Plant Growth Regulators Market Size and Growth Rate:
Plant Growth Regulators Market was estimated at USD 5189.5 Million in 2018 and estimated to be growing at a CAGR of 4.32%, to reach USD 6411.56 million by 2023.
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Plant Growth Regulators Market Growth Drivers and Restraints:
Plant growth regulators are valuable production tools that can improve the quality and marketing of products, while reducing the labor required for pinching, pruning and maintenance. In recent decades they have become an integral part of many horticultural and agricultural production systems. The fast-growing organic food sector is the main driver of growth in the plant growth regulation sector. The stress of governments and government organizations on sustainable agriculture is another determining factor.
Farmers are less aware of the use and application of these regulators, which limits market growth. The lower productivity of plant genetic resources compared to chemical fertilizers has slowed growth and fewer product innovations have a negative impact on market demand. It is hoped that advanced innovative products from organic farming and the growing practice of organic farming methods will create many opportunities for the growth of plant growth regulators.
Plant Growth Regulators Market Segmentation:
The global market for plant growth regulators is segmented by product type, crop application and geography. Of all growth regulators, cytokinins are widely consumed and account for about 40% of the market share. Cytokinins are also the fastest growing segment during the projected period, as they improve stress tolerance and stimulate protein synthesis. Auxin is the second largest segment and consumption is expected to increase with the demand for medicinal plants and the growth of lawns and landscaping. Cereals and oilseeds are the main consumers of growth regulators, followed by fruits and vegetables, which together account for 75% of the market share.
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Geographic Segmentation of the Plant Growth Regulators Market:
Europe is the largest market and accounts for around 45% of the market share. The growth of organic food consumption is driving the market in this region. North America is the second largest market and this market is expected to expand with an increased supply of quality products provided by key players. The Asia-Pacific region is estimated to have the highest annual growth rate due to growth in the adoption rate of sustainable crops and increased consumption of organic foods. China and India are the fastest growing markets in the region, while Southeast Asian countries are the potential markets. Brazil is the largest market in South America and is expected to reach the fastest CAGR of 9.3% in the region.
Leading Companies Operating in the Plant Growth Regulators Market are:
Redox Industries Ltd, Syngenta (Switzerland), BASF (Germany), DuPont, Crop Care Limited, Sichuan Guoguang Agrochemical Co. Ltd., Bayer CropScience (Germany), Nufarm (Australia), ADAMA (Israel).
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