Market Analysis
The plant growth regulators market will have an impressive growth between 2018-2023, states the new Market Research Future (MRFR) report. Plant growth regulators or phytohormones or plant growth hormones, simply put, are chemicals that signal in regulating and controlling plant growth. They are organic compounds that are produced either naturally or synthesized in laboratories. Abscisic acid, cytokinins, ethylene, gibberellins, and auxins, are the different types of plant growth regulators.
Plant Growth Regulators Market Outlook is Anticipated to Reach USD 6.7 Billion by 2030 at 10.2% CAGR By 2023-2030
Numerous factors are adding to the growth of the global plant growth regulators market. These factors, according to the latest Market Research Future report, include increasing use of environment-friendly farming methods, innovative advanced organic farming products, increasing practice of organic farming, burgeoning demand for cotton, rising investment in the agriculture industry, and growing textile industry.
On the contrary, farmers’ rising awareness toward agrochemicals and strict regulation laid down by the government for the process approval may hamper the plant growth regulators market growth during the forecast period.
Market Segmentation
The Market Research Future report provides a complete segmental analysis of the global plant growth regulators market based on origin, crop type, product type, form, function, and application.
By origin, the plant growth regulators market is segmented into synthetic and natural. Of these, the synthetic segment will dominate the market during the forecast period for the high sales volume, efficient and immediate results, and ease of production.
By crop type, the plant growth regulators market is segmented into turf and ornaments, fruits and vegetables, grains and cereals, pulses and oilseeds, and others. Of these, the grains and cereals segment will lead the market during the forecast period for its higher production.
By product type, the plant growth regulators market is segmented into abscisic acid, cytokinins, ethylene, gibberellins, auxins, and others. Of these, the cytokinins segment will have the maximum share in the market during the forecast period for its ability to delay leaf senescence.
By form, the plant growth regulators market is segmented into liquid, powder, and granules. Of these, the granules segment will command the largest share in the market during the forecast period as it is stable, easy to transport and handle, and less toxic.
By function, the plant growth regulators market is segmented into plant growth inhibitors and plant growth promoters. Of these, the plant growth promoters will dominate the market during the forecast period for its increasing use for promoting plant growth.
By application, the plant growth regulators market is segmented into foliar, fertigation, and others. Of these, the fertigation segment will lead the market during the forecast period for the higher preference of farmers for operations that are fertigation-based as this takes less time and needs fewer resources.
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Regional Analysis
By region, the global plant growth regulators market report covers the latest trends and growth opportunities across the Americas, Europe, the Asia Pacific, and the Rest of the World. Of these, Europe will spearhead the market during the forecast period for the increasing production of agricultural produce coupled with the adoption of new methodologies and technologies in agriculture.
The global plant growth regulators market in North America will have a significant share during the forecast period for the increase in horticulture crop cultivation, particularly grapes.
The global plant growth regulators market in the APAC region will have notable growth during the forecast period for the expansion of operations by key market players.
The global plant growth regulators market in the RoW will have steady growth during the forecast period.
Key Players
Notable players profiled in the global plant growth regulators market report insight include Industrial Co., Ltd. (China), Xiny (HK), Tata Chemicals Ltd. (India), FMC Corporation (US), Sumitomo Chemical Co., Ltd. (Japan), Nufarm Limited (Australia), NIPPON SODA CO., LTD. (Japan), DowDuPont (US), Bayer AG (Germany), BASF SE (Germany), Platform Specialty Products Corporation (US), and China National Chemical Agrochemical Corporation (China).
Industry News
December 2019: Researchers at the University of Minnesota have recently come up with a new method that will make it much faster in producing gene-edited plants. It will leverage vital plant growth regulators accountable for plant development.
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