BASF (Germany) and Syngenta (Switzerland) are the Key Players in the Plant Growth Regulators Market

The key players profiled in the plant growth regulators market, which have a strong global presence 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), and Arysta LifeScience (France).

The key market players adopted various growth strategies such as expansions, mergers & acquisitions to cater to the increasing demand for plant growth regulators. Companies have been expanding their operations in various geographies across the globe to establish themselves as leading players in the plant growth regulators market.

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Based on type, the plant growth regulators market has been segmented into cytokinins, auxins, gibberellins, and ethylene, wherein the gibberellins segment is projected to grow at the highest CAGR during the forecast period. There is a total of 80 different gibberellin compounds which exist in plants; however, only gibberellic acid (GA3) and GA4+7 compounds are the most popularly used varieties. Gibberellins are available in around 126 forms, not only in plants but also in fungi and bacteria. The wider availability and efficiency to induce growth in smaller quantities makes it as the fastest-growing segment.

Plant growth regulators or phytohormones are segmented as plant growth promotors and plant growth inhibitors as per their functionality. The plant growth promoters segment accounted for a larger share of the global plant growth regulators market in 2017. Some of the most popular plant growth promoters include auxins, gibberellins, and cytokinins. They help in growth and development during flowering, fruiting, root initiation, and overall increase in yield. Plant growth promoters are used in various fruit & vegetables to enhance the flowering process. With the growing demand for high value crops such as fruits, the demand for plant growth promotors is also increasing.

Companies such as BASF and FMC Corporation are focusing on expanding their plant growth regulator manufacturing capacity to strengthen their presence in the market. Some key companies also adopted strategies such as agreements and acquisitions to expand their reach geographically.

Syngenta, one of the global leaders in the plant growth regulators market, offers a wide range of plant growth regulator products to increase crop yield and improve food quality. The company has advanced manufacturing facilities in Switzerland, the US, UK, France, India, China, and Brazil. Syngenta focuses on strengthening its market position by adopting strategies such as expansions by setting up new facilities as well as expanding the capacities of its existing facilities. In October 2016, Syngenta set up production facilities in Brazil and Switzerland, which expanded its production capacity to cater to the increasing demand for plant growth regulators in these countries.

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BASF provides plant growth regulator products based on natural plant hormones such as cytokinins, gibberellins, auxins, ethylene, and abscisic acid for various applications such as stimulation of cell multiplication in roots and tillers, development of all plant organs, elongation & division of cells, and inhibition of plant growth and ripening. The company invests in expansions for the development of new facilities to cater to its widespread customer base and focuses on establishing new facilities to stay ahead of its competitors. In April 2016, the company set up an R&D center in Germany for the development of biological crop protection and seed solutions. In September 2017, BASF set up a manufacturing facility in Canada. This expansion helped the company to provide plant growth regulators across the North American and European markets.

India and China being the most populated countries led to higher demand for food in the region resulting in adoption of practices such as use of plant growth regulators. In 2017, the Asia Pacific region accounted the higher share in the global market for plant growth regulators. According to MarketsandMarkets, factors such as rapid technical advancements, government encouragement for organic farming, and increase in crop production drives the plant growth regulators market in the Asia Pacific region. Plant growth regulators are receiving acceptance as they are expected to increase long-term agricultural productivity and help realize the goal of food self-sufficiency.

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