Plant Growth Regulators Market Poised to Bring in more than US$ 3,000 Mn Revenues by 2026
In a bid to ensure crop protection and curtail production costs, farmers are being compelled to opt new methods that include use of agrochemicals and organic farming, on account of increasing profitability concern. This will further create high demand for plant growth regulators, particularly in the agriculture-driven economies. However, robust foothold of fertilizers in the agriculture sector, which has endured for a long time, is likely to constrain demand for plant growth regulators to a certain extent. Stringent regulations pertaining to pesticides are also anticipated to restrain demand for plant growth regulators by shifting the farmers’ focus toward cost-effective, bio-based alternatives.
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As projected by a new Transparency Market Research report, the global plant growth regulators market will reflect an impressive growth during the forecast period, 2017 to 2026. Worldwide sales of plant growth regulators are estimated to account for more than US$ 3,000 Mn revenues by 2026-end.
Cytokinins to Lead the Market by Hormone Type
Among various hormone types in the plant growth regulators market globally, cytokinins are likely to lead the market in terms of revenues through the forecast period. Cytokinins have been increasingly employed for as key phytohormones for inducing cell division in the plant shoots and roots, along with improving dormancy, cell enlargement, fruiting, and flowering in plants. Cytokinins are highly sought-after among various industrial sectors including cosmetic, agriculture, food, pharmaceutical, and biomedicine.
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Fruits & vegetables are likely to prevail as the dominant crop type in the global plant growth regulators market. Utilization of plant growth regulators in fruits & vegetable crops helps in preventing their senescence and enhancing the overall yield. In addition, growing health-consciousness among consumers has led them in preferring healthier and more nutritious consumption habits by incorporating a wide variety of fruits and vegetables in their diet.
Adoption of organic farming activities has surged considerably in Europe, with larger availability of arable land for organic practices. This has further driven adoption of bio-based substitutes of fertilizers such as plant growth regulators. In addition, textile industry across European countries are witnessing robust expansion. On account of these factors, Europe is expected to remain the most lucrative market for plant growth regulators.
Key Research Findings from the Report
Water-dispersible and water-soluble granules are expected to remain preferred formulation of plant growth regulators, with sales projected to bring in nearly US$ 1,800 Mn revenues by 2026-end. However, wettable powders are estimated to reflect fastest sales expansion through 2026.
Plant growth promoters by function are likely to spearhead the global plant growth regulators market in terms of revenues.
Although dominated by few well-established companies, the global market for plant growth regulators is highly competitive in nature. This is mainly because of vast geographical reach of these companies along with their massive production facilities worldwide. The leading companies producing plant growth regulators compete in terms of the product quality, cost, and innovations. Nonetheless, a sizeable number of small local & regional vendors hold significant market shares. TMR’s report has profiled key participants driving growth of the global plant growth regulators market, which include BASF SE, FMC Corporation, Bayer Cropscience, Somitomo Chemicals Company LTD, Xinyi Industrial Co., Ltd., Syngenta AG, Nufarm Limited, Valent Bioscience Corporation, Dow Chemical Company, and WinField Solutions.
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