Plant-Growth Regulators Market

The article discusses the expected growth of the global plant-growth regulators market, with consumption volumes projected to reach 5.6M tons by 2030. Market performance is forecasted to expand with a CAGR of +3.0% in volume and +4.3% in value from 2022 to 2030. Brazil stands out as a major player in consumption and imports, with significant growth rates. China dominates in production and exports, with strong growth in both sectors. Prices, import, and export trends are also analyzed to provide a comprehensive overview of the market.

Market Forecast

Driven by increasing demand for plant-growth regulators worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 5.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market value to $51B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Plant-Growth Regulators

In 2022, global consumption of plant-growth regulators reached 4.4M tons, surging by 4.2% against 2021 figures. The total consumption volume increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at 4.5M tons in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

The global plant-growth regulators market revenue totaled $36.5B in 2022, increasing by 7.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +65.8% against 2016 indices. Over the period under review, the global market hit record highs in 2022 and is likely to see gradual growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (543K tons), Brazil (399K tons) and China (377K tons), with a combined 30% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +11.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest plant-growth regulators markets worldwide were Japan ($4.8B), the United States ($4.1B) and Brazil ($3.5B), with a combined 34% share of the global market.

Among the main consuming countries, Brazil, with a CAGR of +14.7%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of plant-growth regulators per capita consumption in 2022 were Australia (6.6 kg per person), Canada (4.6 kg per person) and France (2.2 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Brazil (with a CAGR of +11.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Plant-Growth Regulators

Global plant-growth regulators production was estimated at 4.6M tons in 2022, with an increase of 3.2% compared with the previous year's figure. The total output volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 37%. Over the period under review, global production attained the maximum volume at 4.6M tons in 2020; afterwards, it flattened through to 2022.

In value terms, plant-growth regulators production totaled $26.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 8.8%. Global production peaked at $26.4B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of plant-growth regulators production was China (1.9M tons), accounting for 41% of total volume. Moreover, plant-growth regulators production in China exceeded the figures recorded by the second-largest producer, the United States (644K tons), threefold. India (380K tons) ranked third in terms of total production with an 8.2% share.

In China, plant-growth regulators production increased at an average annual rate of +6.0% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+3.1% per year) and India (+4.7% per year).

Imports

World Imports of Plant-Growth Regulators

In 2022, supplies from abroad of plant-growth regulators increased by 14% to 2.7M tons, rising for the third consecutive year after two years of decline. The total import volume increased at an average annual rate of +5.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when imports increased by 19%. Over the period under review, global imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, plant-growth regulators imports surged to $19.7B in 2022. In general, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +68.9% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Brazil (394K tons), distantly followed by Australia (186K tons), Canada (184K tons) and Nigeria (126K tons) were the main importers of plant-growth regulators, together generating 33% of total imports. The United States (107K tons), Thailand (84K tons), France (83K tons), Ghana (59K tons), Argentina (59K tons), Russia (57K tons), Germany (57K tons), Ukraine (56K tons) and South Africa (55K tons) took a minor share of total imports.

Brazil was also the fastest-growing in terms of the plant-growth regulators imports, with a CAGR of +18.7% from 2012 to 2022. At the same time, the United States (+9.4%), Australia (+9.3%), Russia (+6.8%), South Africa (+6.7%), Nigeria (+5.8%), Canada (+2.2%), Argentina (+2.1%) and Ghana (+1.1%) displayed positive paces of growth. France, Germany and Ukraine experienced a relatively flat trend pattern. By contrast, Thailand (-2.1%) illustrated a downward trend over the same period. Brazil (+10 p.p.) and Australia (+2.3 p.p.) significantly strengthened its position in terms of the global imports, while Germany, Ukraine, France, Canada and Thailand saw its share reduced by -1.5%, -1.6%, -2.1%, -2.2% and -3.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($3.4B) constitutes the largest market for imported plant-growth regulators worldwide, comprising 17% of global imports. The second position in the ranking was held by Canada ($1.2B), with a 6.1% share of global imports. It was followed by Australia, with a 5.4% share.

In Brazil, plant-growth regulators imports expanded at an average annual rate of +21.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+6.4% per year) and Australia (+11.2% per year).

Import Prices By Country

The average plant-growth regulators import price stood at $7,255 per ton in 2022, growing by 21% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($11,268 per ton), while Ghana ($2,258 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+5.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Plant-Growth Regulators

In 2022, overseas shipments of plant-growth regulators increased by 11% to 2.9M tons, rising for the third year in a row after two years of decline. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +38.9% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 22%. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, plant-growth regulators exports soared to $20.6B in 2022. In general, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +71.1% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

China dominates exports structure, amounting to 1.6M tons, which was near 53% of total exports in 2022. The United States (209K tons) ranks second in terms of the total exports with a 7.2% share, followed by India (7%) and Belgium (5%). France (95K tons), Germany (86K tons), Israel (68K tons) and Malaysia (51K tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +9.9% from 2012 to 2022. At the same time, India (+19.3%), Malaysia (+7.4%) and Germany (+1.4%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +19.3% from 2012-2022. Israel and the United States experienced a relatively flat trend pattern. By contrast, Belgium (-1.6%) and France (-2.9%) illustrated a downward trend over the same period. China (+17 p.p.) and India (+4.9 p.p.) significantly strengthened its position in terms of the global exports, while Germany, France, the United States and Belgium saw its share reduced by -1.5%, -4.3%, -5% and -5.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($7.8B) remains the largest plant-growth regulators supplier worldwide, comprising 38% of global exports. The second position in the ranking was taken by India ($2.2B), with an 11% share of global exports. It was followed by the United States, with a 9.5% share.

In China, plant-growth regulators exports increased at an average annual rate of +16.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: India (+26.1% per year) and the United States (+3.5% per year).

Export Prices By Country

The average plant-growth regulators export price stood at $7,073 per ton in 2022, surging by 20% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($14,117 per ton), while Malaysia ($4,346 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform