New Jersey, NJ, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Use of less agricultural area and growing demand for organically produced goods is fuelling the demand for plant growth regulators. The global plant growth regulators market is expected to grow from USD 4.93 Billion in 2017 to USD 8.79 Billion by 2025 at a CAGR of 7.5% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Plant growth regulators are defined as the chemicals which are capable of enhancing the physiological response of the plants. They help in translocating to the low concentrations part of the plant which helps in increasing the accessibility and supply of the main nutrients to the plants, thus, promoting the development & growth of the plants such as elongation of stems, the formation of flowers & leaves and development of fruits. These plant growth regulators are broadly used to meet the necessity of the food supply. They have extensive implementation in the modification of plant physiological processes that include regulating the plant metabolism and constraining or regulating enzyme systems. They are highly demanded due to the regulation of cotton metabolism.
Ability to reduce lodging in intensive cereal production, control the shoot heights, and stimulate latex flow in rubber plants is propelling the market growth is a major factor driving the market. Also, reduction in the agricultural area along with mounting demand for organic food is fuelling the growth of the market. But it is a time-consuming process as the approval period for new products is too long which hampers the growth of the market. However, a robust product portfolio for broad-acre crops may boost the market in coming years.
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Key players in the plant growth regulators market are BASF SE, DuPont, Bayer, CropScience Crop Care Australasia Pty. Ltd, NuFarm Ltd., Redox Industries Limited, Sichuan Guoguang Agrochemical Co. Ltd, and Xinyi(H.K.) Industrial Co. Ltd, FMC Corporation, Syngenta AG, Valent Bioscience Corporation, Dow Chemical Company, and WinField Solutions among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- For instance in 2019, BASF signed a supply agreement with Toray Advanced Composites. The agreement focus on the production of continuous fibre reinforced thermoplastic (CFRT) tapes for the automotive and industrial markets. Toray Advanced Composites will produce high quality and affordable CFRT tapes using Ultramid engineering thermoplastics developed and produced by BASF. The fibre manufacturer will reinforce BASF’s Ultramid PA6 (Polyamide) resins with either glass fibre or with carbon fibre.
- For instance in 2019, DuPont announced a new corporate partnership with Habitat for Humanity International. The partnership enables DuPont to support Habitat for Humanity home building projects with donations of energy-efficient building products while also providing employees with meaningful volunteer opportunities.
- For instance in 2019, NuFarm Ltd., announced the acquisition of Trunemco. Trunemco, is a global nematode management seed treatment solution with a first-of-its-kind patented combination of a microorganism and biochemical to defend against a broad spectrum of damaging nematode species. Trunemco will be developed and commercialized in severalkey global markets, and is expected to be launched this year in the United States, pending registration by the US EPA.
The fruits & vegetable segment held the largest market share of 38.90% in 2017
The crop type segment is classified into cereals & grains, oilseeds & pulses, fruits & vegetables and turf & ornamentals. The fruits & vegetable segment held the market share of 38.90% and dominated the plant growth regulators market in 2017. Consumption of plant growth regulators in fruits & vegetable crops helps to prevent their senescence and improves overall productivity.
Water-dispersible & water-soluble granules segment valued around USD 3.95 Billion in 2017
Formulation segment includes water-dispersible & water-soluble granules, wettable powders and solutions. Water-dispersible & water-soluble granules segment valued around USD 3.95 Billion in 2017 as they are preferred forms of plant growth regulators in the agricultural industry. They offer numerous benefits such as easy to handle, non-toxic, and are more stable during storage and transportation.
The cytokinins segment held the largest market share of 34.20% in 2017
The type segment is divided into segments such as cytokinins, auxins, gibberellins, ethylene and other types. The cytokinins segment dominated the market in 2017 with a market share of 34.20%. The cytokinins segment slows down/prevents the leaf senescence such as leaf aging or leaf fall.
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The plant growth promoters segment valued around USD 5.71 Billion in 2017
The function segment includes plant growth promoters and plant growth inhibitors. The plant growth promoters segment dominated the market in 2017 & valued around USD 5.71 Billion. Some of the most popular plant growth promoters include auxins, gibberellins, and cytokinins. They help in growth and development during flowering, fruiting, root initiation, and an overall increase in productivity. Plant growth promoters are used in various fruit & vegetables to improve the flowering process.
Regional Segment Analysis of the Plant Growth Regulators Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Europe region dominated the global plant growth regulators market with USD 1.99 Billion in 2017. Europe region led the global market for plant growth regulators because of rapid technical improvements, government encouragement for organic farming, and rise in crop production which is driving the plant growth regulators market in Europe. North America is the fastest-growing region due to mounting demand for organic food which is expected to propel the demand for the product in the region.
About the report:
The global plant growth regulators market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons).All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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