Plant growth regulators (PGRs) or plant hormones are the crop protection chemicals that are produced in plants or synthesized and applied to the plants in order to regulate its growth. In agriculture, PGRs have been used since decades to serve a variety of functionalities such as elongating or shortening plant length (depending on the desired function), ripening of fruits and vegetables, producing seedless fruits, control lodging in cereals, defoliating and boll opening in cotton plants and so on in various crops in order to improve the quality and yield of the respective crops.
Depending upon the type of plant or crop on which PGRS are used, the global PGR market is classified into: Row crops, Fruits and Vegetables, Turf grass and Ornamental plants and all other crops. Most of the PGRs are growth enhancers or stimulators while the others are growth retardants or inhibitors. The PGRs market is segmented based on the type of PGRs, namely: Cytokinins, Auxins, Gibberellins, Ethylene or Ethylene Releasers, Mepiquat Chloride and other miscellaneous growth regulators. The global PGR market demand was estimated to be $1,299m. During the forecast period 2014-2020, the market is estimated to grow at 4.6% CAGR. A recent report published by IndustryARC details the major types of plant growth regulators and their applications on various crops.
Usage of various plant protection products is an effective way to improve the crop quality and yields and plant growth regulators are the least harmful chemicals that serve this purpose. For instance, the global demand for cotton is rapidly growing, owing to the growth of textile industry worldwide. This requires the production and yield of cotton to be increased, thereby propelling the need for usage of plant growth regulators, such as ethephon and mepiquat chloride on cotton.
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The global PGR market exhibits differential growths across various regions of the world. Europe held the largest market share in the global PGR market, while exhibiting slow growth due to market maturity. On the other hand, the Asia-Pacific region shows a higher growth rate owing to the increasing awareness of PGRs among the farmers in developing countries such as India and China.
During the period of study, cytokinins were found to be the most widely used type of PGRs, followed by ethylene or ethylene releasers. The market for ethylene is projected to grow at a rapid pace due to the increasing applications of ethephon on crops to serve a variety of purposes ranging from ripening to lodging control and imparting drought resistance in plants.
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In 2013, Syngenta AG, BASF SE, Bayer CropScience AG and Nufarm Limited altogether held the majority of the market share in this field. However, the industry seems to witness growth in the developing countries and hence new agro-chemical companies are expected to venture into this product line in the near future. This will increase competition in the market, building a slight pressure on the products’ prices, making them generic and decline in their value. This causes a minor drop in the profit margin for the key players that are currently involved in the industry but will not have a great impact on the overall market. Furthermore, alternate advanced technologies such as rDNA technology to genetically modify the plants are evolving and pose a minor threat to substitute PGRs. But these cannot dominate PGRs market owing to the high capital investment; in fact, it could supplement the existing chemical PGRs in the long run.
Related Report You May Be Interested:
Turf, Ornamentals and Forage Inputs Market (2014-2020): By Forage seeds (Alfalfa, Clover and others), By Turfgrass (Kentucky bluegrass, Ryegrass and others), By Ornamental grass (Purple millet, cord grass and others) & By Geography
http://industryarc.com/Report/222/Turf-Ornamentals-forage-inputs-market-analysis-report.html
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