The Europe Plant Growth Regulators Market was worth USD 1,660.6 million in 2016 and estimated to be growing at a CAGR of 4.39%, to reach USD 2,140.0 million by 2022
Hyderabad, India -- (SBWIRE) -- 03/14/2018 -- The chemicals having the ability to enhance the physiological response of the plants are called Plant Growth Regulators. They are capable of translocation to the low concentrations regions the plant. They increase the supply of the primary nutrients to the plants by increasing the availability and therefore, promote and modify the development & growth of the plants
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The Europe Plant Growth Regulators market is estimated to have a value of USD 1660.6 million in 2016. With a CAGR of 4.39%, the market size is expected to grow rapidly to cross USD 2140.0 million by 2022.
The market growth apart from its ability to enhance and alter the growth of plants can be attributed to the factors such as growing textile industry, increasing demand for cotton, and rising practice of organic farming.
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The largest share by volume of the Plant Growth Regulators market is contributed by the cytokinin's segment because of its ability to slow down and prevent the leaf degrading processes such as leaf aging or leaf fall. The plant growth promoters classification accounted for a bigger share of Europe plant growth regulators market in 2016. Plant growth promoters are utilized in numerous fruit & vegetables to boost the flowering process.
In a bid to make sure crop protection and curtail production prices, farmers are being compelled to prefer new strategies that embrace the use of agrochemicals and organic farming, because of accelerating profitability concern. This may further induce high demand for plant growth regulators, particularly in the agriculture-driven economies.
As of now, Europe with its rapid technical advancements, government encouragement for organic farming, and increase in crop production in Spain accounted for the biggest share by volume of Plant Growth Regulators market followed by Asia Pacific.
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The major market contributors for the Europe 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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