India Plant Growth Regulators Market Poised for Healthy Growth: Likely to  Grow at a CAGR of 8.7% by 2027

Published | 18 November 2021

Increasing farmers' inclination towards agrochemicals to increase crop protection and improve crop nutrition is largely responsible for the growth of the Indian plant growth regulator market. Furthermore, the growing use of biopesticides and better agricultural practices are expected to drive the demand for plant growth regulators in India during the forecast period

A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India plant growth regulators market is estimated to grow at a CAGR of 8.7% during the forecast period (2021-2027). The growth of the market can be attributed to the surge in the inclination of farmers towards agrochemicals to increase crop protection and provide better crop nutrition. Furthermore, the growing use of biopesticides and a preference for environmentally friendly plant growth regulators and better agricultural practices are expected to drive demand for plant growth regulators in India during the forecast period.

Rising Organic Farming Activities is Fueling the Market Growth

Organic farming refers to the type of farming in which plants are grown naturally. In organic farming, farmers use biological resources to maintain soil fertility. As of March 2020, the Union Ministry of Agriculture and Farmers' Welfare reported that roughly 2.78 million hectares of cropland were under organic farming. In India, the state of Madhya Pradesh paves the market for organic farming. The state has registered 0.76 million hectares of organic farming, accounting for 27% of India's total organic farming area. Additionally, Madhya Pradesh, Rajasthan, and Maharashtra account for half of all organic farming land. Cereals, oilseeds, spices, tea, millets, coffee, dried fruits, and other organic crops are farmed in India. It's also worth noting that Sikkim is the country's only state with 100% organic farming. Therefore, the rising organic farming activities in the country are pushing the growth of India plant growth regulators.

India Plant Growth Regulators Market: By Crop Type

The India plant growth regulators market is categorized into fruits and vegetables, turf and ornamentals, cereals & grains, oilseeds & pulses, and others. Among these, the cereals & grains segment has accounted for the largest market share in 2020 and is likely to dominate the segment during the forecast period. The rising consumption of rice and wheat in India is driving the market growth. Rice and wheat are the primarily grown crops in the country. As per the data published by the USDA (U.S. Department of Agriculture), during the 2020-2021 crop year, India produced 120 million tonnes of rice and 107.6 million tonnes of wheat. Additionally, India's foodgrain production is expected to expand by 2% in 2020-21. In India, the fruits and vegetable segment held second place and is expected to rise significantly throughout the forecast period. One of the major factors driving the market for fruits and vegetables is the increased health consciousness among consumers.

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India Plant Growth Regulators Market: By Formulations

The India plant growth regulators market is categorized as water-dispersible & water-soluble, wettable powders,  and solutions, based on formulations. Among these, the water-dispersible & water-soluble granules segment held the largest market share in 2020. The segment         will likely witness the highest CAGR even during the forecast period. The formulations of water-dispersible granules are more stable and easier to handle during supply chain activities. Solid active chemicals are delivered to a target organism via the water-soluble granules technique.

Impact of COVID-19

When COVID-19’s first wave hit India from January to June 2020, the agriculture sector rose to prominence. According to the Economic Survey, India's GVA (Gross Value Added ) for the entire economy declined by 7.2% in 2020-21, owing to a sharp drop in the first half of the fiscal year. The agricultural industry was one of the bright spots during the shutdown, and at constant prices (2011-12) it is projected to have increased by 3.4 percent. In addition, the rabi crop has been mainly harvested in significant parts of India. As of April 30, 2021, 28.039 million tonnes of wheat had been purchased. UP had fallen far short of its 5.5-million-tonne goal, while Bihar, like in 2020, had only secured 3,000 tonnes of wheat. As a result, the market is expected to return to normal during the projected period as economic and agricultural activities pick up.

Competitive Landscape

The India plant growth regulator market is highly fragmented as there are numerous players involved. Companies using new product development, acquisitions, and expansion can remain competitive in the market. Additionally, some of the leading players in the country are expanding their footprint by purchasing overseas producers.  Some key players in the India plant growth regulators market are Tulsi Agro Industries, Aryan Crop Protection Pvt Ltd, R M Biotech, Volkschem Crop Science Pvt Ltd, Manish Bio Chem Products Private Limited, Yug Agro Chem, Agri India Biotech, TATA Chemicals Limited, Godrej Agrovet Limited, Bayer Crop Science Limited, Krishi Rasayan Pvt. Ltd., Dhanuka Agritech Limited, Growtech Agri Science and Research Private Limited, Sadguru Chemicals & Fertilizers, Varsha Bioscience and Technology India Pvt. Ltd., Aristo Biotech And Life Science Pvt. Ltd., Bharat Rasayan Limited and Other Prominent Players.

 

In July 2021, Scientists at the Indian Institute of Science Education and Research (IISER) in Bhopal discovered a protein regulating plant growth. This could have far-reaching ramifications in the agricultural sector.

 

Don’t miss the business opportunity of the India plant growth regulators market. Consult our analysts to gain crucial insights and facilitate your business growth.

 

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India plant growth regulators market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India plant growth regulators market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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