Plant
growth regulators (PGRs) or plant hormones are the crop protection chemicals
that are produced in plants or synthesized and applied to the plants in order
to regulate its growth. In agriculture, PGRs have been used since decades to
serve a variety of functionalities such as elongating or shortening plant
length (depending on the desired function), ripening of fruits and vegetables,
producing seedless fruits, control lodging in cereals, defoliating and boll
opening in cotton plants and so on in various crops in order to improve the
quality and yield of the respective crops. Depending
upon the type of plant or crop on which PGRS are used, the global PGR market is
classified into: Row crops, Fruits and Vegetables, Turf grass and Ornamental
plants and all other crops. Most of the PGRs are
growth enhancers or stimulators while the others are growth retardants or
inhibitors. The PGRs market is segmented based on the type of PGRs, namely:
Cytokinins, Auxins, Gibberellins, Ethylene or Ethylene Releasers, Mepiquat
Chloride and other miscellaneous growth regulators. The global PGR market
demand was estimated to be $1,299m. During the forecast period 2014-2020, the
market is estimated to grow at 4.6% CAGR. A recent report published by
IndustryARC details the major types of plant growth regulators and their
applications on various crops.
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Usage of various plant protection products
is an effective way to improve the crop quality and yields and plant growth
regulators are the least harmful chemicals that serve this purpose. For
instance, the global demand for cotton is rapidly growing, owing to the growth
of textile industry worldwide. This requires the production and yield of cotton
to be increased, thereby propelling the need for usage of plant growth
regulators, such as ethephon and mepiquat chloride on cotton.
Global Plant Growth
Regulators Market, By Region, 2013-2020 ($M)
 |
| Plan Growth Regulators Market analysis Report |
Source: IndustryARC Analysis, Expert Insights
The global PGR market exhibits
differential growths across various regions of the world. Europe held the
largest market share in the global PGR market, while exhibiting slow growth due
to market maturity. On the other hand, the Asia-Pacific region shows a higher
growth rate owing to the increasing awareness of PGRs among the farmers in developing
countries such as India and China.
During the period of study, cytokinins
were found to be the most widely used type of PGRs, followed by ethylene or
ethylene releasers. The market for ethylene is projected to grow at a rapid
pace due to the increasing applications of ethephon on crops to serve a variety
of purposes ranging from ripening to lodging control and imparting drought
resistance in plants.
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In 2013, Syngenta AG, BASF SE, Bayer
CropScience AG and Nufarm Limited altogether held the majority of the market
share in this field. However, the industry seems to witness growth in the
developing countries and hence new agro-chemical companies are expected to venture
into this product line in the near future. This will increase competition in
the market, building a slight pressure on the products’ prices, making them
generic and decline in their value. This causes a minor drop in the profit
margin for the key players that are currently involved in the industry but will
not have a great impact on the overall market. Furthermore, alternate advanced
technologies such as rDNA technology to genetically modify the plants are evolving
and pose a minor threat to substitute PGRs. But these cannot dominate PGRs market
owing to the high capital investment; in fact, it could supplement the existing
chemical PGRs in the long run.
For More Details Contact:
Sanjay Matthews
Business Development Manager
Email: sanjay.matthews@industryarc.com
Phone: 1- 614-588-8538 (Ext-102)
http://www.industryarc.com
