Europe Plant Growth Regulators Market was worth USD 1660.6 million in 2021 and estimated to be growing at a CAGR of 4.39%, to reach USD 2058.54 million by 2026. Plant growth regulators are chemical substances that affect the growth of plants in many complex ways. They regulate important activities such as cell division, shoot growth, and flowering.
Plant growth regulators are naturally occurring components that control the development and progress of plants. Some of them like cytokinins and auxins are man-made artificial growth regulators which are employed on plants to get a multitude of changes. Several of the plant growth regulators are prepared by the tissues of the plant.
Europe Plant Growth Regulators Market Drivers:
The growth of the Europe Plant Growth Regulators market is majorly due to factors such as the increasing need for enhanced crop productivity, growing textile industry, and increasing demand for cotton. The initiative taken by the EU is another major factor driving the market in this region. However, factors such as less awareness among the farmers, few product innovations, and lower output of plant growth regulators when compared to chemical fertilizers are restraining the growth of the market in this region.
On the basis of type, cytokinins lead the 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. Demand for cytokinins has been on the rise due to their widespread use in increasing the capacity of plants to tolerate water deficiency, by protecting the nitrogen and carbon integration process during stress.
Cereals & oilseeds lead the market on the basis of crop type, followed by fruits & vegetables.
The Europe market has been geographically segmented into
Demand for the plant growth regulators market was considerably high in Europe in 2015, due to the big scale organic farming industry where specific plant hormones such as Cytokinins, Auxins, and Gibberellins are utilized in several methods of farming. This region has the largest market for Plant Growth Regulators, with countries such as Spain, Germany, U.K, and France acting as hotspots for them.
The main policies implemented by the companies to increase their market share in the plant growth regulators market are new products, and mergers & acquisitions. The strategy of efficient and strong yielding products would lead to improved user gratification. The major companies dominating the Plant Growth Regulators market in this region are BASF SE, Bayer Crop Science, DuPont, FMC Corporation, Tata Chemicals Limited, and Xinyi Industrial Co Ltd.
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