Plant growth regulators market share is expected to grow at a rapid pace in the forthcoming years owing to the rise of investments in the agricultural sector coupled with the increasing awareness regarding plant growth regulators. Additionally, the rise in demand for food is propelling the global agricultural produce thereby requiring crop production chemicals like plant growth regulators to enhance the productivity. According to a report by Global Market Insights, Inc., plant growth regulators market size is slated to exceed USD 9.7 billion by 2025.
The rising investment in agricultural sector globally is a vital factor propelling plant growth regulators industry size. Increasing awareness regarding plant growth regulators and product marketing by the manufacturers are also important factors driving the market share. The demand for agricultural produce has seen a substantial uptick in the recent times owing to the shift in dietary pattern of consumers demanding an enhanced crop productivity.
In Europe, the rising development of industrial and commercial spaces has led to a decline in agricultural land. Hence, the government authorities are encouraging the use of plant growth regulators to boost plantation within the available arable land. According to reports, the European Union may invest an estimated amount of USD 426 billion under its Common Agricultural Policy (CAP) in forthcoming years. Thus, the investments made by the government authorities to strengthen their agricultural sector globally is benefiting the growth prospects of plant growth regulators market.
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Reportedly, cereals and grains are likely to amplify plant growth regulators market in the coming years. According to a report by World Bank, in the year 2000, the production of cereals was estimated at 2.053 billion metric tons and by 2015, it reached 2.849 billion metric tons. Evidently, cereals constitute a major part of human diet in several countries. The increase in production of cereals will strengthen plant growth regulators market outlook in the forecast years. Additionally, grains like pulses and oil seeds will boost plant growth regulators market due to their steadily increasing demand in countries like China, India, Indonesia, and Taiwan.
The growing demand for food in the Asia Pacific countries and the rise in expenditure in agricultural sector will drive plant growth regulators market in this region. For instance, a loan of USD 450 billion has been sanctioned by the Agricultural Development Bank of China to enhance the Chinese agricultural market by 2020. Due to this, the farmers are willing to adopt crop production chemicals like plant growth regulators to increase the agricultural produce of tobacco, cotton, grains, fruits, etc. in China. Moreover, the surging population in APAC countries is increasing the demand for agricultural produce, thereby boosting the usage of bio-based stimulators and plant growth regulators.
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