Albeit there are few players that dominate the global market for plant growth regulators, nature of the market is highly competitive on account of numerous small vendors that hold significant market shares. The intense competition in the market can be mainly attributed to the widespread foothold of leading market players coupled with their huge production facilities globally. These players compete on the basis of product innovations, cost and quality. A new report of Transparency Market Research identifies key players underpinning growth of the global plant growth regulators market that include WinField Solutions, Dow Chemical Company, Valent Bioscience Corporation, Nufarm Limited, Syngenta AG, Xinyi Industrial Co., Ltd., Somitomo Chemicals Company LTD, Bayer Cropscience, FMC Corporation, and BASF SE.
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According to the report, an impressive expansion will be reflected by the global market for plant growth regulators between the forecast period 2017 and 2026. Sales of plant growth regulators around the world are poised to bring in more than US$ 3,000 Mn revenues by 2026-end.
Adoption of New Farming Methods to Drive Adoption of Plant Growth Regulators
In a bid to curtail production costs and ensure crop protection, farmers are being prompted to employ new methods such as utilization of agrochemicals and organic farming, driven by increasing profitability concern. Adoption of these farming methods will create significant demand for the plant growth regulators, especially in agriculture-driven nations. In contrast, robust use of fertilizers in agriculture sector will constrain adoption of plant growth regulators upto a certain extent. Stricter regulations associated with use of pesticides will further restrain demand by shifting focus of farmers toward bio-based alternatives that are cost effective. Plant growth regulators seek extensive adoption in modification of the plant physiological processes, which include regulation of the plant metabolism and inhibition or stimulation of enzyme systems. Growth in textile industry in countries such as Turkey, India, Germany, Bulgaria, and China, will create high demand for cotton. Plant growth regulators are extensive used for the regulation of cotton metabolism, which in turn will augment the market expansion.
Tremendous surge in expansion of the organic industry is considered to be a major factor fuelling demand for plant growth regulators. Soaring awareness on health hazards apropos to utilization of chemicals in household and food products has been impelling individuals in shifting their preference toward organic food products. In addition, there has been a rapid growth of the pharmaceutical sector in the recent past, driven primarily by rising prevalence of chronic diseases, growth in aging population, unhealthy consumption patterns of consumers, and their changing lifestyles. Growing pharmaceutical industry entails the requirement for herbal medicines, owing to rising prices of their allopathy counterparts. Leading pharmaceutical companies have been making huge investments in research and development of plant-derived medicines for coping up with growing demand for herbal medicines. These instances will further create demand for plant growth regulators in the foreseeable future.
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