Plant Growth Regulators Market Is Booming Worldwide Trends, Size, Share, COVID-19 impact analysis, Demand Growth by 2023

Market Highlights

Plant growth regulators, also known as PGRs, are used to promote or inhibit plant growth. The global plant growth regulators market is a highly fragmented market with numerous small-scale and large-scale players operating in both regional and international market. Owing to which the market is exhibiting intense competition among the players. In order to gain a competitive edge, market players are differentiating their products based on product quality, shelf-life, ease of application, price, and product effectiveness among few other attributes. In addition, prominent vendors are also focusing on mergers & acquisitions, new product launches, and expansion to gain market dominance.

By origin, the global Plant Growth Regulators Market  has been classified as natural and synthetic. The synthetic segment gained the highest market share in 2017 owing to the high sales volume. The ease of production and immediate & efficient results of synthetic plant growth regulators is driving the segment growth. However, the natural segment is expected to grow at a higher CAGR owing to the adoption of organic agricultural practices.

Based on crop type, the market is segregated as pulses & oilseeds, grains & cereals, fruits & vegetables, turf & ornaments, and others. The grains & cereals segment is anticipated to lead the global plant growth regulators market during the assessment period due to the higher production of grains & cereal crops. However, fruits & vegetables segment is expected to experience a higher growth rate during forecast period owing to the increasing demand for horticultural produce.

By product type, the global plant growth regulators market has been classified as auxins, gibberellins, ethylene, cytokinins, abscisic acid, and others. The cytokinins segment is anticipated to gain major share in the global plant growth regulators market due to ability to delay leaf senescence. However, the gibberellins segment is anticipated to project a higher CAGR during the forecast period due to its increasing use in horticulture.

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Key Players

Some of the key players in the global plant growth regulators market are China National Chemical Agrochemical Corporation (China), Platform Specialty Products Corporation (US), BASF SE (Germany), Bayer AG (Germany), DowDuPont (US), NIPPON SODA CO., LTD. (Japan), Nufarm Limited (Australia), Sumitomo Chemical Co., Ltd. (Japan), FMC Corporation (US), Tata Chemicals Ltd. (India), and Xiny(H.K.) Industrial Co., Ltd. (China).

Regional Analysis

Based on region, the global plant growth regulators market has been segmented into North America, Europe, Asia-Pacific, and RoW. Europe is anticipated to account for the largest revenue share in the global plant growth regulators market due to the rising production of agricultural produce in the region. Moreover, the adoption of new technologies and methodologies in agriculture is also boosting the market growth in the region.

North America is also expected to garner a significant share in the global market due to a rise in the cultivation of horticultural crops in the region, especially grapes. Asia-Pacific is anticipated to project the highest growth rate during the forecast period as market players are expanding their operations in the Asia-Pacific market.

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