The global plant growth regulators market is expected to grow on account of increased use in modifying plant physiological processes such as stimulating or inhibiting enzyme systems and regulating the plant metabolism. Growing demand for regulating cotton metabolism is expected to have the positive impact on market growth in next six years. Improving textile industry in China, India, Bulgaria, Germany and Turkey are expected to augment the cotton demand, which in turn is expected to drive plant growth regulators market.
Growing profitability concern for farmers has forced them to opt new methods such as organic farming and use of agrochemicals for ensuring crop protection and reducing costs. Growing organic farming activities coupled with growing profitability concerns among farmers is expected to have a positive impact on the plant growth regulators market over the forecast period. The long-term market presence of fertilizers is expected to significantly hamper the plant growth regulators demand over the next six years.
Stringent regulations intended for pesticides are also expected to restrict market growth and are expected to shift the focus towards cost-effective and bio-based alternatives.
Cytokinins were the largest product segment for plant growth regulators market, accounting for over 40% of volume share in 2013. Growing herbal medicines demand on account of increasing cost of prescribed medicines is expected to augment the cytokinins demand over the forecast period. Leading multi-national pharmaceutical companies have increased their R&D expenditure on developing plant-derived medicines to cater surging demand for herbal medicines. This is expected to fuel the cytokinins demand in herbal medicines over the next six years. Auxins were the second-most used product, majorly in the metabolism of cotton on account of their property of acting as a growth stimulator. Growing textile industry is expected to fuel auxins demand over the forecast period. Other plant growth regulators market product segments include gibberellins and mepiquat chloride. Gibberellins are majorly used in cotton for undergoing RNA stimulation and protein synthesis in the plant body. Aforementioned properties coupled with textile industrial growth is expected to augment gibberellins demand over the forecast period.
Europe was the largest regional plant growth regulators market and is expected to witness significant growth over the next six years. Growing organic farming activities in Europe coupled with increased availability of land for organic practices in the region is expected to drive plant growth regulators demand. Growing demand for herbal medicines coupled with increased organic farming activities in the U.S. is expected to propel the plant growth regulators market in North America. Asia Pacific is expected to witness growth on account of the increasing cotton production in China and India. These countries are some of the world largest cotton producers, and the use of plant growth regulators is expected to significantly increase production. Favorable FDI policy by the Indian government has lead to a boom in textile production and is expected to promote further market growth over the forecast period.
Market participants are predominantly based out of Europe and North America, on account of growing use of plant growth regulators in organic farming and herbal medicines in these regions. Bayer Crop Science, BASF, and DuPont are key companies in the market. Germany-based Bayer markets products under the brand name of Stance intended for cotton metabolism. The company has a long-term presence in the global chemical industry and various SBUs located across the five continents which cater to serve the textile industry located in Asia Pacific. BASF and DuPont also utilize their global presence in serving plant growth regulators market.
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