Global Plant Growth Regulators Market Production, Revenue, Price Trend & Forecast Report 2022
The market is driven by factors like increase in crop production, easy application, increase in would like for food security for the increasing population, and rise in client demand for organic foods. However, the long approval amount for brand new product is restraining the expansion of the plant growth regulators market. The plant growth regulators market is calculable to grow at a CAGR of 6.8%, to achieve USD 2.93 billion by 2022. The amendment in farming practices, clubbed with advanced technologies and promotion by the governments of many countries across the globe additionally driving the demand for plant growth regulators within the agricultural sector.
Theplant growth regulators market is projected to grow at a CAGR of 6.8%
The plant growth regulators market is estimated to be valued at 2.11 billion in 2017, and projected to grow at a CAGR of 6.8%, to reach USD 2.93 billion by 2022. The market is driven by factors such as increase in crop production, ease of application, increase in need for food security for the increasing population, and rise in consumer demand for organic foods. The change in farming practices (from traditional to conventional), clubbed with advanced technologies and promotion by the governments of many countries across the world also drives the demand for plant growth regulators in the agricultural sector. However, the long approval period for new product is restraining the growth of the plant growth regulators market.
Plant Growth Promoters segment, by function, led the plant growth regulators market with the largest share in 2016
Based on function, the plant growth promoters segment accounted for the largest share of the market in 2016. These substances are obtained either synthetically or biologically of which biological plant growth promoters are more effective and safe. Plant growth promoters are used for improving the quality and productivity of crops.
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Cereals & grains segment, by crop type, accounted for the largest share of the plant growth regulators market in 2016
Based on crop type, the cereals & grains segment accounted for the largest share during the forecast period. Plant growth regulators (PGRs) work on cereals & grains in a way that they shorten the height and straw length of the plant. PGRs are widely used on cereals such as wheat, barley, oats, rye, and triticale. Cereals form the key segment of the plant growth regulators market as corn, wheat, and rice are grown abundantly in different countries across the Asia Pacific region. The growing demand for wheat, rice, and corn in the Asia Pacific region has contributed to the growth of the plant growth regulators market here.
Europe dominated the market with the largest share, RoW is projected to be the fastest-growing region in the market
Europe formed the largest market for plant growth regulators in 2016, whereas the RoW region is projected to be the fastest-growing market during the forecast period. Owing to the decreasing agricultural land in the European region, the demand for plant growth regulators in Europe is the largest. The rising in investment in agricultural activities in developing countries such as Brazil, Argentina, and Chile, contributes to the growing demand for plant growth regulators in the RoW region, thereby marking the region the fastest-growing market in this domain.
The global plant growth regulators market is segmented region-wise, with a detailed analysis of each region by studying key markets. These regions include North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Break-up of Primaries:
- By Company Type: Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: D Level – 25%, C Level – 35%, and Others* – 40%
- By Region: North America – 20%, Europe – 25%, Asia Pacific – 40%, and RoW – 15%
*Others include sales manager, marketing managers, and product managers.
Leading players profiled in this report:
- BASF (Germany)
- Dow Chemical (US)
- Syngenta (Switzerland)
- FMC Corporation (US)
- Nufarm (Australia)
- Bayer CropScience (Germany)
- Nippon Soda (Japan)
- Tata Chemicals (India)
- Valent Biosciences (US)
- Xinyi Industrial (China)
- ADAMA (Israel)
- Arysta LifeScience (France)
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