The global plant growth regulators market size is expected to reach USD 6.00 billion by 2032, according to a new study by Polaris Market Research. The report “Plant Growth Regulators Market Share, Size, Trends, Industry Analysis Report, By Type (Auxins, Cytokinins, Gibberellins, Ethylene, Others); Crop Type; By Function; By Formulation; By Regions; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Plant Growth Regulators (PGRs) are chemical compounds used to control or modify the growth and development of plants. PGRs can be either synthetic or naturally occurring and are used to manipulate various processes, such as cell division, elongation, and differentiation, which ultimately affect plants' overall growth and development. These compounds are used in agriculture, horticulture, and forestry to improve crop yield, quality, and uniformity, as well as to control plant growth in various settings such as turfgrass management, landscaping, and ornamental plant production.
The PGRs market is driven by the increasing demand for high-quality crops, the growing population, and declining arable land. PGRs help to improve crops' yield, quality, and uniformity and enhance the plant's resistance to biotic and abiotic stresses. They are also used to regulate the plant's height, shape, and size, which is essential for producing ornamental plants, landscaping, and turfgrass management.
The Plant Growth Regulators (PGRs) market is expected to experience significant growth in the upcoming years. The increasing demand for high-quality crops, the rising global population, and declining arable land are some of the factors driving the development of the PGRs market.
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The market is expected to be dominated by auxins, cytokinins, and gibberellins, the most commonly used PGRs in agriculture and horticulture. The use of PGRs in producing fruits and vegetables, cereals and grains, and ornamental plants is expected to increase, as it helps improve crop yield, quality, and uniformity.
The Asia Pacific region is anticipated to offer the fastest growth opportunities for the PGRs market due to rising disposable income, an improving standard of living, and an increasing need for high productivity in agriculture. China is expected to remain the largest market for PGRs in the Asia Pacific region, driven by its growing population and increasing demand for produce crops.
Additionally, developing novel PGR formulations and increasing investment in research and development activities are expected to provide growth opportunities for the market. However, strict regulations on using PGRs in agriculture and the high cost of these chemicals may hinder the market growth.
Plant Growth Regulators Market Report Highlights
Polaris Market Research has segmented the Plant Growth Regulators Market report based on type, crop type, function, formulation, and region:
Plant Growth Regulators Market, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Plant Growth Regulators Market, Crop Type Outlook (Revenue - USD Billion, 2019 - 2032)
Plant Growth Regulators Market, Function Outlook (Revenue - USD Billion, 2019- 2032)
Plant Growth Regulators Market, Industry Formulation Outlook (Revenue - USD Billion, 2019- 2032)
Plant Growth Regulators Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)