The Global Plant Growth Regulators Market was worth USD 5,189.5 million in 2016 and estimated to be growing at a CAGR of 4.32%, to reach USD 6,661.7 million by 2022. Plant Growth Regulators are chemical substances, other than nutrients, that alter plant physiological development.
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Plant growth regulators control growth of plants and improve reactions to stimuli. Ethylene is one of the plant growth regulators utilized for enhancing flower production. They are not harmful to human health and are extensively utilized to meet the necessity of the food supply.
The growth of the Global Plant Growth Regulators market is majorly driven by factors such as growing textile market, rising demand for cotton, and increasing prevalence of organic farming. Cutting-edge practices in organic farming and increasing predilection towards eco-friendly methods of farming are anticipated to create a lot of prospects for the plant growth regulators market. However, growing utilization of agro chemicals by the farmers is the major restraining factor for the market.
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The Global Plant Growth Regulators market is segmented based on Type and Crop Type. The market for Plant Growth Regulators, on the basis of Type, is classified Cytokinins, Auxins, Gibberellins, and Others. On the basis of type, Cytokinins lead the global plant growth regulators market, accounting for over 40% of the market share, and are also projected to witness the highest growth during the forecast period. Demand for cytokinins has been on the rise due to their widespread use in increasing the capacity of plants to tolerate water deficiency, by guarding the nitrogen and carbon integration process during stress. On the basis of Crop Type, the global Plant Growth Regulators market is segmented into Fruits & Vegetables, Grains & Cereals, Oil seeds, Turf & Ornamental Grass, and Others. Cereals & Oilseeds lead the global market on the basis of Crop Type, followed by fruits & Vegetables.
On the basis of geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. Demand for the plant growth regulators market was considerably high in Europe in 2015, due to the big scale organic farming industry where specific plant hormones such as Cytokinins, Auxins, and Gibberellins are utilized in several methods of farming. The demand for plant growth regulators has also been extremely prevalent in North America owing to the swiftly developing organic farming industry combined with the massive cotton industry; especially in the United States. Developing countries such as India and China are also projected to witness significant growth in this market due to the large scale cotton industries present in this region.
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The main policies implemented by the companies to increase their market share in the plant growth regulators market are new products, and mergers & acquisitions. The strategy of efficient and strong yielding products would lead to improved user gratification. The major companies dominating the global Plant Growth Regulators market are BASF SE, Bayer Crop Science, DuPont, FMC Corporation, Tata Chemicals Limited, and Xinyi Industrial Co Ltd.
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