In 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
Tough 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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