Plant Growth Regulators Market to Reach US$5.5 Billion by 2026; Increased Investment by Pharmaceuticals Company Boosts Market - TMR
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Few of the most renowned vendors that are operating in the global plant growth regulators market are Arysta LifeScience Corporation, Valent Bioscience Corporation, Sumitomo Chemical Co. Ltd, Adama Agricultural Solutions Ltd, Redox Industries Limited, and TATA Chemicals. The vendor landscape of the plant growth regulators market has experienced a perfect equilibrium between the dominance of emerging and leading players, with each group collectively accounting for around 35-45% shares. On the other hand, local manufacturers of plant growth regulators have been finding it expand their foothold and to eat into the existing shares of their prominent competitors. These local players are holding marginal market share. In a bid to continue with their current position in the market, the prominent manufacturers of plant growth regulators will continue to make optimum usage of those strategies such as joint ventures with government organizations, research & development investments, and development of innovative products.
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Transparency Market Research predicts that the global plant growth regulators market is anticipated to rise at a robust growth over the timeframe of forecast. In terms of revenue, the global plant growth regulators market is likely to show significant growth in the forecast timeframe of 2018 to 2026. The market is estimated to touch the milestone of around US$5.5 billion over the period of forecast.
Escalated Demand for Organically Produced Goods Drives Market Growth
The burgeoning demand for organically produced goods is estimated to escalate the requirement for plant growth regulators over period of forecast, 2018 to 2026. As a result of this, the effect on global plant growth regulators market will be positive thereby inducing further growth of the market in the years to come. Currently, numerous pharmaceutical companies are making huge amount of investment research and development activities for medicine extracted from plants so as to meet the growing need for herbal medicines. With the progress of technology in the fields of biotechnology and medicine, manufacturers are more interested in developing disease-sepcific plant growth regulators. As edible vaccines makes foray into the market, it is expected that the growth of the global plant growth regulators market will witness further growth.
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Despite such impressive growth exhibited by the global plant growth regulators market, the market is estimated to hamper by stringent regulatory policies needed for the approval of developing plant growth regulators. However, with technological progress, the researchers are working relentlessly to come up with techniques that will enable production of organic plant growth regulators. This will assist the global plant growth regulators market in overcoming its biggest challenge and witness the projected growth.
Asia Pacific is likely to dominate the global plant growth regulators market over the period of forecast. Such growth in the region is owing to the rising awareness of the products and government's favorable policies for farmers and other agriculture practitioners in the Asia Pacific region. Many countries in the Asia Pacific is mainly dependent on agriculture and as such the market for plant growth regulator is expected to witness growth here.
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The information presented in this review is based on a TMR report bearing title "Plant Growth Regulators Market (Hormone Type - Auxin, Gibberellin, Cytokinin, Ethylene, Abscisic Acid, Others; Function - Promoters, Inhibitors; Crop Type - Fruit & Vegetables, Cereals & Grains, oilseed & Pulses, Turf & Ornamentals; Formulation - Solutions, Wettable powder, Soluble Powder, Tablets, Water Dispersible) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026"
The global plant growth regulators market is segmented based on:
Hormone Type
Function
Crop Type
Formulation
Region
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