Global Plant Growth Regulators Market is anticipated to reach USD 6.52 billion by 2020. The market is anticipated to grow at a healthy rate in the years to come. Plant growth regulators require a wide-ranging acceptance in the alteration of plant physiology that comprises inhibiting or stimulating enzyme systems and regulating the plant metabolism. Plant growth regulators also seek healthy demand for the regulation of cotton metabolism.
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Key Players:
Some of the key players that fuel the growth of the plant growth regulators industry include DuPont, BASF SE,NuFarm Ltd., Bayer Crop Science Crop Care Australasia Pty. Ltd, Sichuan Guoguang Agrochemical Co. Ltd,Xinyi(H.K.) Industrial Co. Ltd, and Redox Industries Limited.
Growth Drivers:
On the other hand, there are also factors that may hamper the growth of the market such as less innovation regarding products, and low productivity of PGR as compared to chemical fertilizers. The plant growth regulators market is anticipated to grow at a significant CAGR of 8.6% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Plant growth regulators industry may be explored by type, crop type, functions, formulations, origin, and geography. The market may be explored by type as Auxins, Cytokinin’s, Gibberellins, and Ethylene. The “Cytokinin’s” segment dominated the market in 2016 and is anticipated to maintain its dominance by 2020.
Cytokinin’s are plant hormones that controlseveral features of plant development such as cell division & differentiation, shoot & root development, fruit & seed development, and delay of senescence. They delay the natural aging process that leads to death in plants. Furthermore, it is mainly used to fix the injured part of a plant will upsurge the growth of market.
Plant growth regulators market may be explored by crop type as Cereals & Grains, Fruits & Vegetables, Turf & Ornamentals, and Oilseeds & Pulses. The industry may be explored by Function as Plant Growth Inhibitors, and Plant Growth Promoters. The “Plant Growth Promoters” held the highest share of the plant growth regulators industry in 2016 and are anticipated to maintain their dominance by 2020. The most dominant plant growth promoters comprise cytokinin’s, auxins, and gibberellins. They help in development during root initiation, flowering, overall rise in yield and fruiting of the plant. The plant growth promoters are mostly used in several fruit and vegetables to enhance flowering.
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