Plant growth regulators are the chemical compounds that influence the physiological process of plants and are required at very low concentrations. There are natural regulators, which are produced by the plant itself, those found naturally in plants are called phytohormones or plant hormones and also some plant growth regulators are synthetically developed by various companies. The plant growth regulators market is segmented on the basis of hormone type, function, formulation, crop type, and distribution channel.

On the basis of hormone type, the plant growth regulators market is segmented as auxin, gibberellin, cytokinin, ethylene, abscisic acid and others. In terms of volume, cytokinin has the largest share in the plant growth regulators market than others. Based on the formulation type, the market is segmented into solutions, wettable powders, soluble powders, tablets and water dispersible. On the basis of crop type, the market is segmented into turf & ornamentals, fruits & vegetables, oilseeds & pulses and cereals & grains. On the basis of functions, the market is segmented into promoters and inhibitors.

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The growth in the global plant growth regulators market is boosted by growing preference for organic products. The plant growth regulators are plant products and therefore are useful for the organic farming. The increase in trend for consumption of cereals for breakfast and other diets is expected to rise the demand for cereals and pulses in global market.  The growers are looking out for ways in protecting and increasing the efficiency of growing cereals, grains and other crops. In order to achieve their targets, producers have been focusing on latest technologies in their processes for the product development using plant growth regulators.

In terms of revenue, the global plant growth regulators market is expected to represent an incremental opportunity of 5,599.9 Mn by 2018 end over 2017. By product type, the gibberellin segment market is expected to register a CAGR of 4.7% in the plant growth regulator market. The Japan region is expected to register relatively low growth in the plant growth regulator market, due to limited farming area.

Key Dynamics

The plant growth regulators influence the division, differentiation and growth of plant cells, tissues and organs. Plant growth regulators actively encourage the fast growth of plant including fruits, flowers, vegetables, grains, pulses, ornamentals and others. The increase in crop production will help in meeting the rising demand of consumer for various types of food products.

The increase in demand for organically produced goods is expected to fuel the demand for plant growth regulators market over the forecast period. The global market for organic fruits and vegetables is increasing and is estimated to have high growth by 2027 end.

The leading pharmaceutical companies are making huge investment in research and development of plant derived medicines to cope up with increasing demand for herbal medicines. With developing advancements of biotechnology and pharmaceuticals, the manufacturers are developing disease specific, customized plant growth regulators. The introduction of edible vaccines is expected to boost the demand for fruits and vegetables which will further crater the demand for plant growth regulators.

Stringent regulatory norms regarding the use of plant growth regulators is a restraining factor, hampering the growth of global plant growth regulators market. This is due to various side effects, allergic reactions and several other health related issues due to consumption of food products which are administered with plant growth regulators.

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Regional Overview

On the basis of region, the market in Asia Pacific is anticipated to dominate the global plant growth regulators market in 2018. Europe is expected to gain significant market share in revenue terms by 2027 end. Moreover, Nordic is projected to exhibit significant CAGR of 5.2% during the forecast period, in the plant growth regulators market.