Revenue Growth of the Crop Growth Regulators Market to be Influenced by Growing End-use Adoption
Added: (Wed Jan 16 2019)
Pressbox (Press Release) -
Although crops produce natural regulators called phytohormones or plant hormones, crop growth regulators have become an important part of various agricultural processes—to enhance crop quality and marketability while reducing labor and production costs. As per recent projection by Persistence Market Research, the global crop growth regulators market will reflect an impressive growth over the forecast period of 2018-2026. The worldwide consumption of crop growth regulators, in terms of revenue, is expected to account for US$ 7,387.9 Mn by 2026. The market expanding at a moderate CAGR of 4.7% over the forecast period of 2018-2026. The report assess the demand both in terms of volume and value over the forecast period of 2018–2026.
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Cytokinins to be the Most Preferred Crop Growth Regulator, Gibberellin to Follow
Cytokinins is estimated to dominate the global crop growth regulators market, accounting for almost 32% revenue share. Cytokinins are a kind of agrochemicals that helps in cell division, retard senescence, and nutrient remobilization. The expanding brewing industry, globally, is expected to increase the consumption of Gibberellin- an agrochemical used for enhancing sugarcane and fruit production, barley malting, and seed production. Owing to the significant demand in large residential and commercial areas like sports stadiums and golf courses, mostly in Europe and Asia Pacific. Major growers have been strategizing on crop growth regulator to increase overall production of turfs and ornamentals. In terms of formulation type, solution formulation of crop growth regulators are set to exhibit the highest CAGR through 2026.
Overgrazing, agricultural activities, deforestation, over exploitation of land to produce fuel wood, and industrialization are some factors responsible for the declining soil quality, thereby pushing the need for effective crop growth regulators. Also, surging demand for organically grown fruits and vegetables has fuelled the adoption of crop growth regulators by major food producers.
Stringent regulatory norms coupled with health-relate issues like allergic reactions due to the consumption of growth regulators-laden crops, would hamper the growth of global crop growth regulators market. Eight acute cases of pesticide-related illness were reported to Italian National Institute for Health (INIH), and were attributed to the exposure to a plant regulator called Dormex, having hydrogen cyanamide as an active ingredient.
Geographically, Asia Pacific is the largest market for plant growth regulators, attributable to high consumer awareness, expanding demand for crop protecting chemical products along with crop growth regulators widely used for fruits & vegetables, cereals, grains and other crop types. Latin America accounts for the second largest market for crop growth regulators owing to expanding demand for crop protection and crop health concerns in the region. Several key cereals producers in North America and Europe have been strategizing on improving their efficiency in terms of product offerings (pulses).
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players in the global crop growth regulator market including BASF, The Dow Chemical Company, FMC Corporation, Valent BioSciences Corporation, Sumitomo Chemical Co. Ltd, TATA Chemicals, and Nufarm Limited are focusing on enhancing their product portfolio, owing to the growing demand for crop growth regulators. Players are also setting up production and R&D centers in Asia Pacific. Significant cultivation activities in Asia is likely to augment the adoption of crop growth regulators in the coming years.