Northbrook, IL -- (SBWIRE) -- 09/21/2021 -- The plant growth regulators market is projected to grow at a CAGR of 6.8% from 2017, to reach a value of USD 2.93 billion by 2022. The global demand for plant growth regulators is increasing significantly due to the growing demand for organic food. The market is further driven by factors such as rise in the need for food security for the growing population, advancement in farming practices and technologies, and high opportunities in developing countries.

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On the basis of type, the global market was led by the cytokinins segment in 2016. Cytokinins provide benefits such as delayed plant aging and prevention of leaf senescence. Cytokinins are applied in a higher concentration during the growth period of mature plants. Cytokinins also find wide usage in the North American and Asia Pacific countries.

The plant growth regulators market, on the basis of crop type, is segmented into fruits & vegetables, cereals & grains, oilseed & pulses, and turf & ornamentals. The fruits & vegetables segment accounts for the second largest market share; this can be attributed to the growing health-consciousness among consumers and their rising income levels. In North America and Europe, growing health concerns are driving the demand for fruits and vegetables, as consumers prefer healthier and more nutritious diet options.

The global market, based on formulation, is segmented into water-dispersible & water-soluble granules, solutions and wettable powders. The water-dispersible & water-soluble granules segment accounted for the largest market share. Water-dispersible granules provide greater stability and ease of handling during supply chain activities; they are projected to be fastest-growing formulations in the market in agriculture.

The market is segmented, on the basis of function, into plant growth promoters and plant growth inhibitors. Plant growth promoters have a positive or beneficial effect during plant growth stages. The growth of this segment is attributed to the increasing demand for plant growth promoters in various fruits & vegetables to enhance the flowering process for increased yield. The growth inhibitors are used to inhibit plant growth processes such as root & steam elongation, seed germination, and bud opening.

Europe and Asia Pacific are the dominant regions in the plant growth regulators market. The major countries contributing significantly toward the growth of the Asia Pacific region include China, Japan, India, and Australia & New Zealand. The increasing demand for organic food is further expected to boost the market.

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The leading players in the plant growth regulators market are considered for this study. A brief description of the companies and their products are mentioned in the company profiles. Detailed insights about the key strategies and recent developments adopted by these companies to attain a strong position in the market are also provided. The key players that are profiled in this report include BASF (Germany), Dow Chemical (US), Syngenta (Switzerland), FMC Corporation (US), and Nufarm (Australia). Other players include Bayer CropScience (Germany), Nippon Soda (Japan), Tata Chemicals (India), Valent Biosciences (US), Xinyi Industrial (China), ADAMA (Israel), Arysta LifeScience (France), Sumitomo Chemical (Japan), and WinField Solutions (US).This report is targeted at the existing industry players, which include the following:

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