Agricultural Testing Market - By Sample Type (soil, water, seed, bio-solids, manures and others), by Application [contaminants (Toxins, Chemical Residues, Pathogens, Others) and Quality assurance (Chemical quality assurance and Physical quality assurance)], & by Region - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)
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According to the report Plant Growth Regulators Market, published by Market Data Forecast, the Global market was worth USD 5.41 billion in 2017 and estimated to be growing at a CAGR of 4.26%, to reach USD 6.67 billion by 2022.
Plant growth regulators control the growth of plants as well as improve reactions to stimuli. Ethylene is one of the plant growth regulators utilized for enhancing flower production.
They are not harmful to human health and are extensively utilized to meet the necessity of the food supply.
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Plant Growth Regulators Market: Drivers & Restraints
Factors such as growing textile market, rising demand for cotton, and increasing prevalence of organic farming are driving the growth of the Global Plant Growth Regulators market. Cutting-edge practices in organic farming and increasing predilection towards eco-friendly methods of farming are anticipated to create a lot of prospects for the plant growth regulators market.
However, growing utilization of agro-chemicals by the farmers is the major restraining factor for the market.
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Plant Growth Regulators Market: Segmentation
By Crop Type
- Fruits & Vegetables
- Grains & Cereals
- Oil seeds
- Turf & Ornamental Grass
- North America
o United States
o South Korea
- Latin America
o Rest of Latin America
- Middle East & Africa
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Plant Growth Regulators Market: Overview
Cytokinin leads the global plant growth regulators market, accounting for over 40% of the market share, and are also projected to witness the highest growth during the forecast period. Cytokinin is witnessing an exponential rise in demand due to their widespread use in increasing the capacity of plants to tolerate water deficiency, by guarding the nitrogen and carbon integration process during stress.
Cereals & Oilseeds lead the global market on the basis of Crop Type, followed by fruits & Vegetables.
Europe accounted for the largest share of the market due to the big scale organic farming industry where specific plant hormones such as Cytokinin, Auxins, and Gibberellins are utilized in several methods of farming. The demand for plant growth regulators has also been extremely prevalent in North America owing to the swiftly developing organic farming industry combined with the massive cotton industry; especially in the United States.
Developing countries such as India and China are also projected to witness significant growth in this market due to the large-scale cotton industries present in this region.
Plant Growth Regulators Market: Key Players
The major companies dominating the global Plant Growth Regulators market are BASF SE, Bayer Crop Science, DuPont, FMC Corporation, Tata Chemicals Limited, and Xinyi Industrial Co Ltd.
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