The North American plant growth regulators market is estimated to register a CAGR of 8.5% during the forecast period. Among all the growth regulators, cytokinins are widely consumed and account for around 40% of the market share. They are also the fastest-growing segment as they enhance stress tolerance and stimulate protein synthesis. Auxin is the second largest segment. Cereals and oilseeds are the major consumers of plant growth regulators, followed by fruits and vegetables.
The organic food industry, which is witnessing healthy growth rates, due to sustainable farming practices that aid in profitability, is the major driving factor for the increased demand for growth regulators. North America is the second-largest market and is expected to expand, with the increased supply of quality products from the key players.
Key Market Trends
Increasing Demand For Organic Food
The organic food industry, which is registering a healthy growth rate, as well as encouragement from the governments and government organizations on sustainable farming, are the major driving forces for the growth of the plant regulators market. Plant growth regulators are the substances that are produced naturally from the higher plants. The area under organic farming in the United States has increased from 1,769,001 hectares in 2010 to 2,031,318 hectares in 2017. The increasing preference for organic methods of cultivation in the country has further driven the plant growth regulators market. Companies such as Fine Americas, Inc. constantly endeavor not only to improve their product lines but also to spread an understanding and use of the existing products they already have in the marketplace. Furthermore. through continuous research on PGRs, research scholars in universities across the United States help in the ongoing process of keeping the industry updated on the product requirements and latest advancements about the products. The current market trends in the country, wherein the demand for premium quality crops is rapidly rising, however, input costs are being reduced, is likely to continue to propel the growth of development of new PGR products, that help growers achieve the desired marketplace balance in an effective manner. The use of PGRs is quite common in greenhouse crop production. Greenhouse growers use plant growth regulators to control excessive plant growth. The rising adoption of greenhouse cultivation methods, is further expected to augment the growth of plant growth regulators in the US market in the future.
Increase in Crop Profitability
Plant growth regulators are popular across the region, as they aid in increased crop yields and better management of the crop. Therefore, the application of PGRs yielded considerable success in the processes of plant development, such as flowering and fruit development, as well as ripening, harvesting, and post-harvesting of fruits and vegetables. Thus, PGRs are aiding in the increase of crop production, further boosting the crop profitability.
The key players in the market are focusing on new product launches, in order to cater to a wider consumer base and expand market share. Investments in the research and development of cheap and effective products is another strategy adopted by market leaders. the major North American Plant Growth Regulators Companies in the market are Bayer Crop Science, ADAMA Agricultural Solutions Ltd, Corteva Agriscience, Nufarm Ltd, and Syngenta AG.
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