Global Plant Hormones Market Outlook: Regional Growth, Competitor, and Forecast ( 2024-2032)
Plant
Hormones Market Overview
Plant
hormones are naturally occurring elements that regulate the development and
growth of plants. Plant hormones are either plant-derived or chemical prepared substance
used for improving plant growth. Additionally, plant hormones market is
observing an exponential growth based on its high usage in the agriculture
industry.
Market
Forecast:
The
global plant hormones market is growing due to
demand for organic food. With the growing consumer awareness and their
increasing interest in healthy food, the demand for plant hormones has
increased recently. In addition to the growing population, the demand for fruit
and vegetable, pulses, grains, and other agricultural products are expected to
surge the demand for plant hormones over the review period.
The
global plant hormones market is projected to propel by the increasing awareness
regarding available benefits to the crop producers by the use of the plant
hormones. Furthermore, food security for the growing population, advancement in
farming practices & technologies, and high opportunities in developing
countries is positively supporting the growth of global plant hormones market.
However,
high availability of economical alternatives to plant hormones such as
agrochemicals is expected to hamper the growth of the global plant hormones
market over the forecast period. The market players are responding to these new
opportunities by expanding their service offerings/product lines, which has
boosted the share of plant hormones in the global market. The global plant
hormones market is expected to grow at a CAGR of 10.2% during the forecast
period, 2022-2032.
Downstream
Analysis:
Plant
hormones market is segmented on the basis of type, which includes auxins,
cytokinins, ethylene, gibberellins, and others. Among all, the cytokinins
segment is dominating the market followed by ethylene.
On
the basis of function, the plant hormones market is segmented into growth
inhibitors and growth promoters. The growth promoters segment is dominating the
market owing to increased demand for agricultural products in the growing
population.
Based
on the formulation, the plant hormones market is segmented into wettable
powders, granules, solutions, and others. Among all, the solution segment is
dominating the market followed by granules. Granular formulations are
relatively stable and easy to use.
On
the basis of application, the plant hormones market is segmented into fruits
& vegetables, cereals & pulses, oilseeds and grains, and others. The
fruits & vegetable segment is dominating the market owing to growing health
consciousness among consumers and increasing consumption of a fruit &
vegetable products.
The
major players in the Plant Hormones Market,
- BASF SE (Germany)
- Syngenta AG (Switzerland)
- The Dow Chemical Company
(U.S.)
- Nufarm Australia Ltd.
(Australia)
- 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.)
Regional
Analysis:
The
global plant hormones market is segmented into North America, Europe, Asia
Pacific, and rest of the world (RoW). The European region is dominating the
plant hormones market followed by the Asia Pacific owing to rising population
followed by increasing consumption of fruits and vegetables, pluses, grains,
and oilseeds in developing regions. Additionally, the major key players are
actively involved in the research & developments of the product conforming
to European regulations for plant hormones.
Furthermore,
shrinking agricultural land in the Asia Pacific region including countries such
as China, Japan, and India has uplifted the demand for plant hormones. Also,
increasing agricultural activities in developing economies of the Asia Pacific
region is adding fuel to the growth of the global plant hormones market.
Market
Segmentation:
Plant
Hormones Market is segmented on the basis of type, function, formulation,
application, and region.
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