In 2019, the market demand value of plant growth regulator is expected to reach US $5.936 billion
A new report “Global Market Report of Plant Growth Regulator” issued by Transparency Market Research shows that the global demand value of plant growth regulator in 2012 was US $3.36 billion, which is expected to reach US $5.936 billion in 2019 and the compound annual growth rate will reach 8.5 percents.
More cotton will be produced with the development of textile industry and the demand growth of organic food will also lead to the development of organic agriculture, both these two factors will increase the demand of plant growth regulator in the forecast period. With the promotion of globalization degree and the increasing demand of growing profits, the agrochemical industry will be forced to make significant changes and all the companies will emphasis on developing innovative and little damaging growth regulators in plants and other plant protection products. Due to farmers’ preferences for fertilizer and other agrochemical products, agrochemical market development will be limited. However, the economic friendly plant growth regulator will provide new development opportunities for this market.
In 2012, cytokinin occupied more than 40 percents of the market shares. With the development of Chinese herbal medicine industry, the increasing demand of medicinal plant has stimulated the development of plant hormones market. Therefore, the cytolinin market is expected to develop rapidly in the forecast period. As auxin can promote the growth of cotton and other various crops as well as increase the output, it has become the second biggest product in the plant growth regulator industry. In view of the development of textile industry, mepigtlat-chloride, gibberellin and other plant hormones that used on the cotton are expected to gain significant growth.
As European consumers have increased their demands for the organic food and economic friendly agrochemical products, they have become the biggest consumer of plant growth regulator. Asia-Pacific region is expected to become the fastest growth area in consuming the plant growth regulator, of which the compound annual growth rate has reached 9.2 percents. China, India and other Asia-Pacific emerging countries are expected to occupy the leading share of market due to their heavy demand of plant hormones on cotton.