Market Overview
Plant hormones are referred to as plant growth regulators (PGRs) or phytohormones, can be defined as plant supplement or plant nutrition. Plant hormones are chemicals just like animal hormones that help in the growth, development, and functioning of plants.
Just as animals, plants too are living organisms that function as a unit, carrying out vital biochemical reactions that are required to survive. These hormones help in formation of tissues, respiration, energy production, and even plant longevity and death. In addition to helping in the formation of leaves, flowers, stems, fruit, etc. plant hormones also help in determining the gender of the flowers, the color of the fruits, and leaves.
The growing interest in soil health and soil-plant interactions has collectively hatched a new concept of plant hormones that can be commercially available and fed to the plants externally. Using plant hormones is a cost-efficient mean of pushing yields to escalated limits. Although plant hormones have just begun to test the market, they are already witnessing a huge demand across the world.
Acknowledging the increasing demand, uptake, and hence the colossal growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global plant hormones market will witness exponential accruals registering a strong CAGR during the review period (2022-2030).
Growing demand for food, led by the ever-increasing population worldwide, accounts for the major driving force behind the market growth which is augmenting the demand and adoption of plant hormones. Besides, the augmenting demand for crop productivity enhancing products has raised the demand for plant hormones globally.
The newly found application area of plant hormones i.e. space farming is expected to provide the huge impetus to the market growth. The idea of encouraging crop cultivation in space has been discussed around for long. In addition, the prospects of long-term human space expedition in the future have raised the need to find ways to provide food for the people in space sustainably. The concept of establishing lives in space presages that the heydays of plant based flour are just around the corner.
On the other hand, factors such as demand and supply gap of feedstock required in the production of these hormones are expected to impede the market growth over the forecast period, increasing their prices unreasonably.
Global Plant Hormones Market – Competitive Analysis
The plant hormones market appears to be highly competitive owing to the presence of several large and small key players accounting for a substantial market share. Emphasizing upon new product development initiatives, and geographical expansion; Producers compete based upon price and brand reinforcement. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage in this market and to maintain their market position.
Key Players:
Some of the eminent leaders of the plant hormones market include Syngenta AG (Switzerland), BASF SE (Germany), The Dow Chemical Company (U.S.), FMC Corporation (U.S.), Nufarm Australia Ltd. (Australia), Bayer CropScience AG (Germany), Tata Chemicals Ltd. (India), Adama Agricultural Solutions Ltd. (Israel), Valent BioSciences Corporation (U.S.), and Shanghai Xinyi Industry Co., Ltd. (China).
Plant Hormones Global Market – Segments
MRFR has segmented its analysis into five key dynamics for an easy grasp;
By Types : Auxins, Cytokinins, Ethylene, and Gibberellins among others.
By Functions : Growth Inhibitors and Growth Promoters among others.
By Formulation : Powders, Granules, and Solutions among others.
By Applications : Fruits & Vegetables, Cereals & Pulses among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World.
Global Plant Hormones Market – Regional Analysis
Which region is projected to have the largest share in the plant hormones market?
The European region dominates the global plant hormones type industry, in terms of both market size as well as revenue. The region has the world’s largest area under plant hormones production, and its growth rate is anticipated to grow at a substantial CAGR during 2017 -2023.
Some of the European countries such as the U.K, Germany, and France backed by their burgeoning cotton textile industry, majorly boost the plant hormones industry growth in this region. Additionally, rising demand for pulses, grains, and oilseeds in these countries is projected to boost the plant hormones market during the forecast period.
The Asia Pacific region accounts for another lucrative plant hormones market value, closely following the European market. Factors such as the abundant availability of cultivating land for organic farming has uplifted the demand for plant hormones industry value in the region. Furthermore, the ever-increasing population encourages the use to plant hormones, creating a significant demand for fruits and vegetables.
On the other hand, the North American region is emerging as a promising market for the plant hormones. The horticulture and aquaculture sector majorly lead the market in the region. Besides the recent trend of hydroponic, Aquaponics, and vertical farming are substantiating the market growth of plant hormones in the region.
Industry/ Innovation/ Related News:
October 17, 2018 – Plant biologists at the University of Zurich (Switzerland) published their study of reviewing the use of plant hormones, as a tool for space farming in the magazine – Nature. The paper proves that plant hormones can be used for space farming so that food can be produced in extra-terrestrial environments.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York 10013, United States of America
