Global Plant Growth Regulators Market 2019-2024: —
The plant growth regulators market was valued at USD 5,289.3 million in 2018, which is projected to register a CAGR of 8.5% during the forecast period, 2019-2024.
The drivers identified in the market are expansion of the organic food industry and increased emphasis on sustainable farming. The restraints identified in the market are lower benefits with enhanced yield and productivity, less awareness among farmers, and less innovation in product development.
This study presents the Plant Growth Regulators production, revenue, market share and growth rate for each key company, and also covers the breakdown data by regions, type and applications.
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Scope of the Report
Plant growth regulators are chemical compounds, other than nutrients, that modify plant physiological processes. Crop-specific product development has been the major strategy adopted in the plant growth regulator industry to gain better market penetration throughout the world.
Key Market Trends
The Plant Growth Regulators Market is Segmented by Type (Cytokinins, Auxins, Gibberlins and Other Types)
The plant growth regulators market is described on the basis of types, crop application, and geography. Among all the growth regulators, cytokinins are widely consumed and accounts for around 40% of the market share. Cytokinins are also the fastest growing segment during the forecast period, as they enhance stress tolerance and stimulate protein synthesis. Auxin is the second-largest segment, and the consumption is expected to expand with demand for medicinal plants and growth in turf and landscaping. Cereals and oilseeds are the major consumers of plant growth regulators, followed by fruits and vegetables, together accounting for 75% of the market share.
Europe Dominates the Market
Europe is the largest market accounting for around 45% of the market share. Growth in consumption of organic food is driving the market in this region. North America is the second-largest market and the market is expected to expand with increased supply of quality products from key players. Asia-Pacific is estimated to register the fastest CAGR, due to growth in rate of adoption of sustainable farming and increased organic food consumption. China and India are the high growth markets in the region, whereas Southeast Asian countries are the potential markets and Brazil is the major market in South America.
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The key players in the market are focused on new product launch to cater to a wider consumer base and expand market share. Investment in R&D of cheap effective products is another strategy adopted by market leaders. The major players in the market are BASF SE, Bayer Crop Science, DowDuPont, etc.
Reasons to Purchase Global Plant Growth Regulators Market report:
- The market estimate (ME) sheet in Excel format
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- 3 months of analyst support
Table of Contents
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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Release ID: 88912266