Global Plant Growth Regulators Market is expected to grow at a CAGR of 7.5% during the forecast period from 2019-2025
Global Plant Growth Regulators Market by Crop Type (Selection, Hybridization, Mutation Breeding), Formulation (Conventional Breeding, Others), Type, Function, Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
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Leading companies in the industry include BASF SE, DuPont, Bayer CropScience Crop Care Australasia Pty. Ltd, NuFarm Ltd, Redox Industries Limitedamong otherswhichare offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.For instance, in November 2017, Nufarm Limited announced to entered into a binding agreement to acquire a European cereal broadleaf herbicide portfolio from FMC Corporation ("FMC") for USD 85 Billion. This acquisition intends to increase Nufarm's presence in Europe.
The crop type segment is classified into cereals & grains, oilseeds & pulses, fruits & vegetables and turf & ornamentals. The fruits & vegetables segment is dominating the plant growth regulators market with USD 1.91 Billion in 2017. Water-dispersible & water-soluble granules segment is dominating the market with the highest share of 48.70% in 2017. Type segment is divided into segments such as cytokinins, auxins, gibberellins, ethylene and other types. The herbicide tolerance segment valued around USD 1.68 Billion in 2017. The cytokinins segment slows down/prevents the leaf senescence such as leaf aging or leaf fall. The function segment includes plant growth promoters and plant growth inhibitors. The cereals & grains segment held market share of 63.20% in 2017. Some of the most popular plant growth promoters include auxins, gibberellins, and cytokinins. They help in growth and development during flowering, fruiting, root initiation, and overall increase in productivity. Plant growth promoters are used in various fruit & vegetables to improve the flowering process.
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Ability to reduce lodging in intensive cereal production, control the shoot heights, and stimulate latex flow in rubber plants is propelling the market growthis a major factor driving the market. Also, reduction in agricultural area along with mounting demand for organic food is fuelling the growth of market.But it is a time consuming process as the approval period for new products is too long which hampers the growth of market. However, robust product portfolio for broad-acre cropsmay boost the market in coming years.
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