The plant growth regulators market is anticipated to reach USD 4.6 billion by 2029, up from USD 3.3 billion in 2024, with a projected CAGR of 7.2% during the forecast period. The increasing demand for high-value crops and the shift towards sustainable agricultural practices, including organic farming, are key drivers behind this growth. Additionally, changing dietary preferences and a growing emphasis on sustainable agriculture contribute to the expansion of the market, highlighting the significance and adoption of plant growth regulators in modern agriculture.
Resistance Development in Pests Driving Market Growth
The surge in resistance development among certain pest and insect species is expected to drive market growth. Excessive reliance on pesticides leads to the emergence of resistance in insects, weeds, and diseases, posing challenges to farmers. Herbicide resistance, in particular, is becoming prevalent, exacerbating weed control difficulties and causing substantial financial losses for farmers.
Challenges in Product Approval
The prolonged approval process for plant growth regulators, which involves multi-location field trials and consideration of residual effects, poses a restraint to market growth. The stringent regulatory procedures result in extended timelines and high investments, hindering the introduction of new products to market and dampening investments in research and development efforts.
Opportunities in Crop Production and Yield Enhancement
Plant growth regulators offer benefits by enhancing crop health and improving yields without disrupting soil balance, unlike traditional fertilizers. With limited arable land and resources, coupled with unpredictable weather patterns, plant growth regulators play a crucial role in increasing crop production. The expansion of oilseed crop and sugarcane production, driven by rising demands in food, feed, and fuel industries, presents significant opportunities for Plant growth regulators market growth.
Addressing Lack of Awareness Among Growers
A challenge faced by the market is the lack of awareness among growers regarding the benefits of plant growth regulators. Many farmers remain uninformed about the various types of plant growth regulators and their correct application methods, as well as the cost-saving advantages they offer. Education and marketing efforts are essential to rectify this situation and promote the adoption of plant growth regulators among farmers.
Key Players in the Market Ecosystem
The market comprises reputable and financially robust plant growth regulators manufacturers with extensive industry tenure and diversified product portfolios. Key players include BASF SE, Corteva Agriscience, Syngenta Group, FMC Corporation, Nufarm, Bayer AG, Tata Chemicals Ltd., UPL, Sumitomo Chemical Co., Ltd., Nippon Soda Co., Ltd., Sipcam Oxon Spa, De Sangosse, DHANUKA AGRITECH LTD, Sichuan Guoguang Agrochemical Co., Ltd., and Zagro. These companies drive innovation and market growth through their cutting-edge technologies and global sales and marketing networks.
