Plant Growth Regulators Industry to 2027 – Key Drivers, Challenges, Competitive Analysis, and Trends
The primary factor influencing the market is the rising demand for agricultural produce as they support in regulating the growth of various plants. Also, increasing investment expensed in the agriculture industry, especially in developing nations, is expected to also create profitable opportunities for the players in the market during the forecast period.
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The global plant growth regulators market is regionally spearheaded by the European region. The region is projected to hold a dominant portion of the market share in the near future as well. The massive revenue share garnered by the regional market can be owed to the rising production of agricultural produce herein. Add to this, the adoption of various new technologies and methodologies in the agricultural segment is also significantly boosting the growth of the market in this region.
North America is anticipated to hold the second highest share of the global market. This is due to the rising cultivation of horticultural crops herein, grapes in particular. Asia Pacific region is another key region in the global landscape and is projected to attain the highest growth percentage during the forecast period. This is the due to emergence of various market players and their expanding operations in the Asia Pacific region.
The global plant growth regulators market segmentation is classified in accordance to seven key dynamics:
By origin, the market is divided into natural and synthetic. The synthetic segment held the highest share as per the 2017 market study due to the high volume of sales. However, the natural segment is expected to grow at a higher CAGR during the forecast period.
By crop type, the market includes grains & cereals, pulses & oilseeds, turf & ornaments, fruits & vegetables, and others. The grains & cereals segment is projected to hold the leading position in the global market due to the high rate of production of grains & cereal crops.
By product type, the market includes abscisic acid, auxins, ethylene, cytokinins, gibberellins, and others. The cytokinins segment is projected to hold onto the maximum share in the market during the forecast period.
By form, the market comprises of powder, granules, and liquid forms. The granules segment is expected to attain the maximum percentage of the market share in the forthcoming years.
By application, the market segments into foliar, fertigation, and others. The fertigation segement is expected to lead this market category during the forecast period. However, the follar segment will be exhibiting the highest growth percentage.
By function, the market divides into plant growth promoters and plant growth inhibitors. The former segment is expected to garner significantly higher market share to stand tall over the latter.
By region, the market divides into four key regions, namely Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The North American regional market for plant growth regulators is segmented into the US, Canada, and Mexico. The Asia Pacific plant growth regulators market divides into India, Japan, China, Australia, and New Zealand, and the Rest of Asia Pacific. The European region breaks down into Spain, Italy, the UK, France, and the Rest of Europe. The Rest of the World (RoW) segment holds regions like the Middle East, the Africa, and Latin America.
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The global plant growth regulators market comprises key players like NIPPON SODA CO., LTD. (Japan), China National Chemical Agrochemical Corporation (China), Bayer AG (Germany), Platform Specialty Products Corporation (US), BASF SE (Germany), FMC Corporation (US), Tata Chemicals Ltd. (India), DowDuPont (US), Nufarm Limited (Australia), Sumitomo Chemical Co., Ltd. (Japan), and Xiny(H.K.) Industrial Co., Ltd. (China).
January 2019, during the Southeast Regional Fruit & Vegetable Growers’ Conference, it was announced by BRANDT about the introduction of an all new, proprietary plant growth regulator named BRANDT GlucoPro.
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