(Australia-NewsWire.Com, June 06, 2018 ) The plant growth regulators market is estimated to be valued at 2.11 Billion in 2017 and is projected to reach a value of USD 2.93 Billion by 2022, at a CAGR of 6.8% during the forecast period. The global demand for plant growth regulators is increasing significantly due to growing demand for organic food. The market is further driven by factors such as rise in need for food security for the growing population, advancement in farming practices and technologies, and high opportunities in developing countries.
On the basis of type, the plant growth regulators market was led by the cytokinins segment in 2016. It provides benefits such as delayed plant ageing and prevention of leaf senescence. Cytokinins also find wide usage in North American countries.
The plant growth regulators market, on the basis of crop type, is segmented into fruits & vegetables, cereals & grains, oilseed & pulses and turf & ornamentals. The fruits & vegetables segment covers the second largest market share; this can be attributed to growing health-consciousness among consumers and rising incomes have boosted the consumption of a wide variety products, particularly fruits & vegetables. In North America and Europe, health concerns are driving the demand for fruits and vegetables, as consumers prefer healthier and more nutritious options in their diet.
The plant growth regulators market, based on formulation, is segmented into water-dispersible & water-soluble granules, solution and wettable powders. The water-dispersible & water-soluble granules, segment covered the largest market share. Water-dispersible granules provide greater stability and ease in handling during supply chain activities and it is projected to be fastest-growing formulation in plant growth regulators Market in Agriculture.
Europe and Asia Pacific are the dominant regions in the plant growth regulators market. Owing to the decreasing the agricultural land in the Europe region, optimization of available arable land has gained increasing importance in the region increasing the demand of the plant growth regulators. Major countries contributing significantly toward the growth of the Asia Pacific region include China, Japan, India, and Australia & New Zealand. The rising the investment in agricultural activities in developing countries these countries contribute to the growing demand for plant growth regulators in the Asia Pacific regionThe increasing demand for organic food is further expected to boost the plant growth regulators market.
The major restraining factor for the plant growth regulators market is long gestation period for new product.
Companies such Syngenta (Switzerland), BASF (Germany), Bayer CropScience (Germany), Nufarm (Australia), and ADAMA (Israel) together account for a share of more than half of the plant growth regulators market. These companies have a strong presence in Europe and the Asia Pacific region. They also have manufacturing facilities across these regions and a strong distribution network.
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