Plant Hormones Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The plant hormones market is expected to grow significantly, from an estimated $ 3.55 billion in 2024 to $ 6 billion by 2032. This translates into a CAGR of 6.7% for the forecast period. The main driving force behind this growth is the growing demand for high-yielding and quality crops, driven by the need to feed the growing population. In addition, new agricultural technologies such as precision farming and biostimulants are expected to further improve the efficacy of plant hormones, further boosting market growth. The main players in the plant hormones market, such as BASF SE, Syngenta AG and Bayer AG, are investing heavily in research and development in order to expand their product portfolio. In addition, strategic alliances with agricultural technology companies and the development of new formulations for different crops are also expected to boost market growth. Recent collaborations between the industry and digital agriculture companies, for example, are expected to increase the use of plant hormones in digital farming solutions, thereby strengthening the market position of plant hormones in the coming years.

Regional Market Size

Regional Deep Dive

Plant hormones market is growing rapidly in different regions, driven by rising demand for agricultural productivity, development in biotechnology, and a rising focus on sustainable farming practices. Each region has its own unique characteristics influenced by local agricultural practices, regulations, and economic conditions. Plant hormones market is also shaped by innovations in the application technology and an increasing awareness of the role of plant hormones in increasing crop yield and quality.

Europe

• The Green Deal, which is pushing for more sustainable farming, is causing a growing interest in natural plant growth regulators as an alternative to synthetic chemicals. This new regulatory framework is expected to boost innovation in this field.
• Companies such as Valagro and Biolchim are focusing on developing eco-friendly plant hormone products, aligning with the region's sustainability goals and consumer preferences for organic farming.

Asia Pacific

• China's Ministry of Agriculture has launched initiatives to promote the use of biostimulants, including plant hormones, to improve food security and agricultural efficiency. This government support is likely to boost market growth in the region.
• It is a good thing that India is now a haven for entrepreneurs who are keen on bio-based farming. Firms like AgriLife and AgroStar are making plant hormones and other biologicals to suit local crops.

Latin America

• Brazil's agricultural sector is increasingly adopting plant hormones to enhance crop yields, driven by the country's status as a leading exporter of agricultural products. This trend is supported by research institutions like EMBRAPA.
• Argentina is witnessing a rise in the use of biostimulants, including plant hormones, as farmers seek sustainable practices to improve soil health and crop productivity, reflecting a broader shift towards environmentally friendly agriculture.

North America

• Plant growth regulators have recently been given faster approval from the EPA, enabling new products to be brought to market faster. This change in the regulations is expected to encourage companies to increase their investment in R&D.
• Key players like BASF and Syngenta are actively investing in biostimulant technologies that incorporate plant hormones, reflecting a trend towards integrated solutions that enhance crop resilience and productivity.

Middle East And Africa

• The African Union's Agenda 2063 emphasizes agricultural transformation, leading to increased investments in agricultural technologies, including plant hormones, to enhance food production in the region.
• In the Middle East, companies like Emirates Bio Farm are exploring the use of plant hormones in hydroponic systems, showcasing innovative approaches to agriculture in arid environments.

Did You Know?

“Did you know that the use of plant hormones can increase crop yields by up to 30% in some cases, significantly impacting food production and security?” — International Journal of Agronomy

Segmental Market Size

Plant growth regulators are a relatively stable market. The demand for agricultural products is rising, and sustainable farming practices are required. The growth in the population will also increase the demand for food. The use of precision agriculture will increase the efficiency of plant growth regulators. The organic farming regulations are also driving the demand for natural plant growth regulators such as auxins and gibberellins, which are preferred because of their more natural profile. Plant growth regulators are already in a mature stage of development and use. The companies BASF and Syngenta lead the way in product development and distribution. North America and Europe are the most important markets. The main applications of plant growth regulators are the stimulation of growth, the development of resistance to stress and the ripening of fruit. For example, ethylene is used to ripen bananas and cytokinins are used to promote cell division in various crops. The trends in sustainable farming and organic farming are accelerating the growth. Biostimulants and genetic engineering are determining the future of this market.

Future Outlook

From 2024 to 2032, the Plant Hormones Market is expected to grow at a CAGR of 6.75%. This growth is due to the increasing demand for sustainable agricultural practices and the increasing use of precision farming. Auxins, gibberellins and cytokinins are expected to be widely used to increase crop yields and reduce the use of resources. Market penetration is expected to reach 30 percent by 2032, up from 18 percent in 2024. In addition, technological developments, such as the development of bio-based plant hormones and improved delivery systems, will further drive the growth of the market. In addition, supportive government policies that promote sustainable agriculture and the reduction of chemical inputs will also create a favorable regulatory environment for the use of plant hormones. Besides, the integration of biotechnology in crop management and the growing interest in organic farming will also lead to the development of the market. As these factors come together, the plant hormones market will continue to develop and provide lucrative opportunities for stakeholders in the agricultural value chain.