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Plant Hormones Market Trends

ID: MRFR//3676-HCR | 110 Pages | Author: Sakshi Gupta| July 2024

Plant Hormones Market Overview


Plant Hormones Market Size was valued at USD 2.8 Billion in 2023. The Plant Hormones market industry is projected to grow from USD 3.5588 Billion in 2024 to USD 6.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.75% during the forecast period (2024 - 2032). Government support for increased crop output is growing, and diverse pest and insect species are developing more resistance to pesticides, are the key market drivers enhancing the market growth.


 


Plant Hormones Market1


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Plant Hormones Market Trends



  • Rising need for enhanced crop productivity backed by government support is driving the market growth


The market for plant growth regulators is expected to increase as a result of the rising demand for improving agricultural yield and rising consumption. The COVID-19 epidemic has increased demand for cereals on a scale. The principal producers of cereals worldwide are China, India, the United States, Russia, Brazil, Argentina, Indonesia, and France. The most common cereals in the world are corn, wheat, sorghum, rice, oats and rye. Worldwide, there is a significant demand for all types of crops, most notably grains, as a result of rising population and shifting consumer habits. The increased output of cereals in Asian nations like China and India is due to both the availability of high-yielding grain varieties and significant advancements in crop production techniques.


Pesticide resistance is currently evolving in insects, weeds, and illnesses due to excessive overuse of pesticides. Farmers that use the same pesticides frequently eradicate the majority of the population who is vulnerable to the toxin. However, when the same pesticides are treated repeatedly and widely over time, the population as a whole becomes resistant to the pesticide due to the rapid population growth of these resistant individuals. When many pesticide applications are made to fields, weeds that have developed tolerance to many of them become superweeds and pose a severe threat to farmers. The prevalence of herbicide resistance is rising, and some regions may have many different herbicide-resistant weed species growing in their fields, making weed control even more challenging. 25 weed species that are herbicide-resistant have already been found by experts in the US alone. Alopecurus monureides, a single weed in the UK, affects the yield of this cereal crop by up to 800,000 tonnes, according to the Chemistry World blog of April 2021. This represents a cost of USD 449.2 Million (£380 million) per year in lost income to farmers.


However, agrichemical corporations release new formulations of several herbicides rather than addressing the underlying causes of resistance. These new formulations occasionally include older, riskier substances like 2,4-D, dicamba, and atrazine. The quantity of chemicals sprayed on crops may significantly rise as a result of these reformulations. Depending on how they are sprayed, some pesticides can stray from their intended target and harm other crops. For instance, the EPA approved dicamba in 2017 for aerial spraying with soybean seeds that had been genetically modified to be resistant to the pesticide, replacing its prior approval for just ground spreading. Farmers had high hopes for dicamba as a weapon to combat glyphosate-resistant superweeds, but things rapidly turned sour because dicamba is very volatile even when used as directed on the label. It may transform back into gas, drift over a distance of several kilometres, and destroy or harm any plant matter wherever it falls. In one instance, dicamba drift harmed 25 states' worth of vegetables, fruits, and trees in addition to 3.6 million acres of non-resistant soybeans in nearby fields. Thus, driving the Plant Hormones market revenue.


Plant Hormones Market Segment Insights


Plant Hormones Type Insights


The Plant Hormones market segmentation, based on Type, includes Auxins, Cytokinins, Ethylene, Gibberellins, and Others. Cytokinins segment dominated the market in 2022. Many aspects of plant growth and development, including shoot and root growth, cell division and differentiation, senescence, apical dominance, sensitivity to abiotic and biotic stresses, and fruit and seed development, are known to be favourably impacted by the use of cytokinins.


Plant Hormones Formulation Insights


The Plant Hormones market segmentation, based on Formulation, includes Solutions, Granules, Wet Powders, and Others. Granules segment dominated the market in 2022. Water-dispersible granules provide increased stability and handling convenience during supply chain activities. They are anticipated to experience the agricultural market's fastest growth.


Plant Hormones Function Insights


The Plant Hormones market segmentation, based on Function, includes Growth Promoters and Growth Inhibitors. Growth promoters segment dominated the Plant Hormones market in 2022. When plants are in their growth stages, plant growth boosters have a favourable or advantageous influence. This sector has grown as a result of the rising need for plant growth promoters in various fruits and vegetables to speed up the flowering process and boost output.


Plant Hormones Application Insights


The Plant Hormones market segmentation, based on Application, includes Fruits & Vegetables, Cereals & Pulses, Oilseeds & Grains, and Others. Cereals & pulses segment dominated the Plant Hormones market in 2022. When it comes to the production of grain, plant growth regulators are common goods. Despite the fact that these products are more commonly used in European nations, the registration of new plant growth regulators and the expansion of cereal-related research in other international markets, including Western Canada, are signs of the growing use of these regulators on cereals globally.


Figure 1: Plant Hormones Market, by Application, 2022 & 2032 (USD Billion)


Plant Hormones Market, by Application, 2022 & 2032 (USD Billion)1.jpg


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Plant Hormones Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Plant Hormones Market dominated this market in 2022 (45.80%). The North American industry is being pushed by rising produce crop consumption, especially in the U.S. The main produce crops in the United States are corn, cotton, fruit, tree nuts, soybean & oil crops, wheat, and pulses. Given that it is one of the top exporters of agricultural goods worldwide, Canada is likewise experiencing a major increase in demand for all PGRs. Western Canada's agriculture industry has evolved over time, both in terms of what is farmed and how it is grown. In Western Canada, there are two main groups of PGRs that are commercially available: ethylene-releasing agents and gibberellin inhibitors. Further, the U.S. Plant Hormones market held the largest market share, and the Canada Plant Hormones market was the fastest growing market in the North America region.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: PLANT HORMONES MARKET SHARE BY REGION 2022 (USD Billion)


 


PLANT HORMONES MARKET SHARE BY REGION 2022 (USD Billion)1.jpg


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe Plant Hormones market accounted for the healthy market share in 2022. In the UK, using PGRs is a popular practise. The Government of Alberta's 2018 report states that every year, PGRs are used on about 84% of the total winter wheat acres in the U.K. Further, the German Plant Hormones market held the largest market share, and the U.K Plant Hormones market was the fastest growing market in the European region


The Asia Pacific Plant Hormones market is expected to register significant growth from 2023 to 2032. This is due to the region's increased disposable income and rising level of living. In Asia Pacific, China is the country where plant growth regulators are most often used. High agricultural productivity is required due to the country's constantly growing population, which increases product demand. Moreover, China’s Plant Hormones market held the largest market share and the Indian Plant Hormones market was the fastest growing market in the Asia-Pacific region.


Plant Hormones Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Plant Hormones market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Plant Hormones industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Plant Hormones industry to benefit clients and increase the market sector. In recent years, the Plant Hormones industry has offered some of the most significant advantages to medicine. Major players in the Plant Hormones market, including BASF SE, Syngenta AG, The Dow Chemical Company, Nufarm Australia Ltd., FMC Corporation, Bayer CropScience AG, Adama Agricultural Solutions Ltd., Tata Chemicals Ltd., Shanghai Xinyi Industry Co., Ltd., and Valent BioSciences Corporation, are attempting to increase market demand by investing in research and development Types.


The goal of Valent Biosciences, a manufacturer of pesticides and insecticides, is to conduct research, develop, and market ecologically friendly technology and goods. To increase agricultural output and safeguard public health, the company is concentrating on developing a portfolio of bio-rational solutions that are either naturally occurring or chemically produced. This will allow its clients to access the answer for an improved forest environment and compatible environment. The distribution agreement between Valent Canada Inc. and Nufarm Agriculture Inc. in Canada has been renewed for an additional five years as of June 2022.


Chemicals and chemical-based goods are produced and sold by Sumitomo Chemical Co Ltd. By kind of product, the company is divided into six sectors. Propylene and polypropylene, which are used in car seat cushions and interior panels, are among the many items sold by the petrochemicals and plastics division, which generates more income than any other segment. The pharmaceutical industry sells drugs to treat cancer, infectious diseases, diabetes, and neurological conditions. Compound semiconductors and polarising films are sold by the IT-related chemicals category for usage in LCD displays on smartphones and TVs. The remaining three categories are "others," "energy and functional materials," and "health and crop sciences."


Key Companies in the Plant Hormones market include



  • BASF SE

  • Syngenta AG

  • The Dow Chemical Company

  • Nufarm Australia Ltd.

  • FMC Corporation

  • Bayer CropScience AG

  • Adama Agricultural Solutions Ltd.

  • Tata Chemicals Ltd.

  • Shanghai Xinyi Industry Co., Ltd.

  • Valent BioSciences Corporation


Plant Hormones Industry Developments


April 2020: In the UK, BASF debuted Attraxor, a plant growth regulator for turf and other kinds of grasses. Prohexadion(10%w/w) is the primary component.


Plant Hormones Market Segmentation


Plant Hormones Type Outlook



  • Auxins

  • Cytokinins

  • Ethylene

  • Gibberellins

  • Others


Plant Hormones Formulation Outlook



  • Solutions

  • Granules

  • Wet Powders

  • Others


Plant Hormones Function Outlook



  • Growth Promoters

  • Growth Inhibitors


Plant Hormones Application Outlook



  • Fruits & Vegetables

  • Cereals & Pulses

  • Oilseeds & Grains

  • Others


Plant Hormones Regional Outlook


North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America


 

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