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India Plant Growth Regulators Market Size Forecast to Reach US$104.6 Million by 2026

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India Plant Growth Regulators Market Size Forecast to Reach US$104.6 Million by 2026

October 28
06:59 2021
India Plant Growth Regulators Market Size Forecast to Reach US$104.6 Million by 2026
India Plant Growth Regulators Market
Rapid Growth in Population Along With Growing Demand for Food Production Are the Major Factors Driving the India Plant Growth Regulators Market Growth

India plant growth regulators market size is forecast to reach US$104.6 million by 2026, after growing at a CAGR of 8.5% during 2021-2026. Plant growth regulators are chemicals that support plant cells’ growth and isolation, organs, and tissues. They act as chemical messengers for intercellular communication in plants. Rapid growth in population along with growing demand for food production are the major factors driving the market growth. Growing preference for organic food and organic farming are also supporting the market growth for plant growth regulators. The rise in investment in agricultural activities in India and the presence of abundant resources for agriculture production are driving the demand for plant growth regulators. Cytokinins, gibberellins, and auxins are the top three plant hormones used in Indian agriculture and farming activities. Auxin and cytokinin play an important role in plant growth and the developmental process. The Indian farmers are more inclined toward agrochemicals and adopting bio-pesticides for crop protection. Growing usage of environmentally friendly plant growth regulators for better agriculture practices is further driving the market growth in India.  However significant cost issues related to regulatory requirements and long approval period for new products are likely to hamper the market growth during the forecast period.

India Plant Growth Regulators Market Segment Analysis – By Type

The plant growth promoter segment is accounted for 60% of the market share in 2020 and the segment is estimated to grow at a significant CAGR during the forecast period. The cytokinin segment of the plant growth promoter type holds the maximum share and is expected to grow at a high CAGR of 8.8% during the forecast period. Cytokinins enhance stress tolerance and stimulate protein synthesis. They provide various benefits such as delay in plant aging and prevention of leaf senescence. They are widely used among mature plants for better growth. Cytokinins are used based on crop type and soil type and they are also used in fixing the wounded part of the plants. Auxins hold a significant share in the market during the forecast period. Auxins play an important role in plant tissue culture for the restoration of rare medicinal plants. The increasing demand for herbal medicines is driving the market growth for auxins.

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India Plant Growth Regulators Market Segment Analysis – By Crop Type

The cereals and cash crops segment accounted for 50% of the market share in 2020 and is estimated to grow significantly during the forecast period. The growing consumption of rice and wheat in the country is driving the market growth during the forecast period. Rice and wheat are the majorly grown crops in India. According to the data published by the USDA, India produced a total of 120 million tonnes of rice and 107.6 million tonnes of wheat during 2020-2021 year. It is also estimated that India’s foodgrain production is increased by 2 percent in 2020-21. The fruits and vegetable segment holds the second position in the Indian market and is estimated to grow significantly during the forecast period. The growing health-consciousness among consumers is one of the major factors driving the market for the fruits & vegetable segment.

India Plant Growth Regulators Market Segment Analysis – By Formulation

The water-dispersible & water-soluble granules segment is expected to hold the largest market share and is also projected to grow at a CAGR of 9.1% during the forecast period. Water-dispersible granules formulations provide greater stability and are easy to handle during supply chain activities. The water-soluble granules system is used for delivering solid active ingredients to a target organism.

India Plant Growth Regulators Market Drivers:

Increasing organic farming activities

Organic farming is a farming technique in which plants are cultivated in natural ways. Farmers use biological materials, to maintain soil fertility in organic farming. According to the recent data published by the Union Ministry of Agriculture and Farmers’ Welfare, approximately 2.78 million hectares of farmland were under organic cultivation as of March 2020. Madhya Pradesh state occupies the leading position in organic farming in India. The state has registered 0.76 million ha of organic cultivation, which represents 27% of India’s total organic cultivation area. Madhya Pradesh, Rajasthan, and Maharashtra account for 50% area under organic cultivation. The major organic crops grown in India are cereals, oilseeds, spices, tea, millets, coffee, dried fruits, and others. It is also mentioned that Sikkim is the only state to have fully organic farming in the country.

The rise in investment in agricultural activities

Agriculture is the backbone of the Indian economy, and agriculture is the livelihood for the majority of people in the country. According to the data published by the Indian Brand Equity Foundation, approximately 58% of the Indian population are directly involved in agriculture farming. The food grain production reached a record of 296.65 million tonnes during 2019-2020. The foundation also mentioned that India is among the 15 leading exporters of agricultural products in the world. Indian Agricultural exports generated US$ 38.54 billion in 2019 and US$ 35.09 billion in 2020. The Department of Agriculture, Cooperation, and Farmers’ Welfare has been allocated Rs 1,23,018 crore in 2021-22 by the Indian government. The Indian government also allocated Rs 8,514 crore to the Department of Agricultural Research and Education during the 2021-2022 budget.

India Plant Growth Regulators Market Challenges:

Lack of awareness among farmers regarding plant growth regulators

Plant growth regulators are chemicals used for the growth of plant cells, tissues, and organs. Plant growth regulators are helpful to increase crop production. It is also found that the majority of farmers in India are uneducated and unaware of the different types of plant growth regulators available in the market. The farmers are also unaware of the cost benefits associated with these growth regulators. The majority of farmers are using conventional agriculture procedures for crop productions. Farmers are using chemicals & fertilizers for agriculture practices. The majority of agriculture activities are done in rural areas, where farmers are not aware of recent technologies and products. The lack of awareness about new products among Indian farmers is challenging the market growth.

India Plant Growth Regulators Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the India Plant Growth Regulators market. Major players in the India Plant Growth Regulators market are Bayer Crop Science Limited, TATA Chemicals Limited, Varsha Bioscience, and Technology India Pvt. Ltd, Godrej Agrovet Limited., Dhanuka Agritech Limited, Aristo Biotech & Life Science Pvt. Ltd, Growtech Agri Science, and Research Private Limited, Krishi Rasayan Pvt. Ltd, Bharat Rasayan Limited, Sadguru Chemicals & Fertilizers, and others

Key Takeaways

The agriculture industry represents an important component of the Indian economy and the country produced 144.52 million tons of food grains during Kharif 2020-21.

India is also known as one of the most bio-diverse countries in the world. The country has different climatic conditions and soil types suitable for the cultivation of various crops.

Cereals and cash crops are the majorly grown crops in India. These crops hold the maximum share in agriculture production.

Plant growth derivatives are defined as an organic compound helps in providing different enzymes to the plant.

Related Reports

A. Cytokinins Market

https://www.industryarc.com/Report/15910/cytokinins-market.html

B. Soil Active Herbicides Market

https://www.industryarc.com/Report/18770/soil-active-herbicides-market

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