spite of the robust demand in Europe and America are mature markets for Plant Growth Regulators and are poised
to exhibit sluggish growth in coming years. These markets are tapped by
existing products and market players are
not keen to invest in research activities for research and development of
new active ingredients due to lengthy process required for new product
registration and approvals. The other factor restraining the investment from
the manufacturers is the high level of uncertainty in economic success of the products.
Developing a product with new active ingredient is complex and also includes
high cost and requires more time for field testing. These companies are
exploring new revenue pockets in the emerging economies by targeting their
existing product portfolio with changes in formulations and concentrations.
- Robust Demand for Organic Products and
Tough Government Regulations May Hinder the Growth
government regulations in developed nations are limiting the use of plant
growth regulators and other plant protection chemicals that have an adverse
impact on environment. In 2009, the European Union banned the use of
Diphehylamine, a plant growth regulator, owing to apprehensions regarding consumer’s
exposure to toxic breakdown. Also, the rising awareness among the consumer on
side-effects of consuming food crops grown with the help of synthetic hormones
restrains them from using such food crops. It is also creating their interest
in organic food crops or food crop grown using less chemicals. Nevertheless,
the regulations are not much stringent in developing economies such as China
and India. These countries are poised to exhibit a strong growth in future and
hold various opportunities for the PGR’s manufacturers. However, it is expected
that these countries will also adopt stringent regulations as of Europe and
U.S. in coming years that will hinder the growth of PGR’s market in these
regions as well.
- Plant Growth Regulators (PGR)
Market By PGR Type (Cytokinins, Auxins, Gibberellins, Ethylene/Ethylene
Releasers, Mepiquat Chloride); By Crop Type (Row Crops, Fruits and Vegetables,
Turfs and Ornamentals) & By Geography - (2015 – 2020)
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