ID: MRFR/AGR/3676-HCR | 110 Pages | Author: Sakshi Gupta | June 2023
Plant Hormones market is projected to register a CAGR of 10.2% and reach a value of USD 4.97 billion by 2030
Plant hormones market size is anticipated to reach USD 4.97 billion by 2030, registering a CAGR of 10.2% during 2022-2030. Plant hormones are the chemicals used to enhance product quality and marketability and help the farmers in various ways by reducing the labor work like pruning, pinching, maintenance, and helps in ripening, cell division, elongation of root and shoot, and flowering. These plant hormones are highly needed in low concentrations which stimulate the propagation of plant tissues. Auxins, cytokinins, ethylene, and gibberellins are the most commercially available plant hormones in the global market.
COVID-19 Analysis of Plant Hormones Market
The control the spread of the COVID-19 pandemic, people need to follow a few essential regulations like maintaining social distance, covering the face with a mask most of the day-time, using sanitizer and washing the hands regularly, avoiding tours, weddings, and any type of occasions where most of the people gather and has the risk of affecting the coronavirus from each other. The government has imposed stringent regulations such as lockdowns, transportation bans, manufacturing sectors and education sectors off, and many more to control the spread of the virus.
The plant hormones market is declined its growth due to the implementation of lockdowns in various countries. Due to this lockdown, various business sectors and manufacturers faced a lot of problems like shortage of workers, lack of raw materials, supply chain disruptions which reduces the production of plant hormones and reduces the demand for the market. Rapidly, due to the benefits offered by the plant hormones like improving crop productivity which is an essential part of providing a huge amount of food to the growing population, the demand for the plant hormones market has increased.
Growing demand for agricultural products like cereals & pulses, fruits & vegetables, and other crops is the major driving factor of the plant hormones market. Growing demand for products related to crop products leads to an increase in the demand for plant hormones. These hormones improve the natural plant growth processes and are essential to gain better agricultural production.
Moreover, the growing demand for cotton with the rise of the textile industry growth and the rise of the organic farming industry is expected to increase the growth of the market during the assessment period. Ethylene is used for improving flower production. By the use of plant hormones in farming results in an increase in crop productivity is boosting the growth of the global market.
The long gestation period to implement new products is one of the major restraining factors of the plant hormones market. The approval process of the plant hormones market is lengthy and took a long time period due to residual effects and field trials. Due to the increased cost of production, there is an increase in product prices. Thus the reduced profit margin is hindering the growth of the market.
Availability of better financial resources, rising access of farmers, and increasing investments in the agriculture sector create the opportunity to propel the growth of the plant hormones market. The enhancement of the product with advanced technologies is predicted to boost the growth of the market.
Lack of awareness among the farmers regarding the benefits of plant hormones is a challenging factor of the market. To overcome this challenge, farmers can gain knowledge about the plant hormones market by choosing the right distribution channel.
Study Objectives -
The plant hormones global market has been divided into segments based on type, function, formulation, application, and region.
Based on Type
Based on the type, the global plant hormones market is divided into cytokinins, auxins, ethylene, gibberellins, and others. Among these types, the cytokinins segment is holding the largest market share and is further followed by ethylene. This cytokinins hormone prevents leaf senescence and delays plant aging. These are applied in higher concentrations during the mature plant’s growth period.
Based on Formulation
The global plant hormones market by formulation is classified into granules, solutions, wet powders, and others. Out of these formulations, the solutions segment is in a leading position in the market and it is followed by the granules segment. The granules formulation is predicted to be the fastest-growing segment in the market for its greater stability and can handle easily during supply chain activities.
Based on Function
By function, the global plant hormones market is bifurcated into two types as growth inhibitors and growth promoters. Due to the rise in demand for agricultural products in the increasing population and the rise in demand for growth promoters in fruits & vegetables for increasing the yield, the growth promoters segment accounts for the largest market share.
Based on Application
The plant hormone market by application is analyzed into cereals & pulses, fruits & vegetables, oilseeds & grains, and others. Due to the increasing health consciousness among the consumers and growing consumption of fruits & vegetable products in various food items and medicines.
Based on Region
Region-wise, the global plant hormone market is divided into Europe, Asia-Pacific, North America, and the rest of the world. Among these regions, Europe is holding the largest plant hormones market share for the presence of the cotton textile industries present in the UK, Germany, and France.
Regional Analysis -
Globally, the plant hormones market based on regions is segmented into Europe, Asia-Pacific, North America, and the rest of the world. Out of these regions, Europe is accounting for the largest market share due to the presence of emerging countries like the UK, Germany, and France which includes the major proportion of the cotton textile industry. In addition to that, the growing demand for pulses, grains, and oilseeds in these regions is predicted to accelerate the plant hormones market growth in this region during the forecast period. To increase the residue level in agricultural soil, plant hormones give the best results as they are more environmentally friendly and make the European region one of the major residue-free plant hormones regions. The United States Department of Agriculture(USDA) states that in 2021, the demand for plant hormones industry in Europe is very high due to the usage of specific plant hormones like auxins, cytokinins, and gibberellins in various methods of farming.
The high availability of cultivating land for organic farming has boosted the demand for plant hormones in the Asia-Pacific region. Moreover, the rising demand for fruits and vegetables with the growing population is boosting the growth of the plant hormones market in this region. North America is also holding the largest market share in the year 2021 as valued at USD 17.44 billion for organic fruits & vegetables. According to the Organic Trade Association report, in 2021, in the US, organic food sales are registered as USD 40 billion and also hold 5% of total food sales.
The prominent key players in the plant hormones market trends are the following:
An innovation of a group of plant hormones is discovered and identified named as strigolactones. These are crucial for the branching of the plants. Currently, there are two families of strigolactone (SL), one is the stereochemistry of (+) - strigol, and the second one is (-)-orobanchol, the naturally abundant SL. The development of cut flowers or tomato plants with fewer or more branches is an example of strigolactones.
This global plant hormones market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the plant hormones global market drivers, restraints, challenges, and opportunities. The plant hormones global market forecast segments are type, function, formulation, application, and region.
The plant hormones market trends have been segmented globally based on the type, function, formulation, application, and region.
Auxins, cytokinins, ethylene, gibberellins, and others.
Solutions, granules, wet powders, and others.
Growth promoters and growth inhibitors.
Fruits & vegetables, cereals & pulses, oilseeds & grains, and others.
The four main geographies included in this market are Asia-Pacific, Europe, North America, and the rest of the world
|Market Size||USD 4.97 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Formulation, Function, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), Syngenta AG (Switzerland), The Dow Chemical Company (U.S.), Nufarm Australia Ltd. (Israel), FMC Corporation (U.S.), Bayer CropScience AG (Germany), Adama Agricultural Solutions Ltd. (Israel), Tata Chemicals Ltd. (India), Shanghai Xinyi Industry Co., Ltd. (China), Valent BioSciences Corporation (U.S.)|
|Key Market Opportunities||Availability of better financial resources, Rising access of farmers, Increasing investments, Enhancement of the product with advanced technologies|
|Key Market Drivers||Growing demand for agricultural products, Increase in demand as crop productivity increases|
Plant hormones market is projected to grow at a 10.2% CAGR between 2022-2030.
Europe is projected to have the largest share in the plant hormones market.
BASF SE (Germany), Syngenta AG (Switzerland), The Dow Chemical Company (U.S.), Nufarm Australia Ltd. (Israel), FMC Corporation (U.S.), Bayer CropScience AG (Germany), Adama Agricultural Solutions Ltd. (Israel), Tata Chemicals Ltd. (India), Shanghai Xinyi Industry Co., Ltd. (China), Valent BioSciences Corporation (U.S.) are some of the top players in the global plant hormones market.
Fruits and vegetables will lead the plant hormones market.
Availability of cost-effective alternatives may limit the plant hormones market growth.
Key Questions Answered
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