Plant Hormones Market Research Future Insights
The Global Plant Hormones Market is expected to grow at a 10.2% CAGR and is evaluated to be worth USD 4.97 Billion by the end of 2032.
Plant hormones are the chemicals applied to improve product quality and marketability and help the farmers in various ways by reducing labor work like pruning, pinching, and maintenance, and help in ripening, cell division, elongation of root and shoot, and flowering. These plant hormones are highly required in low concentrations which stimulate the propagation of plant tissues. Auxins, Cytokinins, Ethylene, and Gibberellins are the most commercially available plant hormones in the general market.
Rising demand for agricultural products like cereals and pulses, fruits and vegetables, and other crops is a significant driving factor in the plant hormones market overview. Growing demand for products related to crop products leads to a rise in the demand for plant hormones.
The rising demand for cotton with the growth of the textile industry growth and the rise of the organic farming industry is anticipated to increase the growth of the market during the evaluation period. Ethylene is used for enhancing flower production.
Spraying of the product on the flower of tomato, eggplant, pepper, cucumber, melon, and pumpkin in varied concentrations promotes fruit growth and increases production. Surging demand for organically produced goods is braced to fuel the demand for plant growth regulators over the forthcoming years.
Key Players
The Global Plant Hormones Market key players are 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.)
Market Segmentation
The global plant hormones market overview is segmented based on the following;
By Type: Auxins, Cytokinins, Ethylene, Gibberellins, and Others
By formulation: solutions, granules, wet powders, and others.
by function: growth promoters and growth inhibitors
By Application: Fruits, Vegetables, Cereals, Pulses, Oilseeds, Grains, and Others
Regional Analysis
The global plant hormones market is divided into five regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Europe is holding the largest share of the market due to the presence of emerging countries like the UK, Germany, and France, which include a significant proportion of the cotton textile industry. In addition to that, the promotion of 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.
The high availability of cultivating land for organic farming has increased the demand for plant hormones in Asia and the Pacific. Also, the rising demand for fruits and vegetables with the rising population is boosting the growth of the plant hormones market size in this region. North America is also gripping 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 will be worth USD 40 billion and account for 5% of total food sales.
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