Defining Plant Growth Regulators – An overview
Plant growth regulators or plant exogenous hormones are synthetic substances similar to natural plant hormones that are used to regulate the growth of plants to ensure enhanced agricultural production. Plant growth regulators are not hazardous if used in accordance with good agricultural practices.
Plant growth regulators control the growth of plants and improve reactions to stimuli by functioning as the chemical messengers for intercellular communication. As of now, some of the recognized groups of plant growth regulators are classified as-
• Abscisic Acids (ABA)
• Other plant grow regulators
These plant growth regulators help in development and growth of the plants in the form of elongation of stems, formation of flowers and leaves and development of fruits and are widely used to meet the requirement of the food supply. The factors that are leading to the growth of plant growth regulators is due to the growing textile industry, increasing demand for cotton and rising practice of organic farming the world over. They also find applications in the pharmaceutical industry.
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Plant Growth regulators market – An overview
The promotion of modern agricultural practices to sustain the increasing population combined with the government policies involving various countries are turning in favor of this market. The global plant growth regulators market is projected to grow at CAGR of 4.6% from 2015 to 2020 and is valued at U.S. $1.6 billion in 2015 that is again expected to reach U.S. $1,780.80 million by 2020.
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The past record of the extensive use of herbal medicine cytokinins is helping towards the growth of its global plant growth regulators market size in terms of both demand and production but it is expected that auxins would supersede cytokinins in future. This shift or demand for auxins could be due to an increasing demand for auxins from cotton textile industry in developing nations of the Asia-Pacific region. As per the plant growth regulators market analysis, Europe leads the world plant growth regulators market with revenue of U.S. $ 1.86 billion in 2013 due to increased organic farming activities in this region and an extensive use of plant growth regulators in plant physiological process modification. The next in line are Asia-Pacific and North American regions especially, the Asia-Pacific region is emerging with the fastest growth rate at an estimated CAGR of 9.3% from 2014 to 2020 due to the demand from cotton textile industry for plant growth regulators.
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Plant Growth Regulators Market Share Size – A pie chart
The global plant growth regulators market size/share when analyzed based on the type of chemicals through pie chart as shown below shows that Ethylene and Cytokinins occupy the largest share or size followed by Auxins and other plant growth regulators.
Cytokinins occupy the largest share in terms of revenue generating segment because of high demand for herbal plants and as such, cytokinins has about one-half market share in the plant growth regulators market.
Competitive analysis of plant growth regulators market
Plant growth regulators market has low consolidation due to very few companies or manufacturers globally who are catering to the demands of the market. Companies are adopting various strategies such as new product launches, mergers and acquisitions and agreements & collaborations to expand their market share of plant growth regulators. There are twenty major companies or players in plant growth regulators market with a good number of vendors present in the market.
Due to moderately high capital investments required, there is always a threat from new entrants for the existing companies in this market. The companies leading the pack of global market plant growth regulators market include BASF, Bayer, Crop Care Limited, DuPont, Redox Industries Ltd, Sichuan Guoguang Agrochemical Co Ltd, Nufarm Limited, and others. The North American market are still the key player for the rising demand of plant growth regulators because of the emerging organic farming industry in addition to the vast cotton industry especially in the United States of America.
The Asia-Pacific regions, especially from countries like those of China, India, and Brazil are expected to witness the fastest growth that may be rising at a CAGR of 9.2% due to the demand from huge textile industry present in those countries. In addition, the demand from the agricultural sector and agro-commodity exporters for plant growth regulators would help in the growth of the global market plant growth regulators market.