The Global Plant Growth Regulators market is one of the growing segments in crop protection industry that caters to the improvement of crop yield. Plant growth regulators perform systematic regulation of the growth and development of the plant through modification of various physiological attributes of the plant. PGRs are widely used in variety of plantations ranging from row crops, fruits to turf and grass. The market is segmented into key types of PGRs and crops that use PGR along with in-depth country level detailed regional analysis.
Global growing demand for cotton is fueling the usage of PGRs in cotton cultivation to meet the requirements. This is one of the key driving factors for the growth of PGR market around the world, especially in the APAC and Latin American regions, where cotton production is significantly high. Furthermore, the need to improve the yield of food crops to cater the food requirements of the increasing world population is another important point that propels PGR market. Developing PGRs for the purpose of inducing qualities like drought resistance and stress tolerance in plants to improve the life and quality of the crop is a potential opportunity for the growth of PGR market.
The global market for PGRs was estimated to be at $XXm in 2013 and it was projected to reach up to $1,780m by 2020. Based on the type of PGR, the market is segmented as: Cytokinins, Auxins, Gibberellins, Ethylene (Or) Ethylene Releasers Mepiquat Chloride and others. Cytokinins occupied the major market share, whereas maximum growth is forecast for ethylene or ethylene releasers, which is poised to exhibit a CAGR of 5.9% through 2020. The increasing utilization of ethylene/ethylene releasers on crops to serve various functions that improve the crop quality, storage and yield has been the driving factors for this growth.
This growth can be attributed to the presence of various developing countries like India and China, which are trying to adopt new technologies and crop protection methods in agriculture. Furthermore, the demand for the use of PGRs to enhance the yield and quality of crops like cotton is driving the PGR industry to exhibit higher growth in the regions, where cotton is one of the major crops.
- The emerging markets of the developing nations in Latin America and Asia, such as Brazil, China, India and Korea, hold an enormous potential for the growth of PGR market in the near future. This can be attributed to the increasing awareness among farmers in these countries regarding the modern day agricultural practices such as corporate farming, contract farming and mechanized farming.
- The PGRs used on fruits and vegetables are forecast to exhibit highest growth through 2020 due to their ability to delay senescence in fruits and vegetables, thereby preserving their freshness.
- Cytokinins have the largest market share in the global PGR market in 2013 and the market for ethylene or ethylene releasers is forecast to exhibit the highest CAGR owing to their increasing applications on various crops worldwide.
- The increasing pressure to improve the yield of food crops in view of the increasing population is set to drive the market for PGRs globally.