Plant growth regulators market is manifesting some great opportunities for businesses all over the globe since PGRs are increasingly becoming popular over conventional fertilizers. Lower cost of labor, high yield, simpler application process, and lesser application as compared to conventional fertilizers are some of the reasons why this market sees bright business opportunities in the near future.
Drivers and Opportunities
The plant growth regulators market is aided by the growing attention of customers. Advancement in technology and development of eco-friendly PGRs that can be used on variety of crops and are cost-effective are other factors because of which this market is fast gaining pace around the globe. The increasing usage of seaweed-based plant growth regulator and enforcing of environmental regulations and laws and pesticide residue level monitoring is expected to further trigger this market towards growth. The increasing demand and value of the organic food industry is another contributing factor to the growing plant growth regulator market.
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Key Market Findings
The value for plant growth regulators market is projected to reach USD 1.91 Billion by 2020 from USD 1.6 Billion in 2015, showing a growth rate of 3.6%. In 2014, Europe, accounting for about 38% of the total market share was the biggest market among all the regions, followed by North America and Asia-Pacific, primarily because of the high yield of crops such as cereals, oilseeds, vegetables, and orchard crops that need PGRs. However, Asia-Pacific is expected to grow rapidly at a CAGR of 4.1% over the estimated period, owing to a number of investments made by some major multinational manufacturers in countries like China, New Zealand, and Japan.
Among crop types, the fruits & vegetables segment had the largest market share of about 33.19% of the global market for PGRs in 2014, and is expected to show a significant growth at a CAGR of 3.9% between 2015 and 2020.
Gibberellins, out of all the types of plant growth regulators, took up the largest share of the market, followed by cytokinins and auxins. It is extensively used in regions where fruits & vegetables are cultivated on a larger scale.
FMC Corporation (U.S.), Syngenta AG (Switzerland), The Dow Chemical Company (U.S.), BASF SE (Germany), and Nufarm Limited (Australia) are prominent market players that dominated the market and are adopting strategies such as new product launches and exploring new regions to broaden their horizons and gain an advantage over their other global competitors. Other companies such as Xinyi Industrial Co. Ltd (China), Nippon Soda Co. Ltd (Japan), Valent BioSciences Corporation (U.S.), Bayer CropScience (Germany), and Tata Chemicals Limited (India) also have a notable presence on the global map for plant growth regulators market.
Market Segmentation
Researchers have studied and analyzed the plant growth regulators market by segmenting it on the basis of type, crop type, and geographical regions. These segments are further classified as follows:
Type
- Auxins
- Cytokinins
- Gibberellins
- Others (ethylene and abscisic acid)
Crop Type
- Cereals & grains
- Oilseed & pulses
- Fruits & vegetables
- Turf, ornamentals, and others
Geography
- North America
- Europe
- Asia-Pacific
- RoW
