Cytokinins Market: Introduction
Cytokinins is an agrochemical that is employed as a plant growth hormone. It promotes cell division in plant shoots and roots. Cytokinins is useful in plant growth promotion by means of cell division; growth of lateral buds; fruit abscission; leaf expansion; delay of leaf senescence; chloroplast development; and enhancement of stomatal opening. Cytokinins is selected based on crop type and soil type. It also used in fixing the wounded part of the plant.
Rise in demand for organic food and increase in popularity of herbal products in medicine and cosmetic industries are driving the demand for cytokinins, as these provide improved results primarily on commercial crops. Growth in the cotton industry is also anticipated to fuel the demand for cytokinins during the forecast period. However, higher costs of cytokines compared to conventional plant growth chemicals is anticipated to hamper the global cytokinins market. Key players have an opportunity to develop economical production process and ecological synthesis of cytokinins to gain competitive advantage.
Global Cytokinins Market: Segmentation
The global cytokinins market can be segmented based on type, function, end-use industry, and region. In terms of type, the cytokinins market can be bifurcated into adenine-type and phenyl-type.
Based on function, the cytokinins market can be divided into cell division, seed dormancy, senescence, and others (including fruit & seed development). Increase in research & development activities to boost the crop yield is anticipated to fuel the cell division segment owing to its improved results with minimal environmental hazard compared to chemical based fertilizers.
In terms of end-use industry, the global cytokinins market can be classified into agriculture, health care, cosmetics, and others (including turf & ornaments). Growth in population is propelling the demand for food across the globe. Innovations in agrochemicals and rise in acceptance of advanced products in developing countries such as China and India are augmenting the demand for plant growth regulators, especially for fruits & vegetables and cereals & grains crops. This, in turn, is projected to drive the agriculture segment of the global cytokinins market.
Global Cytokinins Market: Regional Outlook
In terms of region, the global cytokinins market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounts for large share of the global cytokinins market. Europe held key share of the global cytokinins market in 2018 due to the increase in demand of organic food and implementation of stringent environmental regulations against hazardous chemical based products. The European Union has imposed restrictions on the use of chemical-based fertilizers. This has positively impacted the demand for cytokinins in Europe owing to its minimal environmental impact.
The cytokinins market in Asia Pacific is anticipated to expand at significant pace during the forecast period. Countries such as China and India have vast agricultural and farming land, as farming is a major occupation in these countries. Increase in awareness about the nutrition of crops has led to an improvement in crop yield. This has boosted the consumption of agrochemicals in the Asia Pacific. Rise in population in countries such as China, India, and Indonesia and government support in the form of subsidies are propelling the demand for crop growth enhancers. This, in turn, is projected to fuel the cytokinins market in Asia Pacific during the forecast period.
Global Cytokinins Market: Competitive Landscape
The global cytokinins market is fragmented; large numbers of global and local players operate in the market. Key players operating in the global cytokinins market include BASF SE, Bayer AG, Redox Industries, Xiny(H.K.) Industrial Co., Ltd, Sichuan Guoguang Agrochemical Co. Ltd, and NuFarm Ltd.