Plant Growth Regulators Market Analysis

Plant Growth Regulators Market Analysis

Cytokinins segment recorded the largest plant growth regulators market share in 2017 and anticipated to hold industry share over the forecast period. This can be attributed to its applications which makes it useful in cell division, dormancy breaking, delay in senescence and works as a growth stimulant. Moreover, cytokinins are used in major crops, which are produced across the globe, such as rice, wheat, barley, soybean and maize. Ethylene is projected to experience a prominent CAGR during the forecast period. This can be attributed to the high usage of the product in fruits market. It is majorly used for fruit ripening.
 

Fruits & vegetables application segment created the highest plant growth regulators market demand in 2017 and is anticipated to grow with highest CAGR during the forecast period. Global population is increasing at a rapid rate and with increasing population, demand for food increases drastically. To increase the production of fruits and vegetable, product usage in this application segment will grow substantially over the forecast duration. In addition, most of the plant growth regulators are organic, due to which its usage in the fruits & vegetables application is increasing.
 

Europe registered highest share in plant growth regulators market in 2017. Consumer awareness about the product usage and benefits is high in the region. In addition, disposable income of consumers is high in this region which implies increased investment in farming and related sectors. Commercial crop production is also high in this region and compared to the other crops, thus product usage in the commercial crops is high.
 

Asia Pacific plant growth regulators market shall experience the highest CAGR during the forecast timespan. This can be attributed to the increasing product knowledge among users and government’s favorable agricultural policies for farmers and agriculture practitioners in this region. Governments in this region are spreading information about usage and benefits of plant growth regulators to facilitate the production and enhance yield. Asia Pacific has a good number of agriculture dependent economies, which implies products such as plant growth regulators will be highly beneficial for enhancing farm productivity in this region over the forecast period.