Plant Growth Regulators Market Size and Growth Rate:
The Global Plant Growth Regulators Market Size was valued at USD 5189.5 Million in 2018 and growing at a CAGR of 4.32%, Expected to reach USD 6411.56 million by 2023 during the forecast period 2018-2023.
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Plant Growth Regulators Market Overview:
Growth regulators for plants are chemical products which can improve the physiological response of plants. The regulators of the growth of plants can travel to parts of plants of low density. Encouraging and modifying the growth and development of plants, such as height of stems, flowering and leaf formation and fruit development. This plant growth regulator is widely used to meet the needs of food supply.
Plant Growth Regulators Market Growth Drivers and Restraints:
Growth regulators of plants are used to modify the physiological processes. This includes the stimulation or regulation of metabolic or enzymatic systems. Due to the need to protect crops as global food demand increases, demand for regulatory markets for plant growth around the world is increasing. The factors that lead to the growth of plant growth regulators are the growth of the textile industry, the increase in demand for cotton and the practice of organic farming. To ensure the protection of crops and reduce production costs, farmers must choose new methods that involve the use of pesticides and organic agriculture as a concern for profitability. This will create even more demand for regulators of plant growth, especially in the agricultural economy.
However, the strong footprint of fertilizers in the agricultural sector of long duration will probably limit to a certain extent the demand of growth regulators of the plants. Also, the perception of farmers on agricultural chemicals is an important limiting factor for plant growth regulators. It is expected that strict regulations on pesticides limit the demand of these regulators by turning farmers' focus into profitable biological alternatives. It is expected that the application of advanced innovative products and ecological methods of organic agriculture will generate many opportunities for the growth of plant growth regulators.
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Plant Growth Regulators Market Geographical Segmentation:
North America was the largest fruit and vegetable market in 2016, worth $ 17.44 million. According to a report by the Organic Trade Association, 2016 sales of organic foods in the United States exceeded $ 40 billion. 5.0% of total food sales nationwide. It is expected that the increase in demand for organic food will drive demand for products in the region. North America accounted for 23.9% of revenue in 2014. The Asia-Pacific region accounted for 13.7% of the global regulator market in the same year. Agricultural land in India is declining at a rate of 30,000 hectares per year.
Keyplayers of the Plant Growth Regulators Market:
The key market players are BASF SE, FMC Corporation, Bayer Cropscience, Somitomo Chemicals Company, Xinyi Industrial Co., Ltd, Syngenta AG, Nufarm Limited, Valent Bioscience Corporation, Dow Chemical Company and WinField Solutions.
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