Albeit
there are few players that dominate the global market for plant
growth regulators, nature of the market is highly competitive on
account of numerous small vendors that hold significant market
shares. The intense competition in the market can be mainly
attributed to the widespread foothold of leading market players
coupled with their huge production facilities globally. These players
compete on the basis of product innovations, cost and quality. A new
report of Transparency Market Research identifies key players
underpinning growth of the global plant growth regulators market that
include WinField Solutions, Dow Chemical Company, Valent Bioscience
Corporation, Nufarm Limited, Syngenta AG, Xinyi Industrial Co., Ltd.,
Somitomo Chemicals Company LTD, Bayer Cropscience, FMC Corporation,
and BASF SE.
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PDF Brochure @
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1314
According
to the report, an impressive expansion will be reflected by the
global market for plant growth regulators between the forecast period
2017 and 2026. Sales of plant growth regulators around the world are
poised to bring in more than US$ 3,000 Mn revenues by 2026-end.
Adoption
of New Farming Methods to Drive Adoption of Plant Growth Regulators
In a
bid to curtail production costs and ensure crop protection, farmers
are being prompted to employ new methods such as utilization of
agrochemicals and organic farming, driven by increasing profitability
concern. Adoption of these farming methods will create significant
demand for the plant growth regulators, especially in
agriculture-driven nations. In contrast, robust use of fertilizers in
agriculture sector will constrain adoption of plant growth regulators
upto a certain extent. Stricter regulations associated with use of
pesticides will further restrain demand by shifting focus of farmers
toward bio-based alternatives that are cost effective. Plant growth
regulators seek extensive adoption in modification of the plant
physiological processes, which include regulation of the plant
metabolism and inhibition or stimulation of enzyme systems. Growth in
textile industry in countries such as Turkey, India, Germany,
Bulgaria, and China, will create high demand for cotton. Plant growth
regulators are extensive used for the regulation of cotton
metabolism, which in turn will augment the market expansion.
Tremendous
surge in expansion of the organic industry is considered to be a
major factor fuelling demand for plant
growth regulators. Soaring awareness on health hazards
apropos to utilization of chemicals in household and food products
has been impelling individuals in shifting their preference toward
organic food products. In addition, there has been a rapid growth of
the pharmaceutical sector in the recent past, driven primarily by
rising prevalence of chronic diseases, growth in aging population,
unhealthy consumption patterns of consumers, and their changing
lifestyles. Growing pharmaceutical industry entails the requirement
for herbal medicines, owing to rising prices of their allopathy
counterparts. Leading pharmaceutical companies have been making huge
investments in research and development of plant-derived medicines
for coping up with growing demand for herbal medicines. These
instances will further create demand for plant growth regulators in
the foreseeable future.
Key
Prospects of Plant Growth Regulators Market
- Europe will continue to spearhead the global plant growth regulators market in terms of revenues, trailed by Asia-Pacific excluding Japan and North America. However, Asia-Pacific excluding Japan (APEJ) is projected to register a relatively faster expansion in the market through 2026.
- Cytokinins and auxins will prevail as top-selling hormone type segments in the market, with revenues collectively estimated to close in approximately US$ 2,100 Mn by 2026-end.
- Fruits & vegetables are likely to remain dominant as well as fast-expanding crop type segment in the market.
- Wettable powder formulation of plant growth regulators are set to exhibit the highest CAGR through 2026.
- Based on function type, plant growth promoters will continue to remain leading revenue contributor to the global plant growth regulators market.
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