What is the future of plant growth regulators industry worldwide
The global plant growth regulators market is expected to display higher growth rate over the next ten years. Rapid surge in market is credited to the increasing overall agriculture production to sustain ever-growing population and rise in the awareness level among farmers. Plant growth regulators are responsible for cell elongation, growth of a plant, increases overall life span, and stimulates production fruits in plants. Such factors are expected to boost growth of the market of plant growth regulators over the forecast period.
Other critical factors responsible for spurring demand of the plant growth regulators are superior quality of vegetables and fruits, and increasing demands of ever-growing population. Furthermore, growing preference towards adoption of the plant growth regulators by farmers because of its ability to foster growth of the plants under uncontainable and unprecedented atmospheric conditions, are boosting growth of the market in the recent years. Globally, plant growth regulators market is predicted to generate massive revenue over the next ten years, providing numerous opportunities for industry participants to invest in research and development of plant growth regulators.
Numerous initiatives and support provided by local governments across the globe for the modernization of agriculture is estimated to aggravate market value of plant growth regulators over the forecast period. To increase production value and achieve higher profits in short duration of time, leads to use of modern techniques in farming, thus fostering the growth of plant regulators market in the upcoming years.
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Moreover, increasing preference towards plant regulators such as cytokinins and auxins over gibberellins due to lower cost and numerous health benefits are further advancing plant growth regulators market. Rising adoption of the cytokinins and auxins at commercial level for a various of fruits and vegetables to achieve breakage of dormancy, stimulation for plant growth, incitement for lateral branching, and improvement in the fruit size and shape, are accelerating market demand of the product over the coming years.
The plant growth regulators market is broadly categorized into major segments based on the crop type such as cereals & grains, fruits & vegetables, oilseeds & pulses, and turf & ornamentals. Cereals & grains segment is growing rapidly in the market with substantial revenue generation in the last few years.
The plant growth regulators market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in agriculture sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth.
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