Plant Growth Regulators Market by Product, Crop Type: Global Opportunity Analysis and Industry Forecast, 2018-2025

Global Plant Growth Regulators Market is forecast to exceed USD 9.7 billion; according to a new research report.

Global plant growth regulators (PGR) market is anticipated to be majorly driven by the rapidly increasing product demand in Asia Pacific. This can be attributed to the growing awareness about PGR and increasing expenditure on product marketing by manufacturers in the region. Diet pattern of population in this region is gradually changing and the focus has been considerably shifted over food quality and quantity. This has escalated demand for enhanced crop productivity, in the region and thus propelling plant growth regulators demand in past few years. Moreover, farmers in Asia Pacific have begun using plant growth regulators for achieving quick and early yield to maximize market profits while protecting crop from cold and diseases at the same time.

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Strong foothold of fertilizers in the agriculture is likely to hamper the product demand over the forecast period. In addition, stringent regulations regarding the usage of pesticides is anticipated to restrict plant growth regulators demand to some extent.

Cytokinins will create a major chunk of demand in plant growth regulators market over the forecast timespan. Growing acceptance for genetically modified seeds and crops in nations including Brazil, India, Sri Lanka, Indonesia will be fueling the global cytokinins demand. Cytokinins are generally used in seed germination and plant cell division. Gibberlins is another major product segment which will experience a healthy CAGR in near future. This can be attributed to its applications in wide range of crops for stem elongation, dormancy breaking and other crucial plant growth processes.

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Asia Pacific PGR market shall expand with highest CAGR over the forecast period. This can be attributed to the countries in Asia Pacific spending more than before on agriculture sector, which is due to growing food demand across the region. For instance, the Agricultural Development Bank of China sanctioned a loan of nearly USD 450 billion for the betterment and improvement of Chinese Agriculture industry by 2020. As a result, the farmers in the nation are willing to adopt crop production chemicals such as plant growth regulators to enhance the overall output of major farm products such as grains, cotton, tobacco, fruits, etc. in China. The burgeoning population of Asia Pacific is coercing with the demand for improved food crops at reduced price, which is likely to boost the plant growth regulators and bio-based stimulators demand in the region during the forecast timeframe.

Many giant players are working in the PGR market. Some prominent players include Syngenta AG, BASF SE, DowDuPont, Nippon Soda Co., Bayer AG, Nufarm Limited, Ltd., Tata Chemicals Ltd, Valent Biosciences LLC, Adama Agricultural Solutions Ltd and Arysta Lifescince. Vendors operating in the plant growth regulators market are engaged in mergers & acquisitions for grabbing larger chunk of customer base. For instance, in June 2018, Bayer completed the acquisition of Monsanto shares in the U.S. This acquisition will increase Bayer's product and customer base in agriculture market in the country.

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