, cell division, and root shedding.
- Gibberellins emerge as the most widely used PGRs on crops, particularly in fruits and vegetables cultivation.

2. Market Dynamics and Drivers:

- The market is driven by the demand for high-value crops, increased trading requirements for industrial activities, and rising resistance developments in pests.
- Agricultural mechanization and scientific advancements contribute to the growing popularity of PGRs for plant physiology modification.

3. Impact of Agricultural Land Damage and Loss:

- Rapid industrialization and urbanization have led to a decline in arable land, impacting food production.
- Disasters, including droughts, floods, pests, and diseases, contribute to significant losses in crop and livestock production.

4. Climate Change and Sustainable Agriculture:

- Climate change affects temperature, precipitation rates, and extreme drought conditions, necessitating increased demand for irrigation.
- Plant Growth Promoters (PGP), including biological solutions like Plant Growth Promoting Rhizobacteria (PGPR), are crucial for enhancing soil fertility and crop tolerance to environmental stress.

5. Addressing Challenges and Market Players:

- The high cost of developing new chemical pesticides, resistance issues, and regulatory pressures drive the demand for plant growth promoter products.
- BASF SE, a key player, offers a diverse portfolio of PGRs targeting the hormonal system of plants to enhance crop health and yield.

6. Regional Focus - Asia Pacific:

- The Asia Pacific region, contributing to over 60% of the global population, is an emerging market for PGRs.
- Increased agricultural practices and the need for high-quality produce drive the demand, with China and India playing pivotal roles in agriculture.

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7. Key Market Players:

- Major players in the plant growth regulators market include Sumitomo Chemicals Co., Ltd. (Japan), Xinyi Industrial Co., Ltd. (China), Sichuan Guoguang Agrochemical Co., Ltd. (China), Tata Chemicals Ltd. (India), and UPL (India).

In conclusion, the global plant growth regulators market is influenced by various factors, including climate change, agricultural challenges, and the quest for sustainable practices. The Asia Pacific region presents significant growth opportunities, and key industry players are actively contributing to the market's evolution.

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