Newark, NJ, July 28, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global plant growth regulators market is expected to grow from USD 5.72 billion in 2019 and to reach USD 11.00 billion by 2027, growing at a CAGR of 8.50% during the forecast period 2020-2027.
A rise in the requirement of organic product is driving the growth of the market. Spraying the product on different types of plants in different concentrations results in increased production and plant growth. It is also majorly utilized in increasing sugarcane yield as it is beneficial in enhancing cell division and cell length of sugarcane. Also, the ability to stimulate latex flow in rubber plants, reduce lodging and control the shoot heights are generating higher demand in the plant growth regulators market. It boosts the production process as compared to traditional fertilizers. The value chain is influenced by the structure of downstream, upstream raw material supplies, nature of products, environmental factors and economic factors. The products of plant growth regulators are distributed through physical retailing as well as online retailing.
Plant hormones are classified into five groups such as cytokinins, gibberellins, ethylene, abscisic acid and auxins. It regulates the growth and development of plant cells. Plant hormone is a chemical substance which impacts on the isolation of tissues, plant organs and cells along with the growth of a plant. Plant growth regulator is a tool used to increase the marketability and product quality in the production process in order to reduce workforce for pruning, maintenance and pinching. Natural regulators are produced in minimal quantities in specific plants. It impacts on physiological functions of the plant such as the ripening of fruits & vegetables, seed germination, leaf expansion, fruits & flower maturation, retarding senescence of leaves, cell expansion and cell division. Plant growth regulator serves as an essential part of the agricultural production process. It works between the cells as a chemical messenger for communications. The requirement for plant growth regulators is increasing in the cultivation of organic fruits and cash crops in order to enhance fruit ripening, seed propagation and leaf ripening.
Due to residual effects and field trials, the approval process of the market is time-consuming and lengthy. The stringent regulatory approval process restricts the growth of the market. Also, exclusivity and patent protection are essential in order to incentivize future investments as well as to recover the costs of research & development. The increased cost of production results in an increase in the prices of the product. Hence, decreased profit margins will also restrict the growth of the market. Opportunities for the growth of the market are the availability of better financial resources, increased access of farmers and rise in the investments in the agricultural sector. Challenge for the growth of the market is a lack of awareness about plant growth regulators among the farmers. The right distribution channel will help the farmers to gain knowledge related to plant growth regulators.
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Key players operating in the global plant growth regulators market include DuPont, NuFarm Ltd., Sichuan Guoguang Agrochemical Co. Ltd., Syngenta, Nippon Soda, BASF SE, Redox Industries Limited, Dow Chemical, Tata Chemicals, Bayer CropScience Crop Care Australasia Pty. Ltd., FMC Corporation and Xinyi Industrial Co. Ltd. To gain the significant market share in the global Plant growth regulators market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
Cytokinins segment dominated the market and held the largest market share of 56.39% in the year 2019
The product segment includes auxins and cytokinins. Cytokinins segment held the largest market share of 56.39% in the year 2019. It is due to a rise in the awareness regarding its benefits on the fast growth of flower & seeds, delaying of senescence, nutrient remobilization and branching. It is beneficial in the development and growth of the plant as well as it is majorly utilized in regulating different aspects such as fruit & seed development, delay of senescence, cell division & differentiation, shoot & root growth. It is used to delay the ageing process of plants which leads to the death of plants as well as to fix the wounded part of a plant.
Fruits and vegetable segment dominated the market and valued at USD 1.48 billion in the year 2019
The application segment includes turf and ornamentals, fruits and vegetables, pulses and oilseeds, grains and cereals. The fruits and vegetables segment dominated the market and valued at USD 1.48 billion in the year 2019. Factors such as increased demand for organic fruits and vegetable, changes in the standard of living and change in preferences towards healthy lifestyle are contributing to the growth of the segment.
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Regional Segment Analysis of the plant growth regulators market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global plant growth regulators market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America has the largest share in the plant growth regulators market in 2019. North America is the largest market for organic vegetables and fruits. Also, a rise in the demand for organic food in the region is contributing highly to the growth of the market.
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About the report:
The global plant growth regulators market is analyzed on the basis of value (USD Billion), export (K Tons), and import (K Tons). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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