Plant Growth Regulators Market Estimated To Reach Revenue of $1.8 Billion By 2020, On the Back of High Demand to Improve Yield Of Food Crops

HYDERABAD, India, January 29, 2015 /PRNewswire/ --

Plant growth regulators are the plant protection chemicals that control the plant's growth and development by manipulating its physiological functions. They are used for growth regulation in row crops, fruits and vegetables, turf grass and ornamental plants. Row crops include cereals, grains, pulses, oilseed crops, cotton, sugar cane, tobacco, tea and coffee. Fruits, vegetables, leafy vegetables, roots and tubers comprise the fruits and vegetables segment, whereas floral plants, decorative plants, conifers, deciduous trees, hard and soft wood cuttings constitute the ornamental plants segment. The global plant growth regulators (PGRs) market generated revenue of $1.3 billion in 2013. This market is estimated to grow at a moderate CAGR of 4.6% through 2020 to reach $1.8 billion.

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The growth in PGR market is projected due to the robust demand to increase the yield of food crops to feed the ever-growing world population. In addition to this, the increasing usage of PGRs to meet the cumulative global demand for cotton in the growing textile industry has been considerably driving the global PGR market. Application of PGRs to develop stress tolerance and drought resistance in plants is a new frontier for the usage of PGRs.

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However, the market faces challenges in terms of investments as the industry is highly capital intensive and requires a great level of technical expertise. There is a high risk of failure to develop new PGRs and it involves laborious and time consuming testing procedures to check for product efficiency. Alternative technologies such as advanced genetic manipulation in plants pose a mild threat to the future of PGRs, but then again this can never completely eradicate the requirement for chemical PGRs.

The plant growth regulators market is segmented based on the type of crop they are being applied on, such as row crops, fruits and vegetables, turf grass and ornamental plants and other crops. In 2013, plant growth regulators applied for row crops accounted for the largest share followed by those used on fruits and vegetables. Increasing applications of PGRs on row crops such as usage of PGRs to control lodging in cereals and enhancement of drought resistance in plants are mainly driving the PGR market. The emerging turf grass industry across the world provides a new window of opportunity for usage of PGRs in the future. The segment containing PGRs used on fruits and vegetables is forecast to exhibit highest growth through 2020. This is due to their ability to delay senescence in fruits and vegetables, thereby preserving their freshness.

The plant growth regulators market is segmented based on the type, namely: Cytokinins, Auxins, Gibberellins, Ethylene or Ethylene Releasers, Mepiquat Chloride and Others. Cytokinins held the largest market share in 2013 in the global PGR market. The market for ethylene or ethylene releasers is forecast to exhibit the highest CAGR of 5.9% owing to their increasing applications on various crops worldwide.

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The market for PGRs is spread globally across the Americas, Europe, APAC, Africa and Middle East regions. Developing countries such as China, India and Brazil exhibit high growth potential for PGRs. The increasing awareness of modern agricultural practices among the farmers and plant breeders in these developing regions are propelling the market to a great extent. APAC's PGR market is poised to grow with a high CAGR of 9%. On the other hand, the developing regions such as Europe and North America exhibit slow growth owing to the market saturation.

The global plant growth regulators market is dominated by pioneers in the agrochemical industry such as Syngenta, BASF, Bayer CropScience and Nufarm. These key players together hold major share in the global PGR market. New product launches took place and the companies intend to market them in various countries by making collaborative partnerships to extend product distribution reach across different regions.

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SOURCE IndustryARC