Europe Plant Growth Regulators Market - Growth, Trends and Forecast (2020 - 2025)

The Europe Plant Growth Regulator Market is estimated to register a CAGR of 8.3% during the forecast period 2020-2025. The organic food industry, which is growing at a healthy growth rate, and stress from governments and government organizations on sustainable farming are the major driving force of the plant growth regulators industry. Regulatory constraints in terms of product specification and registration along with comparatively minimal product innovation in the sector may act as obstacles to the market.

Key Market Trends

Increasing Organic Farming

According to the United States Department of Agriculture (USDA), The demand for plant growth regulators in Europe was considerably high in 2019 due to the big scale of organic farming industry where specific plant hormones such as cytokinin, Auxins, and gibberellins are utilized in several methods of farming. The organically managed permanent pasture area is highest in Spain, Germany, the United Kingdom, and the Czech Republic, with at least 400,000 hectares managed in each country. Organically managed pastureland, used for livestock, represents a major element of Europe’s organic land area. Cereals like corn and wheat are showing major growth, along with perennial crops like olives and grapes. Approximately 70% of the consumers trust organic products on the belief that organic farming methods address animal welfare, environmental, and rural development concerns.

Export is Dominating The European Market in Terms Of Value

According to the International Trade Centre (ITC) in 2019, Europe is the largest market accounting for around 45% of the market share. Growth in the consumption of organic food is driving the market in this region. Countries such as France, the United Kingdom, Germany exports the highest value of export followed by Spain, the UK, and France. According to the International Trade Centre, in 2018, Germany exported Plant Growth Regulators worth USD 4,339,509 thousand, up from USD 3,981,287 thousand in 2016. Some countries such as the United States and Poland are the major importing countries of Plant growth regulator with France holding a major share among all. The export of plant growth regulators in Europe is mainly intra-export oriented.

Competitive Landscape

The key players in the market are focused on new product launch to cater to a wider consumer base and expand market share. Investment in R&D of cheap effective products is another strategy adopted by market leaders. The major players in the market are BASF SE, Bayer Crop Science, Corteva Agriscience, etc.

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