Plant growth regulators are chemicals produced by a plant which is natural or synthetic substance active at low concentration. Plant growth regulators are produced naturally to regulate and control the plant growth. Plant growth regulators are used to enhance and control the natural plant growth and are key measures to ensure food production. The naturally occurring endogenous substances are also called as plant hormones. Plant growth regulators help to inhibit, modify and promote growth. If plant hormones are misused; crops would cultivate excessively fast which would unfavorably affect the fruit quality.
According to the report, the global plant growth regulators market was valued at approximately USD 3.5 billion in 2014 and is expected to reach approximately USD 6.4 billion by 2020, growing at a CAGR of around 8.2% between 2015 and 2020. Zion Market Research has published a new report titled “Plant Growth Regulators (Auxins, Cytokinins and Others) Market: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020”
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The major driving factors of the plant growth market are increasing trend of organic farming and strong demand for cotton. The increasing textiles industry in emerging countries has resulted in the growing demand for cotton. Rising concerns of farmers regarding low cost coupled with profitability are expected to augment the demand for plant growth regulators. However, increasing use of fertilizers as the alternative to enhance crop yield is anticipated to restrict market growth in the near future. The innovation of organic farming and shift towards bio-based farming are offering immense opportunities for plant growth regulators market in the years to come.
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The plant growth regulators market is segmented on the basis of key products including auxins, cytokinins and others (Mepiquate chloride and Gibberellins). Cytokinin accounted large chunk of the market share in 2014. The major reason behind this growth was increasing demand for herbal plants owing to its enhancing capability of plants. The rising demand from textiles industry for plant growth regulators is expected to drive demand for auxins product segment during the forecast period. Other plant growth regulators include mepiquat chloride and gibberellins. Gibberellins are highly consumed in protein synthesis in the plant body. Hence, gibberellins product segment is expected to fuel the demand for plant growth regulators market during the forecast period.
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Geographically, Europe dominated the plant growth regulators market in 2014 followed by Asia Pacific. This growth attributed to increasing organic farming activities in this region. Asia Pacific is expected to exhibit significant growth owing to rising cotton production in different countries, especially in China and Japan. In terms of demand, North America is projected to exhibit moderate growth in the years to come.
Some of the key players in the global plant growth regulators market include Syngenta AG, BASF, Bayer CropScience, Tata Chemicals Limited, DuPont, Nufarm Limited, Redox Industries Ltd, Sichuan Guoguang Agrochemical Co. Ltd, Crop Care Limited and Valent BioSciences Corporation