Plant Hormones Market Overview
By 2030, the plant hormones market is anticipated to grow at a CAGR of 10.2% and reach a value of USD 4.97 billion.
Market Research Future (MRFR) studied the Plant Hormones Market from 2022 to 2030 (forecast period). As per MRFR findings, the plant hormones industry can expand at about 10.2% CAGR and the synthetic plant hormones segment size can generate high revenue by 2030. The shortage of land for agricultural practices, while hunger intensifies, is observed to underpin the demand for plant hormones to boost cultivation yield. A rise in the preference for organic food among the expanding global population is also noted to create the need for plant growth regulators to produce high quality food. These are expected to promote the plant hormone market in the near future. The availability of valuable production tools and robust marketing solutions at reduced labor cost for growth-inducing plant hormone can work in favor of the market. Modern horticulture production systems that are deployed by farmers and can foster the market rise. In addition, the expansion of the rubber sector as the application of rubber surges across cash-rich automobile and aviation sectors can improve the market impetus in the review period.
Key Players
The Dow Chemical Company (U.S.), Syngenta AG (Switzerland), Nufarm Australia Ltd. (Australia), Bayer CropScience AG (Germany), Valent BioSciences Corporation (U.S.), BASF SE (Germany), FMC Corporation (U.S.), Adama Agricultural Solutions Ltd. (Israel), Shanghai Xinyi Industry Co., Ltd. (China), and Tata Chemicals Ltd. (India) are some of the global plant hormones key market players on the competition landscape of the market.
Segment Analysis
The segment study of the plant hormones market overview is done by type, formulation, application, and function.
The type-based segments of the plant hormone are cytokinin, auxins, ethylene, and gibberellins, among others. The cytokinin segment can dominate the global market, following the ethylene segment.
The function-based segments of the plant hormones market are growth promoters and growth inhibitors. The growth promoter segment can thrive owing to rise in demand for agricultural products.
Granules, wettable powders, and solutions are some of the formulation-based segments of the plant hormones market.The solution segment can surge at high pace, following the granules segment. The steady increase in demand for granular formulations and their ease of use may favour market expansion.
The application-based segments of the plant hormones market are fruits and vegetables, oilseeds and grains, and cereals and pulses, among others. The fruits and vegetables segment can dominate the global market due to the rise in health consciousness among consumers with high consumption of vegetables and fruits.
Regional Insights
The North American plant hormones market can thrive due to the growth in demand for and consumption of organic fruits and vegetables. The escalation in sales of organic food can propel the regional market with a significant CAGR by 2030.
In Asia Pacific, the plant hormone market can thrive due to the gradual loss of agricultural land across the region, encouraging concern over catering food to satiate the rising hunger. As population surges and a decline in cultivable land are observed, the demand for sustainable cultivation methods and solutions is expected to rise. This can support the expansion of the regional market over the forecast tenure.
The plant hormone market size in Europe is predicted to profit from strong export activity. The rise in the internal trade flow of fruits and vegetables among the countries in the region can support market growth. In addition, revenue generated from external trade is also noted to benefit the regional market. The rise in demand for fruits and vegetables that require extensive farming is a challenge in this region with unfavourable climatic conditions. Thus, the increased use of plant growth regulators to boost agricultural yields can also promote the EU market.
The tremendous growth opportunities for the market across Central and South America's agricultural sector can foster plant hormone market growth in the coming years.
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