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Global Auxins Market to Witness Significant Revenue Growth Through 2021
Persistence Market Research (PMR)
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Auxins are widely used in positively influencing root initiation, bud formation, and cell enlargement. They also promote the production of other hormones and in conjunction with cytokinins, they control the growth of fruits, roots and stems, and convert stems into flowers. Due to the current trend in revival of herbal medicines, demand for medicinal plants is on the rise leading to destructive harvesting which in turn led to reduction and even extinction of several rare medicinal plants. Auxins have proved to increase the productivity and growth characteristics of numerous plants. Thus, the growing demand for herbal medicine at a global level is expected to drive the demand for auxins. Owing to these factors, demand for auxins is expected to grow significantly over the forecast period.
Auxins are produced within the plant itself. Hence, certain PGR manufacturers use raw materials in the form of various higher plants such as vascular plants, and microorganisms such as bacteria and fungi from farmers, chemical companies, and R&D labs which are later used for manufacturing plant growth regulators.
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Companies such as BASF SE, DuPont, Bayer Crop Science and Redox Industries Ltd. are some of the key industry players present in the plant growth regulator industry. Post the production of auxins, they are distributed through various supply channels such as vendors and wholesalers and are provided to various pharmaceutical companies and institutes. The major industry players in the auxins market are Crop Care Australasia Pty Ltd,DuPont,NuFarm Ltd,Redox Industries Limited, Xinyi (H.K.) Industrial Co. Ltd and Sichuan Guoguang Agrochemical Co. Ltd. among others.
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