HYDERABAD, India, January 29, 2015 /PRNewswire/ --
Plant growth regulators are the plant protection chemicals that
control the plant's growth and development by manipulating its
physiological functions. They are used for growth regulation in row
crops, fruits and vegetables, turf grass and ornamental plants. Row
crops include cereals, grains, pulses, oilseed crops, cotton, sugar
cane, tobacco, tea and coffee. Fruits, vegetables, leafy
vegetables, roots and tubers comprise the fruits and vegetables
segment, whereas floral plants, decorative plants, conifers,
deciduous trees, hard and soft wood cuttings constitute the
ornamental plants segment. The global plant growth regulators
(PGRs) market generated revenue of $1.3
billion in 2013. This market is estimated to grow at a
moderate CAGR of 4.6% through 2020 to reach $1.8 billion.
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The growth in PGR market is projected due to the robust demand
to increase the yield of food crops to feed the ever-growing world
population. In addition to this, the increasing usage of PGRs to
meet the cumulative global demand for cotton in the growing textile
industry has been considerably driving the global PGR market.
Application of PGRs to develop stress tolerance and drought
resistance in plants is a new frontier for the usage of PGRs.
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However, the market faces challenges in terms of investments as
the industry is highly capital intensive and requires a great level
of technical expertise. There is a high risk of failure to develop
new PGRs and it involves laborious and time consuming testing
procedures to check for product efficiency. Alternative
technologies such as advanced genetic manipulation in plants pose a
mild threat to the future of PGRs, but then again this can never
completely eradicate the requirement for chemical PGRs.
The plant growth regulators market is segmented based on the
type of crop they are being applied on, such as row crops, fruits
and vegetables, turf grass and ornamental plants and other crops.
In 2013, plant growth regulators applied for row crops accounted
for the largest share followed by those used on fruits and
vegetables. Increasing applications of PGRs on row crops such as
usage of PGRs to control lodging in cereals and enhancement of
drought resistance in plants are mainly driving the PGR market. The
emerging turf grass industry across the world provides a new window
of opportunity for usage of PGRs in the future. The segment
containing PGRs used on fruits and vegetables is forecast to
exhibit highest growth through 2020. This is due to their ability
to delay senescence in fruits and vegetables, thereby preserving
their freshness.
The plant growth regulators market is segmented based on the
type, namely: Cytokinins, Auxins, Gibberellins, Ethylene or
Ethylene Releasers, Mepiquat Chloride and Others. Cytokinins held
the largest market share in 2013 in the global PGR market. The
market for ethylene or ethylene releasers is forecast to exhibit
the highest CAGR of 5.9% owing to their increasing applications on
various crops worldwide.
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The market for PGRs is spread globally across the Americas,
Europe, APAC, Africa and Middle
East regions. Developing countries such as China, India
and Brazil exhibit high growth
potential for PGRs. The increasing awareness of modern agricultural
practices among the farmers and plant breeders in these developing
regions are propelling the market to a great extent. APAC's PGR
market is poised to grow with a high CAGR of 9%. On the other hand,
the developing regions such as Europe and North
America exhibit slow growth owing to the market
saturation.
The global plant growth regulators market is dominated by
pioneers in the agrochemical industry such as Syngenta, BASF, Bayer
CropScience and Nufarm. These key players together hold major share
in the global PGR market. New product launches took place and the
companies intend to market them in various countries by making
collaborative partnerships to extend product distribution reach
across different regions.
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Sanjay Matthews
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