Plant Activators Market: Drivers, Restraints, Opportunities, and Challenges
The availability of plant activator products still remains limited in the market, due to different regulations being prevalent in different countries. Moreover, there is a high dependence on chemical products in developing regions. These factors are expected to restrain the growth of the plant activators market.
Northrook, IL -- (SBWire) -- 11/29/2019 --The plant activators market is estimated at USD 636.76 million in 2018 and is projected to reach USD 878.38 million by 2023, at a CAGR of 6.6% from 2018. The plant activators market is segmented on the basis of crop type, mode of application, form, source, and region. The crop types for plant activators include fruits & vegetables, cereals & grains, oilseeds & pulses, and turf & ornamentals. This market has also been segmented on the basis of mode of application into foliar spray, soil treatment, and other modes of applications which include soil drenching, trunk injection, and seed treatment. It has also been segmented on the basis of form into solutions, water-dispersible & water-soluble granules, and wettable powders. On the basis of key regions, the plant activators market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW) which includes South America and the Middle East & Africa.
The plant activators market growth is driven by customer awareness about increasing the value of fruits, vegetables, ornamentals, and other crops. The market is further driven by factors such as the development of innovative plant activators that are cost-effective as well as used on a wide range of crops. The high-growth potential in emerging markets and untapped regions provide new growth opportunities for market players.
However, limited awareness and product availability of plant activators are expected to restrain the market growth over the next few years, especially in developing countries such as China, India, and Brazil where the dependence on chemical crop protection products is high.
Based on crop type, the fruits & vegetables segment is projected to be the fastest-growing between 2018 and 2023. With the rise in production of fruits & vegetables, the demand for plant activators has been increasing in this segment. The high export potential of these products has also led to an increase in production levels. The market for plant activators in fruits & vegetables is very promising, as their application to these crops helps adjust the harvest periods.
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On the basis of form, the solutions segment is projected to be the fastest-growing from 2018 to 2023. Solution formulations are mainly preferred as they do not cause dust formation on spraying, do not cause toxicity or flammability, provide high efficiency due to smaller particle size, and low packaging volume.
Based on mode of application, the soil treatment segment is projected to be the fastest-growing during the forecast period. This growth is mainly attributed to the growing awareness about the importance of soil treatment for better crop yield and its cost-effectiveness. Soil treatment with plant activators promotes seed germination, allows faster plant growth, provides more efficient use of moisture and nutrients, and reduces erosion, thereby improving crop yield.
The Asia Pacific region is projected to be the fastest-growing market for plant activators between 2018 and 2023. Shift from traditional farming practices to modernized farming techniques and technologies in several developing Asia Pacific countries is one of the driving factors for the plant activators market. Investments from several multinational manufacturers, especially in countries such as China, India, Australia & New Zealand, and Japan is further expected to drive the plant activators market.
The plant activators market is diversified and competitive with a large number of players. It is dominated by various players, depending on their core competencies. However, already established strong market players of plant activators, increase in the prices of raw materials, and stringent regulations are some of the major factors restraining the growth of the market.
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