The plant growth regulators market is growing at a significant pace in present times, says Transparency Market Research in its new study “Plant Growth Regulators Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.” The study states that the global demand for plant growth regulators is growing at a CAGR of 8.5% from 2013-2019 and is expected to reach US$5,936.2 million by 2019. In 2012, the market stood at US$3,360.0 million.
The aim of this study is to provide an unambiguous evaluation of the global plant growth regulators market and provide detailed analysis and forecast of the overall market on a global as well as regional level.
The plant growth regulators market is all about chemicals that help in growing, nurturing, and shaping plants in complex ways. Certain plant growth regulators occur naturally, while a few such as auxins, cytokinins, and mepiquat chloride are man-made synthetic growth regulators that are used in specific pharmaceutical and agriculture applications.
The demand for cytokinins has been on the rise due to their capacity to protect the carbon and nitrogen assimilation process in plants during stress. They also help enhance the capacity of plants to endure water deficiency. In 2012, cytokinins accounted for more than 40% of the global demand and were the majorly consumed plant growth regulators across the global platform.
Moreover, the auxins market segment is also expected to drive growth into this market due to the rising demand for medicinal plants within the herbal medicine industry. Europe observed a high demand for plant growth regulators in 2012 due to tremendous requirement in the organic farming industry. This industry uses certain plant hormones such as cytokinins, gibberellins, and auxins for various techniques of farming. Plant hormones such as gibberellins and mepiquat chloride are widely used in seed germination in cotton plants. The market for these two segments is expected to follow a similar growth trend in the coming years in accordance with a rise in the textile industry.
The future of the plant growth regulators market is bright due to an increasing demand for organic food. This segment is expected to fuel growth of the growth regulators market over the forecast period 2013-2019. Also, the growing demand for profitability coupled with increasing globalization has posed conspicuous growth opportunities for companies focusing towards less threatening crop protection products and developing innovative products such as plant growth regulators.
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Growing at a CAGR of 9.2% from 2013-2019, Asia-Pacific is expected to witness the fastest growth in the next four years. Significant emerging economies in the Asia-Pacific such as China and India are anticipated to be the dominant market players until 2019. High growth in these regions will be due to the large demand for plant hormones in cotton production that is eventually used in textile industry.