(I-BusinessNews.Com, April 01, 2020 ) The report “Plant Activators Market by Crop Type (Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses, Turf & Ornamentals), Mode of Application (Foliar Spray, Soil Treatment), Source (Biological, Chemical), Form, and Region – Global Forecast to 2023″, The plant activators market is estimated at USD 636.76 Million in 2018 and is projected to reach a value of USD 878.38 Million by 2023, at a CAGR of 6.6% from 2018 to 2023.
The market is driven by factors such as growing consumer preference for organic foods, new product registrations, decrease in arable land, and technological advancements in the agricultural industry. On the other hand, lack of awareness, increased prices of raw materials, and high R&D costs are the key factors hindering the growth of this market. This indicates that there is immense scope for the growth of the plant activators market, globally.
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On the basis of source, the biological segment dominated the plant activators market in 2017. Biological plant activators play an important role in plant growth as they help improve nutrient use efficiency. Biological products are made from naturally occurring substances that can work alone as well as complement traditional methods of plant production and protection. Their benefits include improving crop nutrient, promoting growth & yield, and providing insect control and disease protection. The high cost of developing new chemical pesticides, increase in insect & weed resistance to chemical treatments, and high regulatory pressure to limit chemical usage with respect to ecosystem damage have contributed to the need for these biological products
On the basis of crop type, the fruits & vegetables segment accounted for the largest market share; this can be attributed to growing health-consciousness among consumers and rising incomes which result in increased consumption of a wide variety of products, particularly fruits & vegetables. The rise in the production of fruits & vegetables results in an increased demand for plant activators. The high export potential of these products has also led to an increase in production levels. In North America and Europe, health concerns are driving the demand for organic fruits & vegetables, as consumers prefer healthier and more nutritious options in their diet.
On the basis of form, the market was led by the solutions segment in 2017. Solution compositions, also known as flowable concentrates, are mainly in the form of emulsifiable suspensions or soluble liquid concentrates. Solution formulations are mainly preferred as they do not cause dust formation on spraying, do not cause toxicity or flammability, provide high efficiency due to smaller particle size, and low packaging volume. Moreover, foliar spray is the most widely used mode of application owing to its ease of application and high effectiveness.
Europe accounted for the largest market share for plant activators in 2017. Owing to the decreasing agricultural land in Europe, optimization of available arable land has gained increasing importance in the region, which, in turn, drives the demand for plant growth regulators. Plant activators have been receiving wide-scale acceptance as they are expected to increase long-term agricultural productivity and help realize the goal of food self-adequacy.
The Asia Pacific region is an emerging market with investments from several multinational manufacturers, especially in countries such as China, New Zealand, and Japan.
The availability of plant activator products still remains limited in the market, due to different regulations being prevalent in different countries. Moreover, there is a high dependence on chemical products in developing regions. These factors are expected to restrain the growth of the plant activators market.
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Companies such as Syngenta (Switzerland), Isagro (Italy), Plant Health Care (US), Arysta LifeScience (US), and Nihon Nohyaku Co., Ltd. (Japan) have acquired leading market positions in the market through the provision of a broad portfolio, catering to the varied requirements of the market, along with a focus on the diverse end-user segments. They are also focused on innovation and are geographically diversified.
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