Global plant growth regulators (PGR) market is poised for robust growth on the back of surging product demand from the agriculture sector. This demand is increasingly witnessed across Asia Pacific countries that have aligned their focus on the agriculture sector for enhancing crop productivity, primarily to serve the region’s food demands. Changing dietary patterns of the population has led to increasing emphasis on producing better quality and quantity of food products.
On a competitive landscape, global plant growth regulators market has a strong presence of several industry giants like Arysta Lifescince, Adama Agricultural Solutions Ltd., Valent Biosciences LLC, Tata Chemicals Ltd., Nufarm Limited, Ltd., Bayer AG, Nippon Soda Co., DowDuPont, BASF SE, and Syngenta AG.
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This has encouraged regional farmers to adopt crop production chemicals like plant growth regulators to improve the production of grains, tobacco, cotton, and fruits. Burgeoning demand for high quality crops at a lower price in APAC could fuel the demand for plant growth regulators and bio-based stimulators. Based on this, Global Market Insights, Inc., predicts that global plant growth regulators market might surpass USD 9.7 billion by 2025.
However, strong usage of fertilizers in the agriculture sector is likely to restrain plant growth regulators demand in the forthcoming years. Strict regulations regarding the usage of pesticides may further impede overall market growth.
Based on product, cytokinins plant growth regulators are expected to witness increased demand on account of surging acceptance for genetically modified crops and seeds across nations like India, Brazil, Shri Lanka and Indonesia. These plant growth substances are generally used in plant cell division and seed germination.
Gibberlins is another plant growth regulator that is expected to witness prominent demand in the forthcoming years. It is used with wide range of crops for dormancy breaking, stem elongation, and other crucial plant growth processes.
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According to studies, cereals & grains application segment is expected to drive substantial product demand. Cereals and grains have been a vital part of the human diet for thousands of years. As per a World Bank report, cereals production was 2.053 billion metric tons in 2000 which later reached around 2.849 billion metric tons in 2015. Potential growth in cereals production in the future could accelerate the demand for plant growth regulators.
Oilseeds and pulses are another major application segment that may generate prominent growth opportunities in plant growth regulators market. Demand for pulses and oilseeds is increasingly observed across countries such as China, India, Thailand, and Indonesia.
These firms are undertaking various organic and inorganic strategies like mergers & acquisitions to tap major consumer base. Taking June 2018 for instance, Bayer acquired Monsanto shares to increase its product and customer base in the agriculture market of the U.S.
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