The global plant growth regulators market is projected to increase owing to growing consumer awareness regarding premium fruits, vegetables, and permanent crops. The demand for these chemicals is expected to grow rapidly as they aid in modifying plant processes such as regulating plant metabolism and inhibiting or stimulating plant enzymes. The growing demand for high-value commodities in agriculture is expected to boost consumption of plant growth regulators.
The rising concerns regarding cotton metabolism are projected to have a positive impact on the market over the forecast period. The demand for cotton is expected to grow in countries such as Germany, India, Turkey, Bulgaria, and China due to prominent presence of textile industry.
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Growing profitability concerns among farmers have led to the development of new methods such as organic farming and usage of agrochemicals for crop protection that result in minimizing costs. The long-term presence of fertilizers coupled with stringent regulations regarding the application of pesticides is anticipated to restrict consumption over the forecast period.
Cytokinins were the largest product segment in the plant growth regulators market and accounted for over 40% of revenue share in 2013. The demand for cytokinins is expected to grow owing to the application in manufacturing of herbal medicines and increased price of prescribed medicines. The growing R & D on developing high-quality herbal medicines is expected to be the major driver for increasing demand of cytokinins.
Auxins exhibit the property of a growth stimulator product which is majorly used in the metabolism of cotton. Growing textile industry is driving the consumption of auxins. The other product segment comprises piquant chloride and gibberellins. Gibberellins find application in protein synthesis and RNA stimulation. Textile industry growth coupled with favorable properties is projected to drive gibberellins demand.
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Europe is the major regional market and is projected to experience significant growth over the forecast period due to rising adoption of organic farming practices. The availability of ample farming land in the region is driving the demand for plant growth regulators. The growing demand for herbal medicines is also boosting the consumption in this region.
Asia Pacific is likely to witness market growth due to rising cotton production in India and China. The rising population in the region is expected to boost the demand for textiles which in turn is expected to have a positive impact on market demand for plant growth regulators.
The key market participants are BASF, DuPont, and Bayer Crop Science. Industry participants are based out of North America and Europe due to its growing usage in herbal medicines and organic farming in these regions. The key strategies adopted by industry participants in the plant growth regulators market are mergers & acquisitions and new product launches.
Plant Growth Regulators Product Outlook (Revenue, USD Million, 2012 – 2020)
• Others (Gibberellins and Mepiquat Chloride)
Plant Growth Regulators Regional Outlook (Revenue, USD Million, 2012 – 2020)
• North America
• Asia Pacific
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