PGR market to hit $5,936.2 million in 2019
According to a new report published by Transparency Market Research, "Plant Growth Regulators (Cytokinins, Auxins and Others) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global demand for plant growth regulators was valued at $3,360.0 million in 2012 and is expected to reach $5,936.2 million in 2019, growing at a CAGR of 8.5 percent from 2013 to 2019.
Factors such as increasing demand for plant growth regulators for manufacturing cotton with the growth of the textile industry, and increasing organic farming owing to augmenting demand for organic food is expected to fuel the demand for the plant growth regulators over the forecast period. Increasing globalization coupled with the demand for growing profitability has in many aspects, forced the agrochemical industry into major restructuring, where companies are focusing towards developing innovative and less threatening crop protection products such as plant growth regulators. Rising preference of farmers towards other agrochemicals such as fertilizers is expected to hamper the growth of the market. Focus towards developing cost effective and eco-friendly plant growth regulators is expected to provide new opportunities for the market.
In 2012, cytokinins accounted for more than 40 percent of the market share. Cytokinins are also expected to witness the fastest growth over the forecast period as demand for these plant hormones has been the highest due to increasing demand for medicinal plants with the growth of the herbal medicine industry. Auxins were the second largest product segment in the PGR industry owing to their ability to enhance the growth characteristics and productivity of many plants such as cotton. Demand for other plant hormones such as mepiquat chloride and gibberellins in cotton are also expected to increase noticeably with the growth of the textile industry.
Demand for plant growth regulators was highest in Europe due to the growing consumer demand for organic food and major shift of agriculturists towards eco-friendly and cost effective agrochemical products. Demand for plant growth regulators in Asia Pacific is expected to witness the fastest growth, growing at a CAGR of 9.2% from 2013 to 2019. Emerging economies in Asia Pacific such as China and India are anticipated to dominate the market owing to the large demand for plant hormones in cotton production for its use in textile industry.