The main objective of this report is to define, describe, and forecast the global “Plant Growth Regulators” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to report the global plant growth regulators market is projected to grow at a CAGR of 6% over the forecast period of 2018-2024.
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Pac O is the new name for OHP plant growth regulator
In august 2018, OHP is changing the name of its paclobutrazol-based plant growth regulator (PGR) to Pac O, effective immediately. Formerly known as Paczol, Pac O contains the same active ingredient (AI), same AI concentration (0.4%), same gallon size, and identical use-rate range recommendations. OHP will maintain Paczol state registrations in the near term until supplies are exhausted in the field.
Bayer completed the acquisition of Monsanto
In Jun 2018, German chemical and pharma major Bayer AG today announced the completion of the $63 billion mega-deal to acquire US-based biotech major Monsanto to create the world’s biggest agrochemical and seed company.
In India, both entities have a presence in the production and sale of vegetable seeds, cotton seeds as well as in production and sale of non-selective herbicides.
Rising consumer preference for organic food coupled with decreasing agricultural area are the major factors driving the Plant Growth Regulators Market
Plant growth regulators are used for controlling and enhancing the natural plant growth processes. Growing need to protect crops and growing investment in the agriculture are supporting factors boosting the Plant Growth Regulators Market. The rise in consumer awareness towards the healthy life is accelerating the demand for vegetables and fruits. This, in turn, is projected to fuel the growth of the market over the forecast period. However, Long Approval Period for New Products is anticipated to hamper the Plant Growth Regulators Market. Furthermore, growing demand for medical crops, flowers, and seeds to have a positive impact on the horticulture industry, this, in turn, is anticipated to provide significant growth opportunities for the market over the forecast period.
Asia pacific region to dominate the global Plant Growth Regulators Market over the forecast period
Among the geographic, Asia Pacific is a dominant region in plant growth regulators market followed by Europe. The factors such as a rise in agricultural investment in developing countries these countries contribute to the increasing demand for this market in the Asia Pacific region. In addition, agriculture plays an important role in the development of India economy. Decreasing agricultural land in India coupled with the rise in demand for organic food is also boost the market in this region. Growing government initiative in agriculture fields such as the establishment of the National Bank for Agriculture and Rural Development (NABARD) will boost the market. Growth in Europe is due to high exports of fruits and vegetables within the region and other regions. This in turn rise in demand for fruits and vegetables is likely to increase the growth of plant growth regulators market in order to increase crop yields.
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The prominent players in Plant Growth Regulators Market are WinField Solutions LLC., Tri-DWARF Industrial Co. Ltd., BASF SE, Bayer Crop Science, Sumitomo Chemical Australia Pty Ltd., NuFarm Ltd., Sichuan Guoguang Agrochemical Co. Ltd, Fine Americas Inc., Chemtura AgroSolutions, Valent BioSciences Corporation and Hangzhou Tianlong Biotechnology Co. Ltd.