Dec. 7, 2015
The plant growth regulators market is projected to grow at a CAGR of 3.6% from 2015 to reach a projected value of USD 1.91 Billion by 2020, according to a new published report
. The market growth is driven by growing customer attention towards enhancing the premium value of fruits, vegetables, ornamentals and other permanent crops. The market is further driven by factors such as technology and product development of innovative plant growth regulators that can be cost-effective as well as used on a wide range of crops.
Depending upon crop types, the plant growth regulators market is led by the fruits & vegetables segment, followed by oilseeds & pulses and cereals & grains. These are used on a large scale in regions where there is extensive production and cultivation of fruits & vegetables.
Among the types of plant growth regulators, such as auxins, cytokinins, gibberellins, and others, gibberellins accounted for the largest market share, followed by cytokinins and auxins. Gibberellins are used on a large scale in regions where there is an extensive production and cultivation of fruits & vegetables.
Europe accounted for the largest market share for plant growth regulators, followed by North America and Asia-Pacific. Crops such as cereals, oilseeds, vegetables, and orchard crops are among the widely produced crops in this region; high yield of crops have been realized by increased application of plant growth regulator products. The Asia-Pacific region is projected to be the fastest-growing market with investments from several multinational manufacturers, especially in countries such as China, New Zealand, and Japan.
The regulatory clauses to identify plant growth regulators as a pesticide have reduced manufacturer’s efficiency to manage production costs due to the long period for regulatory approval and the related expenditures associated with research activities. The high production cost affects the final product price and reduces the consumer’s crop margin.
The key market players that dominated the plant growth regulators market include FMC Corporation (U.S.), Syngenta AG (Switzerland), The Dow Chemical Company (U.S.), BASF SE (Germany), and Nufarm Limited (Australia). Most key participants have been exploring new regions through new product launches across the globe to avail a competitive advantage through combined synergies. Since 2011, the plant growth regulators market has witnessed an increase in demand, especially in developing nations such as India, China, Brazil, and Mexico.