Plant Growth Regulators Market Size

Plant Growth Regulators Market Size

Plant Growth Regulators Market size was more than USD 5 billion in 2017 and will witness 8.5% CAGR during the forecast timespan.

Increasing investment in agriculture sector across the globe shall be fueling the plant growth regulators market in the coming years. Commercial crops and fruits & vegetables are major application segments in market. The increased production of these application segments is likely to propel product demand over the forecast period. For instance, according to the United States Department of Agriculture (USDA), the U.S. pulse and vegetable production in 2016 was over 60 million tons and is projected to grow further in the coming years. This massive size of the industry and significant production growth shall propel the plant growth regulators demand over the forecast timespan.

Growing organic farming trend driven by increased organic products demand across the globe is poised to create plant growth regulators market demand in the next few years. In addition, growing awareness about health and fitness is likely to help it to grow further. plant growth regulators are considered as organic compounds. Total area under organic farm in Europe was more than 12 million hectares in 2016 and expected to grow with a healthy CAGR. Plant growth regulators are highly recommended to be used in organic farming as a substitute of synthetic chemicals.

Inhouse gardens and farming trend has been increasing at substantial growth rate from last several years and shall grow further during the forecast period. People are developing gardens with various varieties of plants and trees for gardening as well as decorations. With rising interest of people towards decorative farming and gardening, plant growth regulators market size will experience a surge in demand over the forecast timespan.

Low awareness among the masses about the product application and benefits shall have a slow rising product demand for initial few years. Proper guidance is required to farmers about the product usage and benefits. Misuse of it may result into excessively fast crop development. This can lead to the ripening on the fruit surface while core remaining raw. It will degrade the fruit vegetables quality. This disadvantage to crops is likely to hamper the plant growth regulators market growth in near future.