The plant growth regulators market is estimated to hit $2.036 billion by 2023 – press release – digital journal database online

According to the new market research report by IndustryARC titled “ Plant Growth Regulators Market: By Type of PGR (Cytokinins, Auxins, Gibberellins, Ethylene/Ethylene Releasers, Mepiquat Chloride); By Type of crop (Row Crops, Fruits & Vegetables, Turfs and Ornamentals); By Region (Americas, Europe, APAC, RoW) – Forecast (2018-2023)”, the market is growing steadily due to the mixed growth exhibited in different regions.

The global market for Plant Growth Regulators was estimated to be at $1.55 billion in 2017 and it was projected to reach up to $2.036 billion by 2023. The market for cytokinins used in row crops was the largest accounting for $351.0 million in 2017 and it is estimated to reach $456.37 million by 2023, growing at a CAGR of 4.4%. There is a huge demand for cytokinins owing to their ability to induce drought resistance and stress tolerance in the crops such as cotton and sunflower.

The market for cytokinins was rapidly growing in fruits and vegetables, exhibiting a growth of 5.3% to reach $90.7 million by 2023.

Europe held the largest market share, generating $611.1 million in 2017. It exhibited comparatively slow growth due to the market saturation. APAC is the fastest growing region and it is forecast to generate revenue of $555.38 million by 2023 from $ 255.7 million in 2017 with a CAGR of 9%. 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. In North America, U.S. held the largest market share for PRGs. The market is propelled by the huge cotton industry and the new and emerging organic farming practices observed in the U.S.

A value chain describes a series of stages that are involved in the industry from sourcing raw materials to distribution to end user and the value addition done at each stage. Various stakeholders involved in the global PGR plant growth regulator market are as follows:

PGR manufacturers source the raw materials and the active ingredients upon acquiring knowledge from the company’s R&D division, or by collaborating with the research institutes. Once the formulations are finalized and patent filings are finished from the manufacturer’s end, the commercial product manufacturing gets started. The finished products are then packaged and stored under appropriate conditions, followed by global distribution. At the regional level, the products are distributed by regional distributors to the wholesalers and retailers and finally, the products reach the end users such as farmers, plant breeders and turf grass growers.

• Global growing demand for cotton is fueling the use of Plant Growth Regulators in cotton cultivation to meet the requirement. This is one of the key driving factors for the growth of PGR market in the world, especially in the APAC and Latin American regions where cotton production is significantly high.

BASF SE and Syngenta AG are the 2 dominant companies due to their strong product portfolio and a wide distribution network globally. They have consolidated their business by leveraging their product portfolio and utilizing their distribution network. Rest of the industry is highly fragmented with many small firms having their shares.

The small companies are vying for increasing their share with new product launches. The major players are consolidating their market presence by targeting new markets with their existing product portfolio and forging distribution agreements. This helps companies to mutually leverage their competences and further expand their businesses.

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