Plant Growth Regulators Market Report, Analysis, Growth, overview and forecast to 2030.
Plant growth regulators, aka
PGRs, are chemical substances of either natural or synthetic origin that helps
in regulating and developing the growth of plants. These are particularly of
five main types, namely gibberellins, ethylene, auxins, cytokinins, and
abscisic acid. According to a report published by Market Research Future
(MRFR), the global plant growth regulators market is expected to garner
negligible growth.
Plant Growth Regulators Market Trend is Anticipated
to Reach USD 6.7 Billion by 2030 at 10.2% CAGR By 2023-2030
The primary factor influencing
the market is the rising demand for agricultural produce as they support in
regulating the growth of various plants. Also, increasing investment expensed
in the agriculture industry, especially in developing nations, is expected to
also create profitable opportunities for the players in the market during the
forecast period.
Market Segmentation
The global plant growth regulators
market segmentation is classified in accordance with seven key dynamics:
By origin, the market is divided
into natural and synthetic. The synthetic segment held the highest share as per
the 2017 market study due to the high volume of sales. However, the natural
segment is expected to grow at a higher CAGR during the forecast period.
By crop type, the market includes
grains & cereals, pulses & oilseeds, turf & ornaments, fruits &
vegetables, and others. The grains & cereals segment is projected to hold
the leading position in the global market due to the high rate of production of
grains & cereal crops.
By product type, the market
includes abscisic acid, auxins, ethylene, cytokinins, gibberellins, and others.
The cytokinins segment is projected to hold onto the maximum share in the
market during the forecast period.
By form, the market comprises of
powder, granules, and liquid forms. The granules segment is expected to attain
the maximum percentage of the market share in the forthcoming years.
By application, the market
segments into foliar, fertigation, and others. The fertigation segement is
expected to lead this market category during the forecast period. However, the
follar segment will be exhibiting the highest growth percentage.
By function, the market divides
into plant growth promoters and plant growth inhibitors. The former segment is
expected to garner significantly higher market share to stand tall over the
latter.
By region, the market divides
into four key regions, namely Asia Pacific, North America, Europe, and the Rest
of the World (RoW).
The North American regional
market for plant growth regulators is segmented into the US, Canada, and
Mexico. The Asia Pacific plant growth regulators market divides into India,
Japan, China, Australia, and New Zealand, and the Rest of Asia Pacific. The
European region breaks down into Spain, Italy, the UK, France, and the Rest of
Europe. The Rest of the World (RoW) segment holds regions like the Middle East,
the Africa, and Latin America.
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Regional Analysis
The global plant growth
regulators market is regionally spearheaded by the European region. The region
is projected to hold a dominant portion of the market share in the near future
as well. The massive revenue share garnered by the regional market can be owed
to the rising production of agricultural produce herein. Add to this, the
adoption of various new technologies and methodologies in the agricultural
segment is also significantly boosting the growth of the market in this region.
North America is anticipated to
hold the second highest share of the global market. This is due to the rising
cultivation of horticultural crops herein, grapes in particular. Asia Pacific
region is another key region in the global landscape and is projected to attain
the highest growth percentage during the forecast period. This is the due to
emergence of various market players and their expanding operations in the Asia
Pacific region.
Competitive Landscape
The global plant
growth regulators market report comprises key players like NIPPON SODA
CO., LTD. (Japan), China National Chemical Agrochemical Corporation (China),
Bayer AG (Germany), Platform Specialty Products Corporation (US), BASF SE
(Germany), FMC Corporation (US), Tata Chemicals Ltd. (India), DowDuPont (US),
Nufarm Limited (Australia), Sumitomo Chemical Co., Ltd. (Japan), and Xiny(H.K.)
Industrial Co., Ltd. (China).
January 2019, during the
Southeast Regional Fruit & Vegetable Growers’ Conference, it was announced
by BRANDT about the introduction of an all new, proprietary plant growth
regulator named BRANDT GlucoPro.
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considering Covid19 Footprints for Better Analysis of Market and Industries.
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