The report "Plant Growth Regulators Market by Type (Auxins, Cytokinins, Gibberellins, Ethylene), Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Turf & Ornamentals), Formulation, Function, Origin, and Region - Forecast to 2022", The plant growth regulators market is estimated to be valued at 2.11 Billion in 2017 and is projected to reach a value of USD 2.93 Billion by 2022, at a CAGR of 6.8% during the forecast period. The market is driven by factors such as growing consumer preference for organic foods, new product registrations, increase in arable land and technological advancements in the agricultural industry.
Long approval period for new products
The approval process of plant growth regulators is very lengthy, due to multi-location field trials and residual effects. Due to the stringent regulatory approval process, the average time taken to bring a new crop protection product to market can exceed 10 years and cost more than USD 100 million. Patent protection and exclusivity are critical in helping companies recover the costs of research & development, incentivizing them to make future investments that will lead to continued industry-wide growth. Increased costs due to product development and greater regulatory time period led to increasing in retail prices, which again reduced the net profit value for growers. The decreased profit margins cannot help in improving the share of plant growth regulators in the global agrochemicals market.
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Even for generic products, it can take up to five years to get the product registered. The regulatory bodies do not have adequate resources and infrastructure to execute timely registration of products. At times, the rules are not clearly defined, creating interpretation challenges for the regulatory bodies, leading to confusion, thereby adding to the complexities for the crop protection chemical companies.
The gibberellins segment is projected to grow at the highest CAGR during the forecast period
Based on type, the plant growth regulators market has been segmented into cytokinins, auxins, gibberellins, and ethylene, wherein the gibberellins segment is projected to grow at the highest CAGR during the forecast period. There is a total of 80 different gibberellin compounds which exist in plants; however, only gibberellic acid (GA3) and GA4+7 compounds are the most popularly used varieties. Gibberellins are available in around 126 forms, not only in plants but also in fungi and bacteria. The wider availability and efficiency to induce growth in smaller quantities makes it as the fastest-growing segment.
The water-dispersible & water-soluble granules, by formulation, accounted for a larger share of the plant growth regulators market in 2017
The water-dispersible & water-soluble granules segment accounted for a larger share of the global plant growth regulators market in 2017. They are most popular forms of plant growth regulators in the agricultural industry. They provide advantages such as easy to handle, non-toxic, and are more stable during storage and transportation. Moreover, water-dispersible & water-soluble granules are gaining growth in the market due to ease of transportation as they can be transported and shipped in solid packets.
The plant growth promoters segment, by function, accounted for a larger share of the plant growth regulators market in 2017
Plant growth regulators or phytohormones are segmented as plant growth promotors and plant growth inhibitors as per their functionality. The plant growth promoters segment accounted for a larger share of the global plant growth regulators market in 2017. Some of the most popular plant growth promoters include auxins, gibberellins, and cytokinins. They help in growth and development during flowering, fruiting, root initiation, and overall increase in yield. Plant growth promoters are used in various fruit & vegetables to enhance the flowering process. With the growing demand for high value crops such as fruits, the demand for plant growth promotors is also increasing.
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The Asia Pacific region dominated the plant growth regulators market in 2017
India and China being the most populated countries led to higher demand for food in the region resulting in adoption of practices such as use of plant growth regulators. In 2017, the Asia Pacific region accounted the higher share in the global market for plant growth regulators. According to MarketsandMarkets, factors such as rapid technical advancements, government encouragement for organic farming, and increase in crop production drives the plant growth regulators market in the Asia Pacific region. Plant growth regulators are receiving acceptance as they are expected to increase long-term agricultural productivity and help realize the goal of food self-sufficiency.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes the profiles of leading companies such as BASF (Germany), Corteva (US), Syngenta (Switzerland), FMC Corporation (US), and Nufarm (Australia). Other players include Bayer CropScience (Germany), Nippon Soda (Japan), Tata Chemicals (India), Valent Biosciences (US), Xinyi Industrial (China), ADAMA (Israel), UPL (India), Sumitomo Chemical (Japan), and WinField Solutions (US).
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