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Extensive research carried out by the analysts at Technavio has shown that the global plant growth regulators (PGRs) market will witness fast-paced growth and will post a CAGR of close to 7% during the forecast period. A major surge in the growth of the organic industry is one of the major factors driving the growth of the plant growth regulators market. The increasing awareness about the health hazards associated with the use of chemicals in food and household products is impelling individuals to shift to organic food products, which will, in turn, propel the growth prospects for the PGRs market over the coming years.
One of the recent trends gaining traction in the market is the rapid growth in the pharmaceutical industry, which is primarily driven by changing lifestyles, aging population, unhealthy eating habits, and increased occurrence of chronic diseases across the globe. With the growing pharmaceutical market, the demand for herbal medicines is rising due to high-priced allopathy substitutes. The major pharma companies are investing in R&D expenditure for developing of plant-derived medicines to cope up with the rising demand for herbal medicines. This is expected to contribute to the market growth of PGRs during the forecast period.
The global PGRs market is highly competitive and is dominated by a few key players in the market. The key vendors have vast geographical presences with massive production facilities located globally. Nonetheless, there are a sizeable number of small regional vendors with significant shares in the market. The major players compete in terms of innovations, price, and quality of the product.
Key vendors in this market are -
Other prominent vendors in the market are Bayer CropScience, Nippon Soda, Tata Chemicals, Valent BioSciences, and Xinyi (H.K.) Industrial.
The cytokinins segment led the global PGRs market during 2016 and will continue to dominate the market until the end of 2021. Cytokinins are one of the key phytohormones that induce cell division in plant roots and shoots. Moreover, these plant hormones also affect dormancy, cell enlargement, flowering, and fruiting in plants. They are primarily used in the biomedicine, pharmaceutical, food, agriculture, and cosmetic industry. Furthermore, cytokinins are help in preventing the senescence of fruits, flowers, and leaves and therefore used in the agriculture industry to enhance the overall yield.
In terms of geography, Europe was the highest revenue contributing region in the global PGRs market during 2016 and will continue to lead the market in the coming years. The growth of this market in the region is attributed to the fact that Europe has abundant availability of land for organic farming where bio-based alternatives of fertilizers such as PGRs are widely adopted. Moreover, European countries like Italy, Germany, France, Spain, and the UK have a thriving cotton textile industry, which will further contribute to this market’s growth in the region.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by type
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Explore Technavio
Tags: house plants, flowering plants, composite, safety supplies, chemicals and materials market trends, agrochemicals and fertilizers market overview,
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