(Food-Beverage-News.Com, June 19, 2018 ) Global Plant Growth Regulators Market was valued at USD 2.15 billion in the year 2017. Global Plant growth regulators market is further estimated to grow at a CAGR of 6.31 % from 2018 to reach USD 3.10 billion by the year 2023.
Europe region holds the highest market share in 2017 and Asia Pacific is considered as the fastest growing market in the forecasted period due to growing demand of Plant growth regulators and developing agriculture sector. At country level U.K in Europe and China, Australia & New Zealand in Asia-Pacific holds the notable market share and is projected to grow strongly in the coming.
Nufarm (Australia), Syngenta AG (Switzerland), Bayer Cropscience AG (Germany), BASF SE (Germany) and Adama Agricultural Solutions Ltd (Israel) are some of the key players in the Global Plant growth regulators market. Better global reach at operational level is the main reason the key players are holding substantial market share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
Drivers:
Advancing agricultural techniques
Growing textile industry
Increasing adoption of organic food.
Restraints:
Strict government regulations and policies
Growing agro-chemical market
Opportunities:
High opportunities in developing region
Growing need of eco-friendly techniques of farming
Challenges:
Lack of awareness regarding benefits associated with plant growth regulators
The segmentation are done on the basis of type, by formulations, by crop type and by region. On the basis of types, the global Plant growth regulators market is sub segmented as Auxins, Cytokinins, Ethylene, Gibberellins and Others of which the cytokinins segment is expected to hold the highest market share during the forecast period and have high adoption rate mainly in North America.
The segmentation done on the basis of formulations includes water-dispersible & water-soluble granules, wettable powders and solutions of which water-dispersible & water-soluble Granules segment is expected to hold the highest market share due to high demand and various benefits. On the basis of crop type industry the market is segmented as cereals & grains, fruits & vegetables, Oilseeds & Pulses and Others of which fruits & vegetables crop type holds the highest market share and is expected to grow at the highest CAGR during the forecasted period due to rise in consumption.
Key Benefits for Stakeholders
Plant growth regulators Manufacturers, Distributors and Retailers
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