Global Plant Growth Regulators Market to Clock Revenue of US$3000 Mn by 2026-end; Europe Leads Market
Albany, NY -- (SBWIRE) -- 09/06/2018 -- Rising Need to Protect Crops Drives Uptake of Plant Growth Regulators
Plant growth regulators find application in modifying physiological processes in plants. Those include metabolism or stimulation or control of enzyme systems. The global plant growth regulator market is seeing rising demand because of the pressing need to protect crops in the face of rising demand for food worldwide. Elaborates the lead analyst of the TMR report, "In order to protect crops and also lessen production costs, farmers all over the world are increasingly adopting new methods involving the use of organic farming and agrochemicals. This is providing a good boost to the global plant growth regulators market which helps to increase the profitability in organic farming."
Transparency Market Research's report on the global plant growth regulators market finds that it would attain a value of US$ 3,000 Mn revenue by the end of 2026.
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There are different types of hormones deployed in the global plant growth regulators market. Among those, cytokinins are leading with respect to revenue generation. This is because of their increasing usage as key phytohormones for bringing about cell division in the plant roots and shoots, alongside bettering dormancy, fruiting, cell enlargement, and flowering. Besides, cytokinins are much in demand in different industrial sectors such as cosmetics, pharmaceuticals, and biomedicines. Geographically, Europe is a key region in the global plant growth regulator market where large tracts of land are devoted to organic farming.
Widespread Fertilizer Usage Dampens Sales in Plant Growth Regulator Market
There are headwinds facing the market nonetheless. The most challenging of all is the widespread usage of fertilizers for producing crops. However, strict rules and regulations with respect to the usage of pesticides which can cause harm to soil and water, and even make their way into human bodies, is serving to generate opportunities in the global plant growth regulators market, which are a more affordable bio based alternatives.
Cotton Industry Major Demand Driver
The cotton industry is one of the major drivers of the global plant growth regulators market since the products find usage in regulating cotton metabolism. "A burgeoning textile industry in nations of Germany, Turkey, India, Bulgaria, and China is driving up demand for cotton, thereby benefitting the plant growth regulators market," adds our in-house expert.
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The competitive landscape of the global plant growth regulators market presents a contradictory picture. Despite a handful of dominant players having a sway over the market, competition nonetheless is stiff. The strong competition among them on the basis of better products, cost, and quality is constantly reshaping the dynamics of the global plant growth regulators market. They are seen growing their production facilities to satisfy the demand in the market.
Dow Chemical Company, WinField Solutions, Valent Bioscience Corporation, Syngenta AG, Nufarm Limited, Xinyi Industrial Co., Ltd., Somitomo Chemicals Company LTD, BASF SE, Bayer Cropscience, and FMC Corporation are to name a few of such dominant players having a stronghold over the global plant growth regulators market.