North America Plant Growth Regulators Market - By Type, Application and Geography - Market Shares, Forecasts And Trends (2017 - 2022)
Plant Growth Regulators are chemical compounds, other than nutrients, that modify plant physiological processes. The North American plant growth regulators market is estimated to grow at the CAGR of 8.5% during the forecast period of 2016-2021; the market value is expected to reach $1263.81 million by 2021 in North America.
The organic food industry which is growing at the healthy growth rate is the major driving force behind the growth of plant growth regulators industry. Stress from Governments and government organizations on sustainable farming are another driving factor. Less awareness among the farmers about the use and application of PGR is restraining the growth of the market. Regulatory constraints in terms of product specification and registration has stunted the growth and less product innovations is further creating negative impact on market growth.
Among all the growth regulators, Cytokinins are widely consumed and accounts for around 40% of the market share. Cytokinins are also the fastest growing segment during the forecast period as they enhance stress tolerance and stimulate protein synthesis. Auxin is the second largest segment and the consumption is expected to expand with demand for medicinal plants and growth in turf and landscaping. Cereals and oilseeds are the major consumers of plant growth regulators followed by fruits & Vegetables together accounting for 75% of the market share.
Europe is the largest market accounting for around 45% of the market share. Growth in consumption of organic food is driving the market in this region. North America is the second largest market and the market is expected to expand with increased supply of quality products from key players. Asia-Pacific is estimated to grow at the fastest CAGR of due to growth in rate of adoption of sustainable farming and increased organic food consumption. China and India are the high growth markets in the region whereas South East Asian countries are the potential markets.
Brazil is the major market in South America and is also expected to grow at the fastest CAGR of 9.3% in the region.
The key players in the market are focused on new product launch to cater to wider consumer base and expand market share. Investment in research and development of cheap effective products is another strategy adopted by market leaders. The major players in the market are BASF SE, Bayer Crop Science, DuPont, etc.
In this report we offer,
Market analysis for the North America Plant Growth Regulators Market, with region specific assessments and competition analysis on global and regional scales.
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the North America Plant Growth Regulators Market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped